10-17-2009, 05:57 AM
Sequel to PSM inquiry report: PIDC CEO quits after being demoted by minister
MUSHTAQ GHUMMAN
ISLAMABAD (October 17 2009): Chief Executive Officer (CEO) of Pakistan Industrial Development Corporation (PIDC) Abdul Bari Khan, author of Pakistan Steel Mills (PSM) inquiry report, has reportedly bade farewell to the organisation after the Industries Ministry demoted him, shortly after the completion of the report, well-informed sources in Industries Ministry, told Business Recorder on Friday.
The Industries Minister demoted Abdul Bari Khan to General Manager. The PSM incurred a loss of Rs 19.5 billion (59 percent of its net sales) during 2008-09. This loss was further aggravated by a mammoth rise of about 200 percent in general and administrative expenses in comparison to the previous year. Thus pre-tax loss, suffered by the company during 2008-09 was Rs 22.1 billion as compared to a profit of Rs 3.6 billion during the preceding year.
The sources said that the Industries Ministry tried to influence Abdul Bari Khan in the drafting of the report, but he refused, and submitted the report as per ground realities. The PIDC Chief Executive Officer, subsequent to his submission of report to Minister for Industries and Production Manzoor Ahmed Wattoo, was technically sacked after the summary for his extension to work was reopened. His date of superannuation is due in one-and-a-half years, which, earlier with the consent of the minister, had been granted from July 2008.
The sources said that the summary was recalled and refused without any justification to what the officials, on condition of anonymity, allege was a punishment. "He has been virtually removed not only from his position, but also as a permanent employee of PIDC, who served the institution for more than 30 years," they added. According to the PIDC Rules, the post of the CEO cannot remain vacant, but it has been vacant for the last two weeks. The sources said the Industries Ministry had recommended the name of Gul Muhammad Rind as CEO of PIDC to the Prime Minister.
http://www.brecorder.com/index.php?id=97...=&supDate=
MUSHTAQ GHUMMAN
ISLAMABAD (October 17 2009): Chief Executive Officer (CEO) of Pakistan Industrial Development Corporation (PIDC) Abdul Bari Khan, author of Pakistan Steel Mills (PSM) inquiry report, has reportedly bade farewell to the organisation after the Industries Ministry demoted him, shortly after the completion of the report, well-informed sources in Industries Ministry, told Business Recorder on Friday.
The Industries Minister demoted Abdul Bari Khan to General Manager. The PSM incurred a loss of Rs 19.5 billion (59 percent of its net sales) during 2008-09. This loss was further aggravated by a mammoth rise of about 200 percent in general and administrative expenses in comparison to the previous year. Thus pre-tax loss, suffered by the company during 2008-09 was Rs 22.1 billion as compared to a profit of Rs 3.6 billion during the preceding year.
The sources said that the Industries Ministry tried to influence Abdul Bari Khan in the drafting of the report, but he refused, and submitted the report as per ground realities. The PIDC Chief Executive Officer, subsequent to his submission of report to Minister for Industries and Production Manzoor Ahmed Wattoo, was technically sacked after the summary for his extension to work was reopened. His date of superannuation is due in one-and-a-half years, which, earlier with the consent of the minister, had been granted from July 2008.
The sources said that the summary was recalled and refused without any justification to what the officials, on condition of anonymity, allege was a punishment. "He has been virtually removed not only from his position, but also as a permanent employee of PIDC, who served the institution for more than 30 years," they added. According to the PIDC Rules, the post of the CEO cannot remain vacant, but it has been vacant for the last two weeks. The sources said the Industries Ministry had recommended the name of Gul Muhammad Rind as CEO of PIDC to the Prime Minister.
http://www.brecorder.com/index.php?id=97...=&supDate=