Summary National exchequer incurred a loss worth $2.3 millions in illicit raw material purchase deal.
KARACHI (Dunya News) – According to a report iron ore for Pakistan Steel Mills was purchased for 8.3 million dollars.
The meeting of Board of Directors, to be held on February 20 for the said purchase, was cancelled on the pretext of law and order situation.
However, on February 22 five-year tender of Seventh Generation was opened, without fulfilling the legal requirements and iron was purchased at the rate of USD 150 per ton.
It is pertinent to note that an American firm had offered to supply the same iron ore at the rate of USD 120 per ton.
The said American firm wrote a letter to Pakistan Steel Mills in this connection.
However, this offer was rejected on ‘technical grounds’ by the Pakistan Steel Mills authorities.
In fact the authorities never bothered to respond to this letter.
