Jokes aside, what's the big deal?
small answer:
qsaar it was speculated that Lakshmi Mittal was behind the consortium trying to buy PSM only later to be blocked by the CJ. The CJ reference forwarded by the PM Secretariat to the Aiwan e Sadr now has another perspective, Shaukat Aziz's speculated share from the the PSM deal.
PSM = Pakistan Steel Mills
Scandal = Privatization was to take place in 2006. A 75% share was given to a consortium of Russian Magnitogorsk Iron & Steel Works, Saudi Arabia-based Al-Tuwairqi Group of Companies and Arif Habib Securities (Arif Habib is a famous Shaukat Aziz henchman allegedly involved in many other financial scandals with his buddy). The SC after a suo moto notice by the CJ declared the privatization null and void deeming it in "bad taste", clearly meaning that there were a lot of dirty hands involved in the matter.
It has been speculated that the worth of the land itself was more than the Rs. 21.75 Billion the industry was sold for.
"Speakers on the occasion pointed out that the
Rs300 billion worth concern had been handed over to the private sector parties at a throw-away price of Rs21.75 billion"
"The speakers said that according to the PS finance director, the mills had generated
Rs26.1 billion revenue in 2000 and its pre-tax profit stood at Rs 4.85 billion. ... in the year 2004-05, the mills had generated
Rs 31 billion revenues and its pre-tax profit was Rs10 billion. He had quoted the
tax amount paid to the government at Rs8.9 billion"
"The labour leaders pointed out that present value of the PS land, at the current rate of
Rs 20 million per acre, was around
Rs92 billion whereas the mills’ other assets had been estimated at more than
Rs150 billion"
Courtesy :
Dawn, May 25 - 2006
So, this raises fingers. An industry that had pre tax profits of Rs. 10 billion was being sold for Rs. 21 billion, hardly a fifth of its value and even less than the revenue it generates. Gross Profit in 2004-2005 was
189 million USD and a
75% share was being sold for 302 million USD. Lakshmi Mittal was supposed to be interested in the last stages of the bidding and supposedly joined the consortium in the final stages of the process.
So, it brings back bitter memories and hints that this just a payback and Aziz must have been involved in extreme corruption.
you call this logic???? and call other people dumb
.....cant you guys even think in some different way or something ????
Marvi aunty you need to understand the formate of the forum.
yara most of the business of this business tycon is outside India and its his personal business not something owned by States of India.
