Approval for Financial statements of FY2023 on the Agenda of PSM Board meeting scheduled for tomorrow: Mumrez Khan

ISLAMABAD, Jan 08 (SABAH): In the Pakistan Steel Mill Board meeting scheduled for tomorrow (Tuesday) the approval for Financial statements of FY2023 is on the Agenda.

According to a statement issued by the Convener, Pakistan Steel Mills Corporation Stakeholders Group Mumrez Khan, earlier, in the Financial statements of FY2022 submitted by M/s Crowe Hussain Chaudhury & Co. Chartered Accountants, PSM total assets were Rs 838.66 billion, non-current liabilities Rs 108.36 billion, current liabilities Rs 211.63 billion and accumulated losses up to June 30, 2022 were Rs 206.06 billion.

It is surprising that in that financial statement accumulated losses up to June 30, 2021 and June 30, 2020 were re-stated as Rs 218.45 bn and Rs 203.23 bn as compared to those stated in the Financial statements of FY2021 stating the accumulated losses up to June 30, 2021 and June 30, 2020 as Rs 222.94 bn and Rs 209.23 bn, respectively. These controversies in the figures of accumulated losses in the past financial statements raises serious questions on the authenticity of data pertaining to accumulated losses.

Further according to sources, the acting CFO M. Arif Shaikh whose last one year contract extension is going to expire in January 2024 and who has already superannuated on September 20, 2023 is attempting to get further one year contract extension through his support from some board members and chairman board. This contract extension beyond superannuation is strongly objected by PSMC regular officers in the context of ESTACODE rules Chapter-5 clause 7.3(2) and 7.3(3) and judgment of Supreme Court of Pakistan in Suo Motu case No. 24 of 2010 restricting re-employment after superannuation. Auditor General in it’s Annual Audit report on PSE for the year 2021-22, Para 8.7.4.12 has already objected such appointments after superannuation in PSMC and declared that Board is not competent to go against the country laws.