The PSM Stakeholders Group has written a letter to Prime Minister Imran Khan and asked to form the Techno-Finance Probe Committee to first conclude the reasons behind the deterioration of the mills to closure.
The group alleged that PSM was deliberately destroyed by the previous governments and status quo was maintained by the present government. “This amounts to criminal negligence in matters of public importance.”
The group said that it is unfair to make the human resources scapegoat for failure of PSM because the failure or success was dependent on techno-commercial knowledge, experience, planning, priorities and attitude of the senior management.
The financial impact cost to the country’s economy and exchequer could be more than $11bn on account of loss to the PSM
In the second week of May 2020, the ECC returned a Rs18.7bn plan for retrenchment of about 8,000 employees out of remaining staff of over 9,350, with the directions to make effort to bring most of the staff under the severance plan while ensuring that there was no litigations and comeback to the ECC for approval.
The revised retrenchment cost would thus go beyond Rs20bn.