Stalemate continues over PSM’s land sale price - The Express Tribune
The Express Tribune reported that the dispute over the sale price for 594 acres of land of Pakistan Steel Mills could not be resolved as an intermediary company sought another 156 acres at PKT 13 million per acre, which was lower than the prevailing market rates. A meeting between managements of PSM and the National Industrial Parks Development and Management Company (NIP) had been convened by the Ministry of Industries to settle the price for 594 acres of land.
NIP has acquired the land for giving it to private investors to pave the way for establishing industrial units. However, its management has already allotted the land to private parties, although the pricing issue remains unresolved.
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The PSM board has approved the sale of 594 acres at a price ranging from PKR 5 million to PKR 13 million per acre, depending on the price prevailing in the year when these deals had been negotiated. Out of 594 acres, the PSM board had approved sale of 522 acres at PKM 13 million per acre. Officials of the Ministry of Industries told The Express Tribune that NIP wanted to acquire another 156 acres at the same price.
The 156 acres could not be given at the previous year’s price as that could result in an investigation by the National Accountability Bureau (NAB), feared officials of PSM.
Transparency International Pakistan wrote a letter to NAB last month, alleging that PSM land was illegally allotted to two of its directors, Munir K Bana and Aamir Allawala.
NIP is acquiring the land for setting up a special economic zone where investors will enjoy tax-free status for 10 years, which is a source of attraction for big investors.
Source : The Express Tribune