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Thursday, 4 June, 2020 I 12 Shawwal-ul-Mubarak, 1441 I Rs 15.00 I Vol X No 335 I 12 Pages I Karachi Edition
ECC approvEs firing all pakistan stEEl Mill workErs g
finance ministry to release rs20Bn compensation package for 9,350 employees
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ecc forms Body to hedge oil prices, asks finance division to release rs23Bn to pay ipps
ISLAMABAD
t
shahzad paracha
he economic coordination committee (ecc) on wednesday approved firing all employees of the pakistan steel mills (psm), reasoning that the mills haven’t been functioning for years and the employees haven’t been doing anything. there are 9,350 employees who will be fired within a month and another 250 will be let go within three months. the ecc meeting, chaired by pm’s adviser of finance and revenue abdul hafeez shaikh, also approved a rs20 billion package for the employees, which amounts to rs2.3 million per person. though the mills have been closed for years, they are running a rs550 billion deficit and billions are being spent on debt servicing. however, the move will not be finalised until it is approved by the federal cabinet. sources said that psm stopped its commercial operations in June 2015 without formulating any human resource (hr) plan for its 14,753 employees, now reduced to 9,350. presently, the per month net salary bill of psm employees is approximately rs350m, adjusted as a loan in the financial accounts of psm. since 2013, an aggregate loan of rs34bn has been extended to psm by the government on account of net salary payment. HEDGING OIL PRICES: the ecc also set up a body to explore options to hedge oil prices. the ecc decided to set up a committee headed by pm’s special assistant on petroleum nadeem Babar and representatives from the state Bank of pakistan (sBp), pakistan state oil (pso), finance division, petroleum division, law division and planning division to explore options for 15 million barrels of oil for one or two years – divided in 12 equal monthly amounts — for different stock prices above the current
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Brent as long as the fee is within acceptable range. under the tors, which can be readjusted by the committee in the light of future developments, pso will act as the counter-party while the ministry of finance shall give a guarantee of performance by the pso, according to a finance ministry statement. the oil and gas regulatory authority (ogra) would also be given the policy direction to include the monthly price of the option in the cost of lng or any other oil product chosen in announcing the monthly prices. the ecc also discussed the reported shortage of petrol in some cities and asked the ministry of energy, competition commission of pakistan and ogra to ensure that requisite stocks were maintained by the omcs and the supply to the fuel stations across the country was regular. on another proposal by the ministry of energy, the ecc considered and approved reimbursement of operational
pakistan
CONFIRMED CASES:
83,247
DAY'S DEATH TOLL:
77
DEATHS:
28,923 1,729 SINDH:
32,910
PUNJAB:
29,489
KP:
BALOCHISTAN:
AJK/GB:
ISLAMABAD:
11,373 284/779
ispr dg says any military adventurism By india will Be met with ‘uncontrollaBle and unintended conseQuences’ newS DeSk
Coronavirus in
RECOVERED:
‘do not play with fire’, pakistan army warns india
5,224 3,188
cost of single point mooring (spm) installed by Byco. under the decision, Byco would submit the actual audited operating cost of the spm (excluding wharfage/fotco charges/crude saving) to ogra for inclusion in ifem subject to a cap of parco rate, while ogra shall determine the actual impact for inclusion in the ifem on the ongoing basis. consequently, with the implementation of the above decision, Byco will withdraw its case from the supreme court and would also provide an undertaking that the ecc decision conclusively closes the pending matter of spm’s costs. on another proposal by the ministry of energy, the ecc asked the finance division to release an amount of rs 1 billion to meet the cost over and above the criteria for supply of gas to villages and localities falling within 5 kilometers radius of gas-producing fields as per instructions of the supreme court.
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pakistani military’s chief spokesman major general Babar iftikhar on thursday warned india to “not play with fire”, and said that any military adventurism from the neighbouring country will be met with “uncontrollable and unintended consequences”. in an interview with a private news channel, the director general of interservices public relations (ispr) said that this year alone, 1,229 ceasefire violations have taken place at the line of control (loc), seven civilians have been martyred and more than 90 have been injured. “many times, their [india’s] quadcopters have intruded on our side [of the loc] and in the past we have downed some of them, and it has been covered in the media. “despite this, senior indian military leadership talks about alleged intrusion from different launchpads, which i think leaves a question-mark on their capabilities — despite such a well-guarded loc and counter-infiltration measures, how can someone infiltrate one of the most militarised zones in the world?” gen iftikhar went on to say that the artillery deployed by the indian military during the past few days was in civilian populations so that, in
No allegation of corruption or dishonesty against Justice Isa, SC observes g
Justice Bandial asks govt’s counsel to explain why sc Judge was Bound to disclose family properties ISLAMABAD staff report
the chief judge of the supreme court full court hearing a plea challenging the filing of a presidential reference in the supreme Judicial council (sJc) against sc Justice Qazi faez isa on wednesday observed that there was no allegation of corruption or dishonesty against the senior apex court judge. in response to the federal government’s counsel, dr farogh naseem’s argument that Justice isa had not provided the money trail for the properties of his family members, Justice umar ata Bandial observed that there was no allegation of corruption or money attained through illegal means against Justice isa. he noted that undeclared foreign property comes under the purview of the tax law, and asked dr naseem to explain the legal reasons on the basis of which Justice isa was bound to disclose his family properties. Justice Bandial asked whether the accused judge had carried out any misconduct. he further
said that the reference cannot be filed on tax violation and the case came under the purview of article 209 of the constitution of pakistan – which pertains to action against a judge when he has been guilty of misconduct. Justice Bandial observed that Justice isa had declared enough income to justify the acquisition of these properties in 2008-2009. the federal government’s lawyer maintained that proceedings were initiated against a judge in india when the properties of his family members
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were not declared. however, Justice Bandial asked dr naseem to point towards pakistani law which puts a legal obligation on the accused judge to disclose properties of his family members. on being questioned on proceedings under the tax law, the federal counsel maintained that officials of the federal Board of revenue (fBr) were too afraid to proceed against Justice isa and his family members. he stated before the court that fBr officials refused to act until the conclusion of the supreme Judicial council’s proceedings. another judge on the bench, Justice maqbool Baqar inquired what prompted the federal government to file the reference against Justice isa. he observed that there was a concern by the petitioner that the reference was filed because certain quarters were unhappy with one of the verdicts authored by Justice isa. review petitions were also filed against the ruling of Justice isa and questions of misconduct were raised.
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case of counter-bombardment, it would target kashmiris living in the occupied valley. “the pakistan army is responding [to indian aggression] in the same area, and with the same calibre along the loc. But we are always trying not to harm civilians living on the other side. “the people of occupied kashmir are becoming targets of indian aggression. women and children are also included in them. indian security forces have also not spared innocent seven year olds.” commenting on the international day for innocent children victims of aggression — which will be celebrated on thursday — gen iftikhar said: “looking at this through this lens, thousands of children and young people are becoming targets of indian pellet guns in occupied kashmir.”
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pm imran visits isi hQs, vows no compromise on security, sovereignty STORY ON BACK PAGE
more inside
NAB can’t arrest Shehbaz Sharif till June 17, court rules STORY ON PAGE 02
cement sales plunge 37.6pc in may STORY ON PAGE 03
Ineffective hand sanitisers flood markets in absence of regulatory oversight STORY ON PAGE 05
six omcs issued show cause notices for not maintaining fuel stocks STORY ON PAGE 09