Businessmen have appealed to the Chief Justice of Pakistan, Mr.Iftikhar Muhammad Chaudhry to take notice of illegal arrests of innocent steal dealers and traders by the Federal Investigation Agency to recover the losses of Pakistan Steel Mills (PSM).

The local steel dealers and traders in a meeting at Islamabad Chamber of Commerce & Industry (ICCI) said that FIA has started registering FIRs and arresting innocent members of their community. This situation has created lot of harassment in steel dealers and traders as this approach is victimizing those who have no role in causing any loss to PSM.

Chairing the meeting, Mr.Zahid Maqbool, President, ICCI said that such practices on the part of FIA would shatter the confidence of businessmen and would send a highly negative signal to new investors. Therefore, extra care should be taken while handling this issue.

He said ICCI is not in favor of protecting the fraudsters of PSM and genuine culprits should be taken to task, rather than registering FIRs and arresting innocent steel dealers. This will not contribute in any way in recovering the financial losses of PSM.

Dealers and traders suggested that  a Judicial Committee should be constituted headed by a retired judge of Supreme Court to analyze the extent of PSM losses and to find out the real causes of such losses so that justice could be done and no innocent could be punished for the sins of others.

He said that the apparent embezzlement in the Sales of PSM products may only be the tip of the iceberg as compared to the irregularities carried out in the procurement processes.

He also observed that those responsible for undertaking or authorizing such irresponsible and non-transparent Sales Policies should also be taken to task. The Global Steel Market has seen a turnaround from the economic dips witnessed a few years ago, and had the PSM administration implemented correct policies, these losses could have been avoided. 
 
Mr.Zahid Maqbool said businessmen want to see PSM as a growing and prospering entity as it has a crucial role in the economic development of the country. But arresting innocent people instead of connivers will establish a wrong precedent. He observed that the same PSM was earning huge profits only a few years ago, then how come now, this same entity is suffering from such losses.

He said government should make a new strategy in consultation with businessmen & other stakeholders to steer the PSM out of current troubles and to make it a thriving business entity of the country.