The Supreme Court of
Pakistan has annulled the privatization of
Pakistan Steel Mills (PSM), the country's leading steel mill, to the Russian-Saudi-Pakistani consortium.
The court declared the sale of the PSM as unconstitutional and illegal and ruled the government to establish Council of Common Interests (CCI) on the matter within six weeks.
The verdict of the court stated that the government employed unconstitutional and illegal way to privatize the national assets, therefore, the sale of 75 percent of the PSMC to the consortium comprising Russian Magnitogorsk, Saudi Al Tuwairqi and Pakistani Arif Habib Securities for $362 million made on March 31 is declared as void and has no legal affect.
As to remind, the court hearing started after the PSM Employees Union filed the petition against the privatization of the PSM at the beginning of last month.