Chairman Amreli Steel Mills Abbas Akber Ali, due to his connections has caused loss of millions to Pakistan Steel Mills while blaming others responsible, further investigations have revealed.
It has been found, that Abbas Akber Ali who was recently arrested by FIA and then shifted to five star hospital due to his connections with out examination of Government doctor panel, had maintained a network ranging from middle management employees up to director level over the years.
He has been using his contacts and reach to have heavy discounts which were extended to no other party other than Amreli Steel Mills.
As per details, Amreli Steel for years has been skimming off Pakistan Steel and was the only company who was getting billet minus the market price of normal billet and the free credit scheme was especially extended to accommodate them and they were the only company allowed to avail the scheme for extended period.
They were allowed a discount of Rs.
500 per ton to the exclusion of others causing great loss to Steel Mills apart from free credit which he unduly took.
Not only this, Amreli Steel Mills due to huge investments through short term borrowings from banks and misusage of these loans for project investment is in financial straits currently, in spite of earning huge money at the cost of steel mills.
Further investigations are underway to unearth several other scams of Amerli Steel Mills.
The banks too have huge outstanding including Rs.
600 million of Faysal Bank.