Our state corporations, which have the potential of generating enough revenues to run profitable, mostly end up in the red zone because of massive corruption, pilferage and gross mismanagement by design that erodes their balance sheets. People in this country are dying of starvation while the elected government is protecting those who rob the state of its assets. Can I ask the government where are they angels who deposited Rs 350 million in the account of Moonis Elahi, or in the account of his manager or his wife?
Pakistan Steel Mills was one such organisation that has been deliberately robbed of its vast revenues through engineered mismanagement. An MD with a controversial history was selected to accomplish this task. The other such unfortunate state corporation is PIA, which in spite of an above average seat factor of 74%, has in the last four years accumulated additional losses to the tune of over Rs100 billion.
Recently, the PIA has promoted an executive, holding a US nationality, who was caught doing a circus dance act with a glass full of whiskey placed on his head, as a DMD and given a prize posting in a subsidiary located abroad. The video is available on Youtube and has never been denied by this executive or the national airline.
The manner in which NICL was deliberately plundered, followed by Pakistan Railways, Punjab Bank, OGDC, NHA, PSO, PEPCO, KPT, PASSCO etc reflects a deliberate and pre-negotiated plan to rob state corporations. The government’s failure to hold the culprits accountable is a sad reflection on their style of governance. Thousands died following the floods last year, not solely because of the intensity of disaster, but also because of the collapse of substandard roads and bridges constructed by NHA over the years. Still, no action has been taken against the responsible ones.
RAHAT SIDDIQI
Karachi