Pandemonium again for PakistanÆs privatisation programme

Pakistan's Supreme Court stops the privatisation of Pakistan Steel Mills raising questions on whether strategic investors will remain interested in the country's privatisation programme going forward.

In a landmark decision in Pakistan on Friday a nine member bench of the Supreme Court stopped the privatisation of Pakistan Steel Mills. The stated reason was that the privatisation was not in compliance with the countryÆs constitutional interests. The Supreme Court also raised concerns with regard to the bidding process and the valuations agreed to for the assets on sale.

The steel mill - which is the countryÆs only integrated steel manufacturing plant and its largest steel producer -...

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