PSM former chairman sent on remand

KARACHI Judicial Magistrate (South) on Wednesday has sent the former chairman of Pakistan Steel Mills (PSM) Moin Aftab on remand for 10 days into FIA custody.
The accused was brought before the court of Ghulam Farooq Sheikh by FIA, praying his physical remand for further interrogation. The court granted their request and sent him into FIA custody with the direction to produce him before the court in the next hearing.
According to the IO of the case, an FIA team after receiving a tip-off conducted a raid and arrested him late Tuesday night. Moin Aftab has been booked in four cases of power abuse and embezzlement of billions of rupees.
Following the report of corruption in Pakistan Steel, Prime Minister Yousuf Raza Gilani fired Moin Aftab from service on August 18, 2008. Aftab fled Rawalpindi to Karachi and went into hiding at the residence of his daughter in Defence Area.
The FIA officials claimed that after learning about Moins presence at the residence of his son-in-law in Khayaban-e-Taseer, they arrested him.
Moins associates allegedly involved in the said case including Director Steel Mills Rasool Bux Phalphoto, Director Commercial Sameen Asghar Abbasi, Director Steel Malik Bashir Ahmed, Captain Rasheed Abro and Khalid Khan were also presented before the court.
Moin Aftab is allegedly involved in purchasing 685 metric ton crude material from a Singapore company above the prices of world market, while 8617 metric ton crude material was already available in the country. Furthermore, he also purchased 50,000 metric ton coil beyond the world market rate from an Australian company.
Meanwhile, FIA has registered a case against Moin Aftab, Rasool Bux Phalphoto, Sameen Asghar and CEO of Abbas Steel Group on December 23, 2009.
The above-declared persons were allegedly stated responsible for causing Rs22 billion loss to the Steel Mills through misuse of their power.
FIA also registered three corruption cases against Moin Aftab, Sameen Asghar and Captain Rasheed Abro of Nobel Resources.