SSGCL questions Pakistan Steel’s audited accounts

In a rare move, the Sui Southern Gas Company Ltd (SSGCL) has alleged that Pakistan Steel Mills’ audited accounts for 2021-22 had violated the current scheme for revival of the PSM approved by its board and the federal government. In a statement, the Karachi-based gas utility raised questions over the auditor’s report on PSM’s financial statement for 2021-22 but precisely confirmed the auditor’s report. It is very uncommon for companies to comment on the financial statements of other firms. The PSM’s external auditors — Crowe Hussain Chaudhry & Co — had reported in the financial statement that the PSM management claimed that based on the decisions of the Economic Coordination Committee (ECC) of the Cabinet, SSGCL should waive late payment surcharge (LPS) which the gas utility did not accede to and stopped gas supply during the period and filed a suit against PSM for recovery of outstanding bills and LPS in Sindh High Court. The PSM also filed a counter suit against SSGCL for Rs38.6bn, claiming damages for losses suffered by PSM owing to the discontinuation of gas supply from June 2015.