Search Site: OnlineNigeria

Close






Indian firm strips Ajaokuta Steel of $5.03m equipment

Posted by By Hector Igbikiowubo on 2006/05/24 | Views: 400 |

Indian firm strips Ajaokuta Steel of $5.03m equipment


GLOBAL Steel Infrastructure Holdings (GSIH), a subsidiary of ISPAT, the Indian Steel Company and core investor in the Ajaokuta Steel Company Limited (ASCL) and Delta Steel Company, Aladja, is alleged to have stripped and moved equipment of the ASCL valued at $5.03 million (about N653.9 million).

AJAOKUTAŚ GLOBAL Steel Infrastructure Holdings (GSIH), a subsidiary of ISPAT, the Indian Steel Company and core investor in the Ajaokuta Steel Company Limited (ASCL) and Delta Steel Company, Aladja, is alleged to have stripped and moved equipment of the ASCL valued at $5.03 million (about N653.9 million).

Investigations revealed that mid-last year, Global Steel stripped and moved equipment belonging to ASCL to Delta Steel, and operations of ISPAT abroad without the knowledge and consent of the Ministry of Power and Steel or the Federal Government.

The items stripped and moved from ASCL include: a Steel Analyser, a Komatsu WA-800 Loader, Lubrication System Trans, Chrome Magnetiser Bricks, Roller Guides, Wooden Pattern Roller Guides, and raw materials such as Premium Steel Scrape, and Ferro Silicon.

It was gathered that 163 other items were listed as spare parts, while another 140 items were listed as consumables.
It was further gathered that the items began leaving the premises of Ajaokuta Steel Complex on May 18, 2005, under SIV number 002266, with gate pass number 364/2005, and continued through till the end of 2005.

Contacted, Mr. Ibrahim Mohammed, Public Relations Officer of ASCL, said he was not aware of the development, explaining that he needed to make in-house enquiries and get back with a more comprehensive response.

Mohammed later called to say he had read a couple of stories regarding the allegations made and that since they were in the public domain, they were not new.

He said the Ministry of Power and Steel had set up a committee to investigate the allegations raised and that in the course of their investigation, the Committee had visited the ASCL where the management of the company cooperated fully.
The ASCL spokesman also said the Committee had since completed its investigations and it report would soon be made public.



Read Full Story Here.... :
Leave Comment Here :



Add Comment

* Required information
1000
Captcha Image

Comments (1)

Gravatar
New
Fay(Katy, Texas, US)says...

Actually translates to bravehearted.