An accountability court acquitted former Chairman of Pakistan Steel Mills, Moin Aftab Sheikh and Finance Director Pakistan Steel Mills (PSM), Sameen Asghar, due to lack of evidence against them.
The verdict in Steel Mills corruption case was announced on Friday.
Filed by the National Accountability Bureau (NAB), the reference pertaining to the corruption of more than four billion rupees in Pakistan Steel Mills remained under trial for seven years.
However, NAB failed to prove the charges accusations against the accused.
According to NAB, raw material was bought from international market at high prices for the Steel Mills. The dealers directly benefited with the deal whereas the Steel Mills suffered huge losses.
A reference against Moin Aftab Sheikh and others was filed in 2012. Other references against the accused are still under trial.