Accountability Court in Karachi acquitted Pakistan Steel Mills (PSM) former chairman Usman Farooqui in a corruption case on Friday, report said. Farooqui was accused of corruption, causing a loss of Rs 17 million to the national exchequer during purchase of a ferrous manganese contract while misusing his office as PSM chairman in Dec 1995. The petitioners counsel earlier contended that all other co-defendants in the case had been acquitted by the Accountability Court due to lack of evidence and the petitioner was in jail at the time the case was registered against him but he was not produced before the trial court to defend charges against him.