PIA is a state owned corporation owned by taxpayers of Pakistan and it is they who bear the burden of liabilities and losses incurred by a management dominated by cronies.
Just a few months back both the Chairman and MD of PIA claimed to have signed a deal for procurement of spare parts with Transworld FZE who will offer it credit facility of $700 million. Yet what followed was grounding of bulk of PIA fleet for lack of spares and the credit facility was nothing more than deferred payments, which is a normal routine facility offered by all aviation spare part vendors.
The Transparency International criticised this deal. It has now criticised the deal signed in undue haste, in violation of PPRA rules, for induction of 5 new B777s valued at $1.5 billion. As taxpayers, it is our right to know from where this funding has been arranged and the status of properties, owned by PIA Investments, such as Hotel Roosevelt and Hotel Scribe.
The nominated Board of Directors has failed to perform their role of a vigilant body overseeing affairs of this corporation with losses of over Rs 200 billion and negative equity.
It is no more than a rubber stamp group, which has failed to enforce any checks and balances, nor ensured that the airline offers quality services at competitive fares, and plugged all avenues for pilferage and corruption.
SHAHZAD KHALIL
Sialkot
When the GOP hands over PIA to burglars, than what is happening was bound to happen. Can you imagine that this is a $500 rip-off in terms of kickbacks which Transparency Int has exposed.
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