Govt Paid Rs.1B to Advisor Who Failed PIA Sale
The Pakistani government has paid over $4.3 million (Rs. 1.2 billion) to a financial advisor for the privatization of Pakistan International Airlines (PIA), yet the sale remains unfinished.
The Pakistani government has paid over $4.3 million (Rs. 1.2 billion) to a financial advisor for the privatization of Pakistan International Airlines (PIA), yet the sale remains unfinished. The National Assembly’s Standing Committee on Privatization disclosed that 63% of the advisory fee has already been paid, with a total due amount of $6.9 million. The previous bid for PIA was deemed unacceptable, and the remaining payments will only be made once the sale is finalized. Discussions also covered PIA’s assets, including the Roosevelt Hotel in New York, and the ongoing financial challenges of the Utility Stores Corporation.
