PIA being made bankrupt before sell-off, says PML-N

[Abbas Ali]

ISLAMABAD, March 3: Criticising the government’s privatisation policy, information secretary of the Pakistan Muslim League-N (PML-N) Ahsan Iqbal on Saturday alleged that the regime was intentionally taking Pakistan International Airlines (PIA) towards bankruptcy so as to sell it to “favourites” on a throwaway price.

Speaking at a news conference at the party’s Central Secretariat, the PML-N information secretary said that the opposition would never allow the rulers to sell strategic national assets to “the friends of Shaukat Aziz” and the “friends of Pervez Musharraf.”

Mr Iqbal said last year a government minister had stated that PIA would be privatised by June 2007. He alleged that the PIA was being made to suffer losses so that the rulers could sell it to their favourites showing it a burden on national economy.

He said the European Union (EU) had issued a warning to PIA asking the airline to improve the condition of aircraft, but no one paid heed to it resulting into the ban on PIA flights to some European countries. “Either it is a criminal negligence or intentional manipulation,” he added.

Source: DAWN

[Amaad Lone]

PIA is already bankrupt.

Assets are less then Liabilities.

PML (N) the party which made PIA buy a $32 million 737 (AP-BEH) for the Prime Minister.

How quickly people forget.

[Adnan Anwar]

ISLAMABAD, March 3: Criticising the government’s privatisation policy, information secretary of the Pakistan Muslim League-N (PML-N) Ahsan Iqbal on Saturday alleged that the regime was intentionally taking Pakistan International Airlines (PIA) towards bankruptcy so as to sell it to “favourites” on a throwaway price.

Speaking at a news conference at the party’s Central Secretariat, the PML-N information secretary said that the opposition would never allow the rulers to sell strategic national assets to “the friends of Shaukat Aziz” and the “friends of Pervez Musharraf.”

Mr Iqbal said last year a government minister had stated that PIA would be privatised by June 2007. He alleged that the PIA was being made to suffer losses so that the rulers could sell it to their favourites showing it a burden on national economy.

He said the European Union (EU) had issued a warning to PIA asking the airline to improve the condition of aircraft, but no one paid heed to it resulting into the ban on PIA flights to some European countries. “Either it is a criminal negligence or intentional manipulation,” he added.

Source: DAWN

This political party (PML-N) of retards wanted PIA to buy 747-400's when PIA was in no position financially. Nawaz Sharif appointed a MD for the airline who hardly showed up for work and travelled on Foreign trips with PM for no apparent reason.

[zerbaer]

PIA has been insolvent for many years. Their friends in the GOP have injected your funds (staggering amounts) always. If you own PK shares you can read the Auditors notes in the annual balance sheets.

As for sale of PK for which nearly all of the misinformed & of no consequence to PK, appear to lend support to the 'sell off'. What do you think the invited EU crisis does to the already very negative value of the corp.? For one thing it will make the approaching break up & give away of it all a piece of cake.

Whoever ends up with the useable parts of the corp. will very simply, as the first baby step, do the laid out obvious maint. to meet the essential regs & be flying to all the destinations PK has restricted itself from.

This seems to be turning into a conspiracy affair!

[Adnan Anwar]

No one is going to buy PIA or any airline in such a condition. GOP will eventually have to bail PIA out from its present situation that is my prediction.

[samee380]

No one is going to buy PIA or any airline in such a condition. GOP will eventually have to bail PIA out from its present situation that is my prediction.

Yeh i think the same

[Charliedelta11]

thats it..drain every ounce of blood before u sell it..

ok..now i'm not all that well acquainted with the entire business machinery..so i have a question..why wouldnt any foreign airline want to buy PIA ? i mean..what all will actually turn them away from purchasing it

..no third rate airline would buy PIA ofcourse..the airline that does plan on buying it will make sure it has a good amount of capital to run this new corp too..plus..it can use its own engineering department to fix PIA aircraft too cant it ? and train our engineers..

[DEZI]

GOP will think twice this time around. TK has drastically reduced PIA's worth by failing(wilfull) to comply with EC advisories. This was practised with KESC,PTCL and PIA follows suit. The strategic role sell out should be viewed in the looming Iran crises.

[Gulistan]

For a properly run business, PIA will be a cash cow, it has valuable slots at LHR worth several millions. Just from the UK it lifts nearly 1/2million passengers a year. If its ever sold, more than likely ME country / airline will buy it out.

[m2hassan]

Alot of high figure politicians have said lately tht airline is not on the cards to be priviatized becuase its suppose to be a national asset .. but like any other national assets in any other industry ... every things being privitized. So , is June 2006 a definate period of privitization or its some random politician throwing numbers and figures up in the air to create controversy ?

[DC10]

When CAA has an Open Sky Policy and the air travellers can choose a carrier of their choice why bother about privatising PIA. The only solution is that 1SO standards be applied to the management structure of PIA. AVMs, Air Commodores, MBAs from IBA are no good. Just for once a ranker with a free hand be given the task of setting things right.