Pakistan
PIA employee union calls urgent meeting
The national flag airline has debts totaling Rs. 742 billion compared to its assets of Rs. 14.7 billion.
Karachi: The Pakistan International Airlines (PIA) employee Union summoned an emergency meeting to address the issue of privatisation of the national airlines on Wednesday.
The CBA Union - People's Unity is expected to make crucial decisions during the conference about the continuation of its struggle against the privatization of the PIA.
According to People's Unity president Hidayat Ullah Khan, "PIA is a national asset and will not be allowed to be privatized under any circumstances."
He insisted that the union will take a strong stance and forbid anybody from selling or privatizing the national airline's domestic and foreign assets, including the outsourcing of the flight kitchen in Islamabad.
The privatization committee had already requested information about the PIA-owned Scribe Hotel in Paris after the privatization of the Roosevelt Hotel.
According to the details, the privatisation commission sought details of the assets, finances, and management agreements from Pakistan International Airlines (PIA).
According to insiders, the privatization panel also requested information about the PIA-owned Sofitel Scribe Hotel in Paris after the Roosevelt Hotel in New York, United States (US), was privatized.
The privatisation process of the PIA’s assets – valued a total of Rs 176 billion – in various countries has been listed for sale, including the property in Holland, New York and Pakistan.
The national flag airline has debts totaling Rs. 742 billion compared to its assets of Rs. 14.7 billion, according to sources.
The national airline had to pay 122 billion rupees in interest annually as a result of its losses in 2003, which is where the majority of the loan was used to finance.