Govt discloses new plans for Roosevelt Hotel in New York

Terms of reference to hire financial advisor for project finalized
<p>The Roosevelt Hotel in New York is owned by Pakistan International Airlines.</p>

The Roosevelt Hotel in New York is owned by Pakistan International Airlines.

As the federal government seeks ways to increase revenues in foreign currency amid a crisis at home, it has decided to turn one overseas state property into a money minter.

In a meeting of the Privatization Commission’s (PC) Board on Wednesday, the privatization of the Roosevelt Hotel, owned by Pakistan International Airlines (PIA) came up.

The meeting was chaired by Privatization Chairman and Federal Minister Abid Hussain Bhayo. Federal Privatization Secretary Dr Iram Khan, and senior officials of the ministry were also present in the meeting.

The board wondered why this white elephant was not being sold.

At this, the government told the board that it does not have any intention of selling the hotel.

Rather, the government has now unveiled new plans for the hotel.

The government said that it will be developed into a mixed-use high rise tower as a joint venture project through the best suited mode of privatization as delineated in the Privatization Commission Ordinance, 2000.

Meanwhile, the PC Board approved the terms of reference for the hiring a financial advisor for the project.

Earlier, the board was briefed about the implementation status of different directions issued in different meetings.

The board showed its appreciation for the status update and directed the management to resolve the pending issues besetting privatization.

It also advised that other government divisions should be approached to help Privatization Commission in its work.

Pending issues relating to litigations in different courts were also discussed.

The approval of the board was solicited for the special audit report on receivables as on June 30, 2022, of the commission’s proceeds including the statement of receivables.

The board proposed to form a sub-committee of its members to come up with viable solution of the matter including to ascertain the due amounts receivable from other parties.

The board also approved the proposal to present before court the fresh audit report to decide the exact number of outstanding dues to be paid.

The Board was also briefed about the progress in other ongoing transactions including Pakistan Steel Mills, HBFCL, First Women Bank Limited.

PIA

privatization

Roosevelt Hotel

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