The National Assembly’s Standing Committee on Privatisation has revealed that a financial advisor appointed for the privatisation of Pakistan International Airlines (PIA) was paid over Rs1.2 billion, yet the process remains incomplete.

The committee, chaired by Dr Farooq Sattar, held a meeting where Privatisation Commission Secretary Usman Bajwa briefed members on the stalled privatization of the national flag carrier.

He disclosed that the financial advisor had already received Rs1.2 billion out of a total of Rs1.9 billion (approximately $6.9 million) earmarked for the project, meaning 63 per cent of the total payment had been made.

Bajwa clarified that the remaining payment would only be disbursed once the privatisation process is completed. He also noted that the last bidding round for PIA was deemed unacceptable.

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The committee was informed that PIA Holdings owns 26 properties, while PIACL (PIA Corporation Limited) has five.

A high-value plot in Islamabad’s Blue Area, estimated at Rs10-12 billion, remains undecided in terms of its future utilisation.

The privatisation secretary also briefed the committee on Sky Hotel Paris and Roosevelt Hotel in New York, both of which are commercial properties owned by PIA Holdings.

He stated that Roosevelt Hotel’s existing contract will expire in May, after which a three-month notice will be issued to clear its status.