PIA initiates internal audit ahead of privatization

ISLAMABAD: Pakistan International Airlines (PIA), the loss-making national carrier, has started an internal audit of all its departments in preparation for privatization.

According to the PIA administration, the audit aims to provide a comprehensive review of the airline’s financial and operational status to potential bidders.

As per details, heads of all PIA departments have been instructed to provide records to the internal audit team for a thorough examination.

The audit results will be presented to the consortiums interested in privatization, a PIA official said, adding that the consortiums will visit PIA headquarters in the next few days.

Earlier last week, Privatisation Commission Secretary Usman Bajwa briefed the National Assembly’s Standing Committee on Privatisation that the government is aiming to finalise the privatisation of PIA within the next two to three months.

He further said that the expressions of interest (EOIs) for the iconic Roosevelt Hotel in New York will be invited in August.

So far, five parties have submitted the EOIs for the airline, with four cleared by the scrutiny committee to proceed to due diligence. These shortlisted bidders were granted access to PIA’s financial accounts and operational data from Tuesday, he said.

“The winning bidder will be required to expand PIA’s fleet from the current 19 aircraft to at least 45,” he said.