ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar on Thursday banned Pakistan International Airline’s (PIA) former Managing Directors (MD), who had served in the last ten years, from leaving Pakistan.
A three-member bench headed by CJP proceeded with the suo moto notice case hearings of the national flag carrier’s privatization. The court ordered formation of a committee to probe into airline’s privatization and establish reasons for its growing losses.
During the hearing, PIA’s counsel presented an audit record report to the court detailing a period of nine years. The defence informed the court that the reason of its losses the amount, Rs 5, at which the organisation’s shares were being sold.
It was brought to the knowledge of the court that the airline incurred a loss of Rs 44 billion in 2013, following losses of Rs 37 billion in 2014, Rs 32 billion in 2015, Rs 45 billion in 2016 and Rs 44 billion in 2017.
CJP passed remarks to the present MD in court, stating that an asset had been destroyed under his (MD’s) supervision. He added that destroying a national airline such as PIA was not only injustice but those who were party to the destruction were enemies of the State.
The court has appointed economic expert and columnist Dr Farrukh Saleem as a friend of the court to present an analysis and terms of reference (TOR) for the inquiry to the court.
Saleem informed the court that PIA had posted a profit of over Rs 1 billion in 2002 after which it had been incurring losses.
CJP ruled that until the inquiry reached an end, former MDs were barred from leaving the country without court’s position. He directed that all the MDs involved should be present at every hearing.
The Attorney General (AG) present at the court informed that the current government had no plans of privatising PIA. He also assured that PIA had not sold shares of its air routes to any other airlines.
The court adjourned the hearing for two weeks.
PIA is the national flag carrier that was born in October 1946. The national airline has been facing issues in past years falling under huge debt.
Justice Saqib Nisar on April 6 had summoned PIA MD to present an audit report of the national flag carrier on April 12.
Earlier, the SC had directed the MD to present an audit report and account statements of the last ten years.
Previously, the CJP had taken notice of PIA’s decision to give up profitable routes to other airlines and its intention for privatising the national airlines. SC had ordered that no new recruitment shall be made as the airline had been running under debt due to official mismanagement.