PPP rejects to run PIAs Roosevelt Hotel under joint venture

Islamabad,: Dr Nafisa Shah, Information Secretary Pakistan Peoples Party (PPP) rejects government’s plan to run PIAs Roosevelt Hotel in New York under a joint venture with the private sector.

Firstly the timing is totally wrong for such an exercise. Real estate prices have gone down by a third in New York. Therefore any form of disinvestment, or sale, or mixed ownership, call it joint venture or privatization when our state assets have lost their value is ill-advised.

Secondly what is the objective of the joint venture? It is unlikely that profits will increase with Covid19 crisis in the world, she said in a statement.

“In our view this suspicious, untimely and ill-advised move will compromise PIAs ownership of the hotel without accruing any benefits to the state. It seems it is just another example of cronyism and vested interests driving a harmful venture and must be immediately ceased,” she said.

“We will consider this a daylight robbery if this property is sold in any form when the prices are down,” she said.