ISLAMABAD; Either sell- off altoghter or leasing out of Roosevelt Hotel of Pakistan International Airline (PIA) ..both options.. seem going into the dock as the board of directors of Privatisation Commission (PC) has rejected the approval of the federal cabinet in its last meeting. The board instead decided to take formal advice of the financial advisor yet to be appointed . This is second time rejectìon of federal cabinet’s approval for the transaction in less than a month. Two approvals of the federal cabinet in a period of less than one month ar3 of extraordinary significance. These two approvals show extraordinary interest of one or even more members of the federal cabinet. Sources in the federal cabinet confided to NEWSMAN that a very close political aide to the Prime minister and also a very powerful member of the cabinet is showing extraordinary interest in getting approval of Roosevelt Hotel leasing without to some interested party. These sources claim that extraordinary interest of the powerful member of the federal cabinet and close political aide to the prime minister is making entire working of the transaction doubtful and it has also been noted seriously by the board members in the meeting held last Wednesday. These sources also claim that the PC board has taken a conscious decision to get advice of the financial advisor being hired for this transaction. Roosevelt Hotel is a prime asset of Pakistan in New York, USA. It’s worth, as per independent sources assessment, is around $ 1.5 billion. This property is a great attraction for those who want to deprive Pakistan of it valuable assets. For the last 10 years, all ‘elelcted’ goverments…PPP,PMLN and now PTI , looked for an opportunity to buyout Roosevelt Hotel through their frontman may be individual or some company. Last two governments efforts in this regard could not succeed for one reason or another. But this time attempt on Roosevelt Hotel may succeed as the man behind the move seems well connected in and outside Pakistan. These sources of the federal cabinet attach significance to the official statement wherein the committee of the National Assebly was informed by Sarwar Khan the minister for Civil Aviation Authority (CAA) that American president , Donald Trump was interested in buying Pakistan International Airline (PIA) and Roosevelt Hotel. These sources claim that the minister in charge spoke half truth before the committee of the parliament and it has strenghtened doubts among the members of the board. They argue the board will not go ahead with the transaction despite two times approval of the federal cabinet unless it gets advice of the financial advisor. The board also did not seem convinced that it was a proper time for making any initial public offering (IPO) of any state-owned company including Mari Petroleum, sources xonxluded .
