Resolution of PIA’s Crisis Urged – Tariq Sayeed


KARACHI (PR): Tariq Sayeed, Former President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged Mr. Asif Ali Zardari, President of Pakistan to immediately take cognizance of the severe financial crisis prevailing in Pakistan International Airline Corporation (PIAC) and constitute a high power Commission consisting of knowledgeable people including FPCCI representatives to find out that whether the removal of its Former Managing Director in February 2011 who after assuming the charge in 2008 generated a gross profit of Rs. 6.3 billion in 2010 was a result of some kind of conspiracy of sorts. He added that subsequently his team/associates were replaced by a thoroughly incompetent people who made merry at the expense of Corporation; resultantly things have rapidly slid from bad to worse to now close to impossible to fix.

Refereeing to the PIAC’s interim un-audited profits and loss accounts from 1st January to 30th June 2012, Former FPCCI Chief disclosed that the PIA earned a gross profit of Rs. 6.3 billion in HYE June 30th, 2010, under the Managing Directorship of Capt. Aijaz, which subsequently declined to Rs. 1.7 billion in the corresponding period of 2011 and thereafter suffered a huge loss of Rs. 0.926 billion in HYE June 2012.

Tariq Sayeed attributed PIA’s financial crisis to the poor management, lack of maintenance, nepotism, corruption etc. Citing an example in this respect he said that out of 39 aircrafts in PIA fleet, 16 aircraft have been grounded mainly due to non-availability of spare parts and lack of maintenance facility. He continued that PIA’s strength of employees is 18,000 i.e. it enjoys more than 461 employees per craft which should not exceed average ratio of 100 employees per aircraft as per international standard. He therefore, urged to induct exemplary leadership, qualified and merit based staff and technically strong administration to improve its performance in the larger interest of the country.