ISLAMABAD, March 27 (APP): The Privatisation Commission (PC)
on Sunday said the privatisation process for Roosevelt Hotel, New
York City, had not been initiated yet.
Clarifying facts regarding a video circulating on the social
media, alleging the sale of Roosevelt Hotel – a property owned by
PIA Investment Limited (PIA-IL), a subsidiary of Pakistan
International Airlines Corporation (PIAC), it said even the process
for hiring a financial advisor or valuator for the Roosevelt
Hotel’s privatization, which was the first step under the
law for initiation of any transaction by the PC, was not yet
started.
“Whenever the PC initiates the said hiring process, advertisements
seeking expressions of interest for financial advisory / valuator
services are widely published by PC, both in the domestic and
international press, as per the legal requirements,” it said
in a statement.
The PC said even after a financial advisor / valuator had been appointed, various steps in the privatization process needed to be
completed before concluding the privatization / sale of any entity.
“These steps, which require the approval of the PC Board and
the Cabinet Committee on Privatisation (“CCoP”), include but are not
limited to finalizing the transaction structure, publishing
advertisement seeking Expressions of Interest from Investors,
finalizing the valuation and reference price, and finalizing the
bidding process and results,” it added.
The PC said none of those actions had so far been initiated
with respect to Roosevelt Hotel, nor was there any plan to do so at
present.
“Therefore, any allegations stating that Roosevelt Hotel has
been sold are falsely fabricated,” it added.
The PC said,”It is also important to note and understand that
no single person can make the decision to sell or decide the price of
any entity being privatised, given the broad-based decision-making
process, which includes engagement and consultation with many forums
at each and every stage of a privatisation transaction.
“The Privatisation Commission (PC) fully understands and
appreciates the importance of transparency and integrity in the
privatization process and always endeavors to ensure the same.
“The PC welcomes any dialogue or query related to its work as
it strongly believes that the people of Pakistan deserve to be
presented only with factually correct and unbiased information,”
the PC added.