Top court seeks audited account statements from PIA MD

Court summons all MDs who have served in the last decade on April 12

ISLAMABAD: The country's top court on Friday ordered the managing director of Pakistan International Airline (PIA) to submit the audited account statements of the national carrier.

A three-member bench, headed by Chief Justice of Pakistan (CJP) Mian Saqib Nisar, resumed hearing in the suo motu case pertaining to the privatisation of national airline and also summoned the managing directors who have served as PIA MDs in the last decade to appear before the court on April 12.

On March 31, the apex court had sought details as to whether the airline’s profitable routes had been handed over to private airlines, especially Airblue. The SC had also inquired the intention behind the government’s move to privatise the national airline.

The government has been eager to privatise the loss-making national airline, separating its core functions from the airline to lure prospective buyers. The last financial cycle when PIA enjoyed a net profit, amounting Rs2.3 billion, was in the year 2004. Its share price at the end of December 2004 was Rs13.7.

Since then, PIA’s accumulated losses have soared to Rs319.10 billion by the end of March 2017. At the same time, its share price has plummeted to Rs5.31.