Former Sindh Governor Muhammad Zubair expressed strong criticism of the Pakistan International Airlines (PIA) auction held, labeling it a "mockery" rather than a legitimate bidding process. While taking to a private TV channel, Zubair highlighted concerns about the conditions set for the auction, which he argued were so onerous that no serious buyers were willing to participate. Zubair took particular aim at the Minister of Privatization, questioning his absence during the bidding and emphasizing the government's lack of focus on effective privatization strategies. "While the minister is engaged in successful housing projects, the critical issue of privatization has been neglected," Zubair stated. He pointed out that despite the appointment of financial advisors to attract foreign investment, no investors showed up, leading him to express his surprise at the government's handling of the situation. Zubair noted that not a single roadshow was conducted to promote the auction, raising further doubts about the government's commitment to the process.

The former governor explained that PIA's financial situation was presented in a way that could be appealing to potential investors, with the total debt amounting to 825 billion rupees. He mentioned that 625 billion rupees of this debt was transferred to a holding company, leaving potential buyers with a supposedly manageable debt of only 200 billion rupees. Despite these adjustments, Zubair observed that major investors stayed away from the auction, with only a real estate businessman participating. Zubair lamented the government's reckless attitude towards PIA's privatization, contrasting the current failure with past privatization efforts. He recalled how previous administrations faced opposition during their privatization programs, yet this time, even in the absence of opposition, the process has resulted in a significant setback. The former governor's comments raise critical questions about the future of PIA and the effectiveness of the government's privatization efforts. As the situation unfolds, stakeholders in the aviation sector will be watching closely for any developments.

Credit: Independent News Pakistan