Pak govt expedites PIA's privatisation; prepares framework for division of assets and liabilities
Islamabad (PTI): Cash-strapped Pakistan is expediting the privatisation process of its ailing national flag carrier, PIA, and has prepared a framework for the division of its assets and liabilities as part of the move, according to a media report on Monday.
The government has disclosed that the total value of the assets of Pakistan International Airlines (PIA) is Rs 171.43 billion. Once the privatisation process is completed, the PIA’s assets along with its liabilities will be divided between the holding company and the new company taking over the airline, The Express Tribune newspaper reported.
The PIA owes Rs 161 billion to the government and Rs 267 billion to commercial banks, which will be transferred to the holding company, the report said, citing official documents.
Out of the PIA’s assets worth Rs 171.43 billion, assets worth Rs 146.57 billion will be transferred to the new management of the PIA, while assets worth Rs 24.86 billion will remain with the holding company, it said.
The federal government is expediting the privatisation process of the PIA and has prepared a framework for the division of assets and liabilities of the national flag carrier as part of the process, it said.
Out of the PIA's Rs 830 billion deficit, Rs 202 billion will be borne by it and Rs 628 billion by the holding company. As a result, the new company will begin the PIA operations with a deficit of Rs 55.70 billion, the report said.
According to the documents seen by the newspaper, the government will divide the PIA operations into core and non-core segments as part of the privatisation process. All assets and liabilities of the PIA will be divided between these two segments.
Post-privatisation, assets including aircraft worth Rs 92.62 billion, technical equipment for flight operations, operational offices, and other properties, along with long-term deposits worth Rs 6 billion, trade debts and advance deposits worth Rs 22.35 billion, and other receivables worth Rs16.83 billion, will be transferred to the new PIA management.
Additionally, liabilities in the form of long-term financing worth Rs 15.63 billion, aircraft leases worth Rs 30 billion, employee salaries amounting to Rs 27.26 billion, and trade and other payables totalling Rs 121 billion will be inherited by the new company.
Loans taken from domestic and international institutions and the interest payable on them, amounting to Rs 444 billion, will also be transferred to the holding company.
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Rape accused's mother murdered by victim's brother in MP's Shivpuri
Shivpuri (PTI): The 60-year-old mother of a rape accused was killed allegedly by the victim's brother in Madhya Pradesh's Shivpuri district, a police official said on Saturday.
The incident took place on Friday, Rannod police station house officer (SHO) Arvind Chauhan said.
"An anganwadi worker returning from a hospital was offered a lift by one Inder Gurjar, who took her to a secluded spot and raped her. She called up her brothers to narrate the ordeal. One brother of the victim along with two associates went to Gurjar's house and assaulted him. When Gurjar's mother Sirkunwarbai (60) intervened, she was attacked with a sharp weapon. She died on the spot," he said.
Based on a complaint filed by the deceased woman's daughter-in-law, three persons were booked for murder. One of them was held on Saturday, the official added.
A separate case has also been registered against Gurjar for rape, he said.
Police personnel have been deployed in the area in view of tension following the incident, the official added.
