The Pakistan People’s Party rejects the federal government plan to run PIAs Roosevelt Hotel in New York under a joint venture with the private sector.
PPP raised its reservations on the advancement over the issue of Roosevelt Hotel and said, “we will consider it a daylight robbery.”
The party issued its official stance and said, “Firstly, the timing is totally wrong for such an exercise. Real estate prices have gone down by a third in New York. Therefore, any form of disinvestment, or sale, or mixed ownership, call it joint venture or privatization when our state assets have lost their value is ill-advised.”
“Secondly what is the objective of the joint venture? It is unlikely that profits will increase with Covid19 crisis in the world.”
“In our view this suspicious, untimely and ill-advised move will compromise PIAs ownership of the hotel without accruing any benefits to the state,” statement issued by the PPP reads.
It seems it is just another example of cronyism and vested interests driving a harmful venture and must be immediately ceased.
We will consider this a daylight robbery if this property is sold in any form when the prices are down.