NAB Chairman takes notice of Roosevelt Hotel’s closure in US

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (retired) Javed Iqbal has taken notice of the closure of Roosevelt Hotel owned by the national airline PIA in the United States.

Chairman NAB has directed DG NAB Rawalpindi to investigate the matter. He commanded to find out why the hotel needed to be closed. What are the reasons for the alleged loss of dollars worth millions to Pakistan?

It may be recalled that the government has postponed the decision to close the hotel for two months. According to sources, the hotel management had sought time to terminate the contracts of various airlines and companies.

The decision to close the hotel was made a few days ago. The first installment of Roosevelt Hotel’s union and employees’ dues will be paid soon. It was decided at a meeting of the Cabinet Privatization Committee that the Roosevelt Hotel would be run through a joint venture with a private party. It has also been decided to appoint a financial advisor to the hotel.

Earlier, the government of Pakistan wanted to sell the hotel but it was later decided that the hotel, owned by PIA, would be run through a joint venture with a private party.

Founded in 1924, the Roosevelt Hotel is one of the most historic hotels in the United States. The hotel is located in Manhattan, New York, the most expensive area in the United States and the world.