National Accountability Bureau (NAB) has formally initiated the probe to ascertain the reasons behind the closure of Roosevelt Hotel, the PIA owned iconic hotel in midtown Manhattan, New York.
The Roosevelt Hotel had closed its doors permanently on 31 October due to volatile economic conditions and a drop in business activities after the Coronavirus pandemic.
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According to details, NAB Rawalpindi has directed concerned institutions, including PIA, to furnish relevant records to facilitate the investigation process.
Last month, Chairman NAB, Justice (r) Javed Iqbal had taken notice of the closure of the offshore asset of the national flag carrier.
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Federal Minister for Aviation, Ghulam Sarwar Khan, also refuted reports which suggested PIA had decided to sell the Roosevelt Hotel at a lower price.
PIA had acquired the 19-story building through a partnership in 1979. The national carrier became its sole shareholder in 1999. The Roosevelt Hotel had been a profitable entity until 2018. Its finances began to drop in 2019 and the situation was exacerbated due to the COVID-19 pandemic, forcing the management to announce its closure last month.