Federal Government Wednesday decided to shut down Roosevelt Hotel in NewYork owned by the national airlines PIA and use it as an office tower,apartments and for retail.
The Federal cabinet approved the redevelopment of the building forcommercial usage. The cabinet also approved the appointment of thefinancial advisor pending for two years.
The leasing of the Roosevelt hotel was put to a stop in 2021 because of theReko Diq case and now, using the lease method, the building will beredeveloped by joint venture partners. The aviation division expressedreservations and demanded an early decision from the PrivatizationCommission. The Federal cabinet demanded an implementation report from thePrivatization Commission within three months’ time.
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The National Accountability Bureau (NAB), in 2020 started an inquiryagainst the privatization of Roosevelt Hotel at throw-away prices.
