Roosevelt Hotel’s closure in New York, NAB chairman orders investigation

The National Accountability Bureau (NAB) chairman Justice (retd) Javed Iqbal on Tuesday has ordered an investigation over the closure of the Roosevelt Hotel in New York – an entity owned by Pakistan International Airlines Investment Limited (PIAIL).

The landmark hotel announced its permanent closure from October 31 on its website citing financial constraints.

Read More: PIA owned Roosevelt Hotel in New York announces permanent closure

“The investigation will review why there was a need to close down Pakistan’s national asset Roosevelt Hotel located in central New York,” said a press release issued by the accountability watchdog.

NAB Chairman Justice (retd) Javed Iqbal directed a director-general (DG) of the national anti-graft body, Irfan Mangi, to investigate why the entity incurred alleged losses worth millions of dollars and needed to be closed.

“The government of Pakistan allegedly lost millions of dollars,” NAB chairman stated.

“Those responsible for alleged negligence in discharging their national duties [to keep the hotel profitable] will also be identified.”

Meanwhile, on Monday, Aviation Minister Ghulam Sarwar Khan termed the reports regarding the sale of the hotel as “speculative” and “misleading” and said that the government has no plans to sell the hotel.

Profits began to fallin 2019, putting the financial position of the Roosevelt Hotel in the red, Khan said.

He told that the main reason for its downfall was a deteriorating infrastructure, which was further compounded by the pandemic.