曝光台 注意防骗
网曝天猫店富美金盛家居专营店坑蒙拐骗欺诈消费者
June 2001 and also confirmed and
approved by the Board of PIAIL in
June 2002.
The Honorable Prime Minister directed
only acceptance of the committee’s
recommendation on the interest rate,
however the recommendation for
freezing the interest as at the date of
repayment of principal was not
considered and, in any event, GoP
referred the matter for approval by the
Board of the Corporation but the Board
did not approve. Subsequently, GoP
modified its earlier directive by letter
dated September 27, 2004 to the effect
that the reduction in the interest rate
would only be applicable in case of
disinvestment or an over all settlement
between the shareholders.
Therefore, the management of the
Corporation believes that reduction in
interest rate, if any, shall only be used
as a yardstick for computing the
premium / incentive to be given to the
other shareholder in the event of a
satisfactory overall settlement of the
disinvestment process, without in any
manner affecting the rights of the
Corporation to receive from PIAIL the
full interest at 10% until payment
thereof on an accruing basis.
The aggregate values of the assets of
PIAIL determined through recent
independent valuations would be
adequate to cover the liabilities of
PIAIL towards the Corporation in the
event of a satisfactory overall
settlement with the other shareholder.
Nonetheless, the Corporation also
believes that the request for reduction
in interest rate was made by the other
shareholder of PIAIL whereas by all
means the debtor of the Corporation
is PIAIL and not the other shareholder.
Therefore, the realisibility of Corporation’s
claim of interest @ 10% does not become
doubtful merely because a request was
made by the other shareholder, which has
neither been reflected by PIAIL in its books
of account nor it has been approved by
the boards of directors of PIAIL and the
Corporation, and also because its
consideration has been linked with the
overall settlement with the other
shareholder according to the directive
issued by the GoP. Accordingly, the
Corporation considers that the auditors’
qualification on this matter is uncalled for.
Future Outlook
Industry forecast for 2005, remain hazy,
overshadowed by uncertainties over the
fuel prices. The hope that fuel prices will
fall back significantly from the painful US$
50 per barrel level has not materialized.
The rise in oil prices so far has not
dampened traffic growth. IATA estimates
the industry fuel bill rose by US$ 15 billion
in 2004 and the industry is expecting a
net loss of US$ 4.8 billion for 2004.
While the outlook for current year remains
unpredictable as far as fuel prices are
concerned, the given scenario poses
significant difficulties for PIA. To overcome
this, the Corporation is focusing on
realigning capacity with traffic to optimize
utilization while skillfully managing the
yields and resorting to cost cutting
measures. Management is confident that
with a renewed fleet, stringent control on
costs, innovative marketing and enhanced
operational efficiency, the Corporation will
be able to meet the challenges ahead.
For and on behalf of the Board
Ahmad Saeed
Chairman
April 04,2005
ATTENDANCE OF DIRECTORS AT BOARD MEETINGS
During the Financial Year 2004, 8 (eight) Meetings of the Board of Directors were held and the number of Meetings attended
by each Director is given hereunder :
S.No. Name of Board Member Meetings Held Meetings Attended
1. Ahmad Saeed
Chairman 08 08
2. Nawid Ahsan
Secretary Finance 08 02
3. Maj. Gen. (Retd) Muhammad Ashraf Chaudhry
Additional Secretary – I, MOD 08 08
4. Air Marshal (Retd) Pervez Akhtar Nawaz
Director General, Civil Aviation Authority 08 08
5. Asad Ali Khan 08 08
6. M.H.K. Khaishgi 08 06
7. Syed Mohammad Fazal Agha 08 05
8. Javed Saifullah Khan 08 06
9. Dr. Sughra Junejo 08 06
10. S. Ali Raza 08 04
11. Zakir Mahmood * 06 03
12. Kamal Afsar ** 02 02
* Relinquished as Board Member on expiry of his term on 24th September, 2004
** Elected as Board Member in the Extraordinary General Meeting of PIAC Shareholders on 24th September, 2004
ATTENDANCE OF DIRECTORS AT AUDIT COMMITTEE MEETINGS
During the Financial Year 2004, 6(six) Meetings of the Audit Committee were held and the number of Meetings attended
by each Director is given hereunder :
S.No. Name of Board Member Meetings Held Meetings Attended
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