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Referring to a news item released by NNI news agency carried by daily The
News in its October 10, 2003 edition stating that "Roosevelt Hotel to be sold
at $ 217 Million", a spokesman of Privatisation has termed the item as false,
fabricated and misleading.
Clarifying the factual position regarding the Roosevelt Hotel Transaction the
spokesman stated that the Privatisation Commission (PC) was not undertaking
the Sale of the Roosevelt Hotel in New York.
PIAC and Prince Faisal bin Khalid are the two shareholders of PIAIL having 50%
each shareholding in the company that in turn owns the Roosevelt property. The
two shareholders agreed to disinvest the Roosevelt Hotel and under an
Agreement the Roosevelt Task Force (RTF) was set up. PIAC and Prince Faisal
nominated a four member Roosevelt Task Force (RTF). The two members from
Pakistan representing PIAC were approved by the Government and consist of Maj.
Gen. Muhammad Ashraf Chaudhry - Additional Secretary, Ministry of Defense and
Mr. Ahmad Waqar - Secretary, Privatisation Commission.
The assignment of the RTF was to take the Roosevelt Hotel to the point of sale
and to ensure that this process was undertaken in a transparent and open
manner. The RTF has succeeded in its defined objective. The decision of taking
the process further has to be taken by the shareholders and not by the
Privatisation Commission, the spokesman concluded.