PIA’s CFO Nayyar Hayat Removed – Research Snipers

PIA’s CFO Nayyar Hayat Removed

Pakistan International Airlines has removed its chief financial officer (CFO) Nayyar Hayat from his post. Now as per the orders of the Supreme Court on May 31st a “high-profile audit” will be conducted.

PIA’s spokesperson Mashood Tajwar said, “Hayat will monitor the special audit and ensure that it complies with the SC’s directives.”

The aim of the audit is to find out those who are responsible for making PIA lose almost Rs280 billion in the last ten years. That is why the Chief Justice of Pakistan (CJP) Mian Saqib Nisar has asked PIA to conduct the audit.

Also read: PIA to Change Sabre with Turkish Computer System

PIA spokesperson further said that Asad Abbas the general manager of the finance department will take over as acting-CFO.

On August 11th PIA issued show-cause notices to Hayat.

PIA notice read, “You were asked by the Audit team to provide the figure of the government of Pakistan support to the PIACL during the year 2008 to 2017 which you provided as Rs23.565 billion whereas ministry of finance provided a figure of Rs31.80 billion for the same period. Similarly, you provided the figure of GOP guarantees as Rs175.08 billion for the same period whereas ministry of finance reported 177.230 billion.”

Adding, “Act of providing misleading information to the audit team is not acceptable by any means and shows you have failed to perform your duties with due diligence in providing information to audit team despite repeated instructions to comply.”