September 2, 2002	Monday	Jamadi-us-Saani23,1423

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NEW YORK, Sept 1: The task force of Pakistan International Airlines (PIA) formed to sell off Hotel Roosevelt here left on Saturday for Pakistan without making any progress on the appointment of an investment adviser on selling the property.

One of the reasons for the task force to abandon its mission was the long weekend in which many officials of the investment firms and banks left town.

The team headed by Additional Defence Secretary Lt-Gen Ashraf Chowdhry remained unable to make any headway on the issue in a week’s stay here, except making some conference calls.

Sources said that about 12 New York investment firms including Salomon Smith Barney and Price Waterhouse Greenwich Investments etc., were interested in the job.

The additional secretary said on Thursday that there had been no conclusive discussions on the appointment of the adviser. However, without giving any details, he said “everything will be transparent” in the process.

The task force comprises four persons including two PIA representatives — the additional defence secretary and Privatization Secretary Ahmed Waqar — and other two representing its Saudi partner Prince Faisal — M. Hajjaj and John Alexander.

The team has mandate also to sell Hotel Scribe in Paris and Minhal in Riyadh (Saudi Arabia).

Mr Waqar could come to New York for the talks.