Taking immediate notice : PIA removes its chief financial officer

KARACHI: The management of Pakistan International Airline (PIA), the national flag carrier of the country, while promptly taking action over Daily Times’ story about the misuse of provident funds of PIA employees, has removed its Chief Financial Officer Nayyer Hayat from the office with immediate effect. PIA Chairman Nasser Jaffer has signed the dismissal letter of CFO Nayyer Hayat and additional charge of the Chief Financial Officer has been given to Waqar Masood, who currently serves general manager (Accounts).
It is to be noted that the Security and Exchange Commission of Pakistan (SECP) had sought details from PIA concerning the misuse of funds. The CFO was accused of misappropriation of Rs 10 billion of the employees’ funds. Earlier, Nayyer Hayat denied the accusations of his involvement regarding misappropriations of employees’ provident funds. On the other hand, PIA’s board of directors (BoD) categorically denied claims of the CFO that embezzlements were ordered by the board.

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