PIA Investment Ltd has secured a major legal victory after receiving $11 million from a long-pending arbitration award. The breakthrough comes after 28 years of legal proceedings, marking a significant moment for the airline’s financial history.
Federal Defence Minister Khawaja Muhammad Asif announced the news on Friday through a post on social media platform X (formerly Twitter). He confirmed that PIA Investment Ltd received the funds on Thursday evening.
The minister explained that the case had originally been settled in favour of PIA Investment Ltd 13 years ago through an international arbitration award. However, the implementation of that award and the actual release of the funds took another 15 years.
“This is excellent news,” said Khawaja Asif. “Justice finally prevailed, and PIA Investment Ltd received in its account US$11 million in compliance with the Arbitration Award rendered in its favour 13 years back.”
The $11 million award equals approximately Rs3.09 billion, offering a financial boost to the struggling national carrier. The settlement closes a legal chapter that lasted nearly three decades.
The defence minister highlighted the challenges involved, including long delays in the arbitration process and hurdles in enforcing the decision.
PIA, Pakistan’s national airline, has faced several financial and legal issues in recent years. This arbitration win is seen as a rare but important success for the airline’s legal and financial departments.
The award also strengthens the case for resolving other pending legal disputes involving national institutions.
With the funds now officially deposited, the focus shifts to using this settlement to improve the financial standing of PIA and its subsidiaries.
A total of 42,000 pilgrims are set to return to Pakistan today, the Pakistan International Airlines (PIA) has confirmed. For more details, read the full report: 42,000 Pilgrims to Return to Pakistan Today, PIA Confirms.
