PIA still in arrears of A330 deal with SriLankan Airlines
View(s):Pakistan Airlines (PIA) still owes SriLankan Airlines around US$3 million as delayed payments and lease installments inclusive of extra flying hours of A 330 Aircraft wet leased to Pakistan’s national carrier in August last year, an official closely connected to the deal revealed.
This last invoice sent to PIA by Sri Lankan Airlines after the conclusion of the lease on February 9 is yet to be settled, he said adding that the aircraft flew more than the contracted number of hours per month incurring additional payments for the national carrier.
CEO Suren Ratwatte has sent a letter indicating the total payment outstanding to PIA top management but to no avail so far, he disclosed.
The wet lease was signed for six months to start with and during that time PIA agreed to take 2 other A330- 300 Airbus and convert the lease to dry lease.
Amid requests to revise the lease agreement and bring down the lease payment for the first aircraft which was in possession of the PIA, entering into a dry lease agreement with other two aircraft at a discount payment has also not materialised.  PIA has not taken the remaining 2 A 330’s under the deal from Sri Lankan Airlines even though the crew was trained by SriLankan Airlines officers, Pakistan aviation sources said.
When contacted via an email, national carrier CEO Suren Ratwatte responded saying, “We are unable to disclose any values involved in our commercial transactions. Majority of the funds have been received, the transaction is already very profitable. Some arrears need to be cleared which we are confident will happen soon”. Currently PIA is engaged in repainting the aircraft in Karachi which will be returned soon, he revealed. The two A330 aircraft which were to be acquired by PIA under dry lease are being operated by the national carrier at present, he added.  (Bandula)Â