OUR STAFF REPORTER KARACHI - The PIA management has dispelled all allegations of corruption and mismanagement as the major stakeholders of the Corporation- the shareholders and members of the Board of Directors are fully aware of the airlines financial and operational situation. A statement issued here on Saturday maintained that the approval of the five-year PIA Business Plan to turn around the Corporation by the federal government is a clear indication of the present managements integrity and professional competence. In fact, the present management consists of acclaimed professionals of the global aviation industry and is determined to not only root out corruption but also to turn around the airline by following correct business practices and official rules of business so that the corrupt elements may not find any escape route, it added. PIA management pointed out that the National Flag Carrier, a national strategic asset of the country, is under constant attack of allegations by the 'vested interests while the PIA management continues to make sustained efforts by presenting itself and explaining the situation not only to the elected organs of the state, print and electronic media but also to the representatives of the PIA employees. The statement pointed out that last week PIA management invited CBA, PIASSA, PALPA and representatives of other associations and after discussions and on their suggestion, Managing Director PIA decided to form an Advisory Committee for Prevention of Corruption in PIA comprising presidents of CBA, PIASSA, PALPA, other associations and representative of the management. The PIA management also asked them to point out the cases of corruption in the organization so that the management could take proper legal action against the corrupt but these associations requested the management to defer the committee till after new elections of these bodies are held so that freshly elected representatives of these associations may participate in the Committee. Regarding the two leased aircraft (Boeing 747) acquired by PIA to compensate the fleet during Hajj operation, PIA said that these 2 aircraft were to supplement both Hajj operations and regular scheduled flights. These two aircraft will cost PIA $7.1 million. While so far, PIA has earned revenue of approximately $6.5 million through these aircraft, while PIA is expecting to earn another $6.5 million, which will total up to $13 million till the ending of lease period which is December 15, 2011 for both aircraft. It is totally wrong that these two Boeing 747 aircraft on lease were ever offered to PIA for sale, the statement added. It may be mentioned that PIA had issued an international tender for engaging Fuel Hedging Consultant of International repute; only one person from Canada responded to the advertisement. PIA invited him for a presentation on his expertise regarding fuel hedging. He however has not given his consent to visit Pakistan as he was already preoccupied, the statement concluded.