With the hasty shutdown of Speedex, the courier wing of the Pakistan International Airlines (PIA) is likely to incur losses worth millions of rupees.
According to the Manager of Speedex Karachi, Muhammad Umair, Speedex’s inept and incompetent senior leadership failed to recover more than Rs. 20 million from customers before its closure.
Speedex had planned to recover around Rs. 4 million alone from customers in the Karachi sector in January 2021 but now it seems impossible to reclaim the amount, Umair added.
The company’s defaulters had requested it to extend the deadline of payment till January 2021 due to wide-ranging financial constraints resulting from the Coronavirus pandemic.
However, in September, PIA announced to shutdown Speedex on 27 November without devising a plan for the recovery of arrears, causing the national exchequer to lose millions of rupees.