Claim: Bloomberg News has published an analysis of the PIA privatisation deal, particularly criticising Fauji Foundation’s 25% stake in the airline.
Fact: Bloomberg News has not published any such analysis.
On 13 January 2026, X (formerly Twitter) account @brief_pk posted (archive) a write-up about the privatisation deal of the country’s flag carrier, Pakistan International Airlines (PIA), attributing the text to Bloomberg News.
The analysis criticises the Pakistan Army’s inclusion in the group of shareholders whose bid to purchase PIA was successful and states that the military-managed Fauji Foundation emerged “as the biggest shareholder in the consortium”.
The Fauji Foundation’s goal is to “supplement GOP’s [the Pakistani government’s] effort to support the veterans and their families, including widows and Shuhada for their rehabilitation”, according to an overview on its website.
The write-up posted by @brief_pk is reproduced in full below:
“Fauji Foundation emergence (sic) as the biggest shareholder in the consortium buying Pakistan International Airlines turns a supposed privatization into a transfer of public assets into military‑aligned corporate hands. With 25 percent reportedly held by Fauji Foundation, 25 percent by Arif Habib and Fatima, and the remaining stake split between AKD and other partners, the armed forces’ business arm has secured a substantial foothold in the country’s flag carrier.
“What is being sold as market reform looks closer to the gradual expansion of military business interests into civilian sectors. For years, PIA’s losses were socialized through taxpayer‑funded bailouts and political mismanagement. Now, the potential upside of a restructured airline is being captured by a private consortium in which a military‑controlled conglomerate sits at the centre of decision‑making. Critics see this as part of a familiar pattern. Pakistan was promised less state control and more genuine competition. Instead, major sectors from fertilizer and cement to banking and real estate already reflect the weight of military‑linked capital. Aviation has now joined that list.
“Under the banner of structural reform, a flagship public asset appears to have been effectively sold for the benefit of the army’s corporate ecosystem rather than the citizens who paid for it. The concern is not only who owns PIA today, but the precedent it sets for how Pakistan’s remaining strategic assets might be carved up in the near future.
“Source: Bloomberg News”
Soch Fact Check is only investigating the dubious attribution to Bloomberg News and not the write-up as opinions and analyses do not come under the purview of our work.
PIA privatisation deal
A public auction for the PIA’s purchase was held in December 2025 in the federal capital, Islamabad, where a consortium of buyers — led by Karachi-based securities brokerage firm, Arif Habib Limited (AHL) — emerged successful.
The auction on 23 December 2025 was livestreamed by the state-run Pakistan Television Corporation (PTV). The winning consortium includes AKD Group Holdings Limited, Fatima Fertilizer Company, City Schools, and Lake City Holdings Limited.
The AHL consortium — which eventually bagged a 75% stake — beat private airline Airblue Limited, which exited in the first round, and then Lucky Cement, which “bowed out” after its PKR 134-billion bid was countered with PKR 135 billion, or approximately $482 million.
“Following the successful bid, Fauji Fertilizer Company Limited (FFC), a military-owned and publicly-listed company, also joined the consortium,” Al Jazeera reported.
The sale was part of one of the conditions set by the International Monetary Fund (IMF) for its loan programme to Pakistan.
The PIA’s operations are expected to be taken over by the private consortium effective April 2026, according to multiple reports.
Fact or Fiction?
Soch Fact Check looked for the same text using advanced search operators on Google to see if it appeared on Bloomberg News but did not find any relevant result.
We then searched Bloomberg News’ website for PIA-specific articles published in December 2025 and January 2026 and found four; these include:
- 12 January 2026: Pakistan Airlines New Owners Seek Partner to Revive Carrier PIA (A)
- 23 December 2025: Habib-Led Bid Wins Auction for Stake in Pakistan Flag Carrier (A)
- 23 December 2025: Pakistan Starts Auction for Beleaguered National Airline (A)
- 17 December 2025: Pakistan to Sell 75% Stake in National Flag Carrier PIA (A)
However, none of them contain the text in the X post by @brief_pk.
The 12 January 2026 article on talks about the AHL consortium looking for a new partner to help “revive the struggling national flag carrier”, its “plans to increase the fleet to 38 planes from 18”, and how it “is not allowed to sack employees for one year, under the conditions set by the government for privatisation”, according to its summary provided by Bloomberg News AI.
More specifically, the article also states, “Arif Habib Corp. and Fatima Fertilizer Ltd. together have a 25% stake in the airline, while military-run Fauji Fertilizer Ltd. [has] an equal share, said Habib. AKD Group, owned by businessman Aqeel Karim Dhedhi, City Schools, and Lake City Holdings own 25%.”
However, it is important to note that none of the Bloomberg News articles criticise or express any kind of opinion on the new shareholders.
We also checked the link provided in the X bio of @brief_pk; it leads to a Substack-based blog called brief, which, according to its bio, publishes “hard hitting analysis, op-eds, current affairs, and independent news on Pakistan.”
Soch Fact Check, therefore, concludes that the write-up by @brief_pk is falsely attributed to Bloomberg News, which never published such an analysis.
Virality
The post by @brief_pk has been viewed over 65,900 times so far.
The text was also shared here on Facebook.
Additionally, Soch Fact Check received the same text — attributed to Bloomberg News — as a forwarded message on WhatsApp.
Conclusion: The analysis in the claim was not published by Bloomberg News.
Background image in cover photo: bloombergbusiness
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