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| November 28, 2005 | Monday | Shawwal 25, 1426 |
Body formed to resolve yarn market crisis
FAISALABAD, Nov 27: The bankruptcy of a leading yarn merchant has hampered the business transactions in the local market as a result of which placement of orders for the sale and purchase of yarn and cloth is at the lowest ebb.
The Pakistan Yarn Merchants Association has constituted a special team for the recovery of cash as well as valuables from defaulter Shahzad Ahmad Qasoori and to take appropriate steps to restore the confidence of the investors.
Sources said some close relatives of the defaulter, who are also major parties of the yarn market, were being pressured by the PYMA office-holders for playing their positive role in the whole episode so that the maximum amount could be returned to the dealers and their commission agents.
PYMA chairman Munawar A. Sheikh is holding meetings with the victims and the associates of the defaulter so that the issue could be resolved.
Meanwhile, the affected parties are avoiding to approach the police for the registration of fraud case against Shahzad Ahmad because they lack any solid proof to the payments made to him.
The reconciliation committee of the association has succeeded in unearthing Shahzad’s immovable property and a godown, which have been taken into custody. These assets would be sold out in the open market and the amounts distributed among the affected people.
The investors of the market preferred to stay away on Saturday after weekly off on Friday.
It may be noted here that a leading yarn merchant, Shahzad Ahmed Qasoori, had a couple of days ago declared himself a bankrupt and disappeared from the scene after collecting Rs150 million of his business partners.
The yarn dealers are running from pillar to post to recover their hard-earned money.
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