KARACHI, July 12: A leading importer of readymade garments from Pakistan has filed chapter 11 in the US court for bankruptcy thereby threatening remittances of millions of dollars against shipments made by many exporters.

The importing company Steve & Barry’s had been a leading buyer of garments from Pakistan. However, for some reason the company for last several months stopped remitting proceeds against shipments from Pakistani exporters.

According Rafiq Godil, the chairman of the action committee formed for the rescue of victims of Steve & Barry exports income over $15 million would be lost in case the company is declared bankrupt.

He said for the last several months exporters were not getting remittances against their shipments. However, on inquiry it was found that the importer had cleared the goods because the freight forwarders changed the consignee name in the master bill of lading in connivance with the shipping company.

As a result of this the importer managed to release consignments without realisation of documents in the bank.

Mr. Godil urged the ministry of commerce to intervene in the matter in order to ensure their foreign exchange payment and save the exporters from financial loss.