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Ginner's payment held up due to seizure of accounts
02 Jun '09
2 min read
A lot of money in payments and repayments of cotton and other commodities, purchased in the last few months are expected to be held up since the seizure of the accounts of the Trading Corporation of Pakistan (TCP).
The cotton traders and ginners had deposited security amounts with the state held trading company which will now be struck up. Other than that payments for cotton purchased by the entity as well as payments payable for premium cotton will also be held up.
To get to the root of the matter Fibre2fashion spoke to Mr Rana Abdul Sattar, Chairman of Pakistan Cotton Ginners Association (PCGA) who said, “The total numbers of bales (1 bale=170 kg) purchased by TCP were 1,92,000”.
“90 percent of payments have already been paid to cotton ginners and only 10 percent of the payments are pending, which TCP is likely to pay in a very short period of time.”, he added by saying.
“A meeting was held last week, where it was decided that TCP will pay the remaining dues to the ginners, but meanwhile the IT department seized the records, but a emergency meeting was held and the accounts were released the same day”, he concluded by saying.
The cotton traders and ginners had deposited security amounts with the state held trading company which will now be struck up. Other than that payments for cotton purchased by the entity as well as payments payable for premium cotton will also be held up.
To get to the root of the matter Fibre2fashion spoke to Mr Rana Abdul Sattar, Chairman of Pakistan Cotton Ginners Association (PCGA) who said, “The total numbers of bales (1 bale=170 kg) purchased by TCP were 1,92,000”.
“90 percent of payments have already been paid to cotton ginners and only 10 percent of the payments are pending, which TCP is likely to pay in a very short period of time.”, he added by saying.
“A meeting was held last week, where it was decided that TCP will pay the remaining dues to the ginners, but meanwhile the IT department seized the records, but a emergency meeting was held and the accounts were released the same day”, he concluded by saying.
Fibre2fashion News Desk - India
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