Fraud by leasing Cos adds to textile sector's problems
29 May '07
1 min read
Chairman Banking Committee All Pakistan Textile Association, Nasser Sheikh, has accused the leasing companies of foul play and violating laws and norms of business.
He explained in a recent statement that these enterprises would obtain signed cheques in addition to agreed securities while providing loans. Then they would file FIRs against the company BOD, which was an absolute fraud.
He said that textile industry is struggling to stay afloat and such illegal activities were furter pulling it down.
Association statistics show that now the number of blocked or partially operational spinning mills has reached 74, weaving factories are 27, open-end mills are 52 while the power-loom factories stand at 102.
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