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Pakistan Hosiery Manufacturers Association (PHMA)

by Abdul Majid May 24, 11, 06:24 PM
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An honourable CEO of a group in Faisalabad which brought
Chinese investment and has Chinese directors on its
board and also several Chinese engineers as employees
has been arrested ruthlessly and disgrace fully by
Punjab Police.
They said matter is sub judice in Banking court (High
Court) for the same cheques against which the Fir was
launched for R.S 40 million only.This is only a banking
dispute which at best can attract Banking court  and
not Criminal court.Mr. Chief Minister,you are sending
very wrong signals to overseas investors including
Chinese and nobody will ever invest in Punjab province
except your own personal limited connections.
The industrial and business community of Punjab are
facing enormous hardships of virtually working less
than 200 days in a year whereas interest and over-
heads are being forced for 365 days in a year.No
business or industrial activity especially Textiles
can survive in these conditions and honour their
financial obligations.
Due to war on terror and so many suicide attacks, no
foreign buyer is ready to visit Pakistan,hence the
exporters  are having no orders or oders at very low
prices  from overseas.
Recently, industrialist from Karachi was arrested on
an Interpole call and was released within 6 hours due
to personal intervention of the Governor & Chief
Minister Sindh.The bank defaults in Sindh are much
more than that of Punjab but no one i arrested.Banks
have maximum gone to the Banking Courts for relief.
Mr. Chief Minister,do not make Punjab a Police State
and the bank of Punjab as Police bank as it would
kill incentives for struggling industrialists to
fight.Don'tforce them to surrender,close industry and
hand over keys to the Government of Punjab resulting
into massive unemployment,loss of revenue of Government
and worst Law & Order situation.
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About Abdul Majid
Name: Abdul
Location: Faisalabad, Pakistan Since: March 2010 Posts: 231
Location: Pakistan
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