Yarn dealers, stockists protest against defaulters

Yarn dealers, stockists protest against defaulters

Yarn dealers and stockiest have staged a protest against the defaulters of the Faisalabad Yarn Market in front of the defaulter house and demanded to government speculators and defaulters should be apprehended immediately.

According to details, nine different parties, traders and yarn dealers of the local Yarn Market have defaulted during the last weeks due to prolonged load shedding of gas & electricity as well as Textile crisis. During ongoing crisis, deferent parties had made blind transitions of yarn with various dealers and merchants but after some times they found themselves in deep waters and were unable to settle their transactions and could not make payments to parties who had supplied them the yarn. It is reported that there are many businessmen, who have entered the yarn market and start doing business buying and selling yarn right and left without verifying the suppliers and the buyers.

Furthermore, the speculative business of yarn carried out on very large scale. Resultantly, there were no verifications of the parties and genuine businessmen. Of the various parties gone in default some have settled their accounts, while nine of the defaulters have fled away from the market and are not traceable. One such yarn dealer Umer Anwar has committed suicide due to market slump and his relations of not prepared to settled the account with the creditors. Some of the creditors staged of protestation in front of house Umer Anwar and disclosed that about 140 million have not been paid to creditors.