English Press Release 22.07.2020

FAISALABAD. Regional Office of the Corporate Restructuring Company (CRC) will be set up in Lahore to further expedite the revival of sick units belonging to Faisalabad and up country, said Mr. Laqa Sarwar Chief Executive of the CRC.

He was addressing a zoom meeting with the owners of the sick units in Faisalabad chamber of Commerce & Industry. The meeting was also attended by President FCCI Rana Sikandar Azam Khan and Mr. Javaid Akhtar Director Banking Policy and Regulation State Bank of Pakistan (SBP) in addition to the owners of the sick units.

He said that CRC has its own Board and was already making strenuous efforts for the revival of the sick units. He paid a patient hearing to the problems of the sick units and asked their owners to immediately provide their bank related requirements so that a mutually acceptable revival plan could be chalked out. He assured that he will personally visit Faisalabad as soon as the Covid threat is over,

Earlier President Rana Sikandar particularly thanked Governor SBP Mr. Raza Baqir for making serious efforts to resolve the problems confronted by the business community of Faisalabad.

He said that there are approximately 40 sick units. Out of these, three are demanding only rescheduling while the remaining may have need to write off the loans. He made it clear that all these businessmen are patriotic Pakistanis but  their units became sick due to the circumstances beyond their control. “Hence, they deserve sympathetic consideration as they are not willful defaulters”, he added.

 He further said that immediate revival of these units will help Pakistan to enhance its exports to the tune of 1.5 Billion Dollars in addition to creating thousands of job opportunities.

It was decided in the meeting that Mr. Sadaqat Hussain General Manager Chenab Textile will remain in touch with Mr. Sarwar for the organization of the next meeting of CRC.

The meeting was also addressed by Mian Muhammad Latif, Mr. Mushat Ali Cheema, Mr. Khalid Habib and Mr. Abdur Rauf.

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