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Ginners flay TCP

RECORDER REPORT

ISLAMABAD: Trading Corporation of Pakistan (TCP) has backed out of its commitment to buy raw cotton from ginners, and also lowered the rates of buying, giving a shock to ginners.

Choudhry Masood Hussain Bajwa, acting chairman, Pakistan Cotton Ginners Association, said this in his Press statement faxed to Business Recorder from Multan on Friday.

He said that the TCP made agreements to buy raw cotton of the varieties Alaqa and Adnas and Afzal, from the ginners. To meet these commitments the ginners purchased raw cotton from the growers.

The ginners were in serious trouble as the TCP had not only backed out of the previous agreements, but arbitrarily reduced the rates of buying and even stopped buying further raw cotton.

The acting chairman, PCGA, urged the Minister for Commerce, Razak Dawood, to ask the TCP to purchase cotton from ginners as per its commitment and rates decided earlier.