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MoSAL grants grace period for co-ops to pay debts to importers
June 25, 2015, 4:15 pm

The Ministry of Social Affairs and Labor has granted a grace period of 15 days to the concerned cooperative societies to pay their, debts to importers, reports AI-Jarida daily quoting Assistant Undersecretary for Cooperative Sector Affairs Hassan Kazim.

According to Kazim, the ministry will take strict procedures against cooperative societies which will not settle their debts or neglect the issue. He disclosed the procedures include using the cooperative societies' bank deposits to pay such debts. He clarified the ministry, as per Law Number 188/2013, has the right to use these deposits because the cooperative societies are not allowed to maintain deposits if they have debts.

As for the field inspection visits in cooperative societies, Kazim revealed the board chairman of the Cooperative Societies Union accompanied him when he visited five cooperatives in the last two days to check the prices during the holy month of Ramadan. He said they will visit about 25 societies in the coming few days for the same purpose.

He added the ministry has agreed with the union and other relevant authorities to take legal procedures against an importer or company proven to be behind the unreasonable hike in prices. He said the ministry received requests to increase prices from 80 companies and the decision will be finalized after Ramadan. 

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