Iffy investments: Traders fear Afghans may run off with their money
Many regret not signing agreement with lenders
The problem is, he says, that no one can transfer immovable property, including houses or shops owned by Afghan refugees because the government has banned such activity. PHOTO: ONLINE
PESHAWAR:
After having trusted them for decades, traders in Karkhano Market are now worried about joint businesses with Afghan refugees and the recovery of loans.
More than 60 refugee families are being packed off to their native country on a daily basis from a repatriation camp in Chamkani, Peshawar.
Thousands of Afghan nationals have been involved in joint businesses with Pakistani traders for many years.
They are now worried about loans given to the refugees. A man, who has been involved in the cloth business for 10 years, tells The Express Tribune he runs a business through a partnership with an Afghan trader.
However, he now fears for the money given to his partner, in case the latter ‘runs’ away to Afghanistan. He reveals there is no signed agreement between the two of them nor are there any documents that can help him in a legal battle with the Afghan trader.
He adds hundreds of businessmen in Karkhano Market have joint businesses, worth millions of rupees, with Afghan refugees. They trade in all manner of goods, including electronic appliances, carpets, clothes, blankets and kitchen appliances. Like him, all of them worry for their investments.
Another trader tells The Express Tribune he has given out loans worth millions of rupees to various Afghan traders in Karkhano Market. He says although the refugees are still in the market, locals fear they can escape to Afghanistan.
He regrets not signing an agreement with those he has given loans to. “However, I am hopeful our Afghan brethren will not cheat us and run away to Afghanistan without paying the amounts.”
The problem is, he says, that no one can transfer immovable property, including houses or shops owned by Afghan refugees because the government has banned such activity. “We never thought the refugees would be sent back to their native country, otherwise we would not have taken the risk of giving loans without proper documentation.”
Published in The Express Tribune, August 14th, 2016.
After having trusted them for decades, traders in Karkhano Market are now worried about joint businesses with Afghan refugees and the recovery of loans.
More than 60 refugee families are being packed off to their native country on a daily basis from a repatriation camp in Chamkani, Peshawar.
Thousands of Afghan nationals have been involved in joint businesses with Pakistani traders for many years.
They are now worried about loans given to the refugees. A man, who has been involved in the cloth business for 10 years, tells The Express Tribune he runs a business through a partnership with an Afghan trader.
However, he now fears for the money given to his partner, in case the latter ‘runs’ away to Afghanistan. He reveals there is no signed agreement between the two of them nor are there any documents that can help him in a legal battle with the Afghan trader.
He adds hundreds of businessmen in Karkhano Market have joint businesses, worth millions of rupees, with Afghan refugees. They trade in all manner of goods, including electronic appliances, carpets, clothes, blankets and kitchen appliances. Like him, all of them worry for their investments.
Another trader tells The Express Tribune he has given out loans worth millions of rupees to various Afghan traders in Karkhano Market. He says although the refugees are still in the market, locals fear they can escape to Afghanistan.
He regrets not signing an agreement with those he has given loans to. “However, I am hopeful our Afghan brethren will not cheat us and run away to Afghanistan without paying the amounts.”
The problem is, he says, that no one can transfer immovable property, including houses or shops owned by Afghan refugees because the government has banned such activity. “We never thought the refugees would be sent back to their native country, otherwise we would not have taken the risk of giving loans without proper documentation.”
Published in The Express Tribune, August 14th, 2016.