Makro-Habib Pakistan Ltd (MHPL) has always respected the laws of the country and thus any ruling of the Supreme Court of Pakistan. The media has reported that the Supreme Court has cancelled the action of the Ministry of Defence of granting a 90-year lease to the Army Welfare Trust in the year 2002. It may be clarified that at that time Makro was not even in existence and in fact, was incorporated in 2005.
In the year 2006, the Army Welfare Trust then granted a 30-year lease to Makro for constructing a store, which is situated in Lines Area, Saddar. Thus in so far as Makro is concerned it was not even in the picture at that point of time at which the Ministry of Defence granted the 90-year lease to the Army Welfare Trust.
Makro had all along assumed, in all good faith, that the Army Welfare Trust had lawfully obtained the lease from the Ministry of Defence and on that basis had made a huge investment of approx. Rs 800 million to set up a store in a backward, depressed and slum area. This store provides employment to about 350 families and has played a major part in the economic revival of that highly depressed and slum area.
Now that the store may have to close down tragically those families will be out of employment. However, Makro respects all judicial verdicts especially that of the Supreme Court and will implement the decision. Makro is still awaiting a copy of the full judgement and as soon as that is obtained, it will then review all the legal options available to it including the claiming of compensation for the huge loss that will be suffered by it.-PR
Comments
Comments are closed.