KARACHI: Mayor of Karachi, Barrister Murtaza Wahab, has expressed serious reservations on the sealing of the property of the Karachi Cotton Exchange by the Federal Investigation Agency.
He has termed the FIA action as hasty, unilateral and without proper verification of the facts and legal records.
In an official letter to Director FIA Sindh, the Mayor stated that he recently held a meeting with representatives of KCA and officers of the Land Department of Karachi Metropolitan Corporation to get their input.
It was revealed that an FIR was registered on Dec. 13, 2025 on a complaint by the Administrator of the Evacuee Property Trust Board, alleging that the Plot No. 6, SR-4, Sarai Quarters, I.I. Chandrigar Road, is illegally occupied by KCA.
The factual position is, KMC Land Department has confirmed that the said property is municipal land owned by the Karachi Metropolitan Municipality. This was legally transferred to the KMC on July 31, 1936. Later, it was leased to KCA.
According to the official record of the Local Government and Revenue Department, this property belonged to the municipality and is registered in the name of KCA.
Rejecting the claim of the Evacuee Property Trust Board, the Mayor of Karachi said that the trust’s claim has no legal footing.
He explained that there is a dispute between the KMC and the KCA on the payment of certain dues. This matter is under trial in the High Court of Sindh since 2006, case No. 293/2006.
He said that if this property was ever owned by the Evacuee Property Trust Board, it would have lodged its claim long ago. The silence by the trust proved that this property was never owned by it.
Referring to his responsibilities as the guardian of the city, the Mayor of Karachi said that he is constitutionally and legally obligated to protect not only the properties of KMC but those institutions which are playing an important role in the economy of the country.
He said that the Karachi Cotton Association holds a central position in the country’s cotton economy and the entire trade system, including banks, insurance companies, textile mills, exporters, ginners and farmers is linked to it, which depends on the KCA’s approved price fixing system.
The Mayor of Karachi expressed serious concern that the illegal seal of the property could not only cause huge financial losses to the Karachi Metropolitan Municipality but would affect the legitimate commercial and economic activities of thousands of people.
He took the stand that the FIA should have taken such a step after complete verification of the ownership from the relevant institutions and carefully reviewing all available records.
Copyright Business Recorder, 2025
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