London Tannery to go under the hammer
Pakistan based London Tannery (Pvt) Ltd has been put for auction by order of the Sindh High Court (SHC) to recover debts owed to the private bank Askari Commercial. The news was announced through a public notification from the High Court, which did not disclose the amount owed by the company.
Assets up for sale include various premises such as space in the Korangi Industrial Area (2844 square yards), and offices and space on Commercial Street, Karachi, and all plant and machinery therein.
Stocks of finished and unfinished goods are also up for sale, including raw materials, stocks of leather, leather products and leather garments, stitching machines, leather bags, shoes, furniture, etc. The only stock held back is that already pledged to Altowfeek Investment Bank Limited.
The notice said that bids for the assets would be accepted from March 21, 2002.
