Cooperative warehouse sold to settle long-term debts
Tehran Cooperative Last Management Board
During the General Assembly of the “Tehran Province Cooperative of Plastics Industries” convened in the last week of the Iranian Year (Solar Calendar) with two subjects on the agenda (Manaegment Board Elections and Amendment on the Articles of Association) another out of the desk’s issue took all attentions to it:
Cooperative’s warehouse sold to settle long-term debts
In the course of the meeting, Mr. Nasrollah Rezazadeh Toroghi presented a report on the Board’s performance. He said, among others: “Some follow-up steps have been taken relative to the raw materials sale. We were supposed, initially, to supply the polymer materials at Tehran Mercantile Exchange (IME) under the Barter Currency Rates which will result in lower polymer prices than internationally prevailing prices. However some Members were keen on withdrawing the polymer materials from TME, but there ceaseless efforts were to no avail. In an unprecedented move against his previous enactments, the Ministry of Oil decided on July 3, 2014, to supply the raw materials stock at TME at the “Free Market Currency Rates). Should any assessment have been made in this respect, Rials 63000 billion (About 1800 Million $) has been received up until now from 4000 registered companies at the Mercantile Exchange for bids on polymer’s purchasing , as the rate differential, any manufacturing unit has paid about Rials 15 Billions to the petrochemical plants” (Next Photo: Mr. Rezazadeh Toroghi)
In another part of his speech and pointing out to the exclusive nature of the pricing of the raw materials, he said: “The pricing issue has been referred to the Competition Council about one and a half months ago and I presume we could arrange for the resupply of the raw materials on Barter Currency Ratea”. In continuation of his speech, he elaborated on Cooperative debts: “We had, against our free will and in the absence of any other alternative, to settle debts contracted by the previous Board to Bank Saderat, we arranged for the warehouse sale to solve the problem. As a matter of fact, the Cooperative warehouse was assessed on expertise to be worth Rials 36 billion (about USD 1 million) and the Board sold the warehouse ultimately at Rials 37 billion (about 1.1 millions). With this cash in hand, we managed to clear debts before Bank Saderat and it was decided that another warehouse be purchased out of the balance”.
At the end of Mr. Rezazadeh’s speech, the candidates introduced themselves. Upon raise of the debts issue, some hot debates ensued among the members which received numerous reminders by the Chairman to bring the session to order.
Mr. Safari, Cooperative Inspector, in his turn, stated: “As a result of its high debts, the Cooperative could hardly be administered let alone prove productive, Indeed, the lion share of the income generated was to pay for debts and penalties. The debtors have failed to settle their own debts, whereas it is explicitly stipulated in the articles of association that any Member who harms the Cooperative’s financial situation and/or prestige, he is not entitled to membership and I, personally, do agree with this, the more so as the result of the debts contracted by the members, the Cooperative is on the banks’ blacklist”. The comments made by Mr. S afari, gave rise to protests by certain Members and the audience had to discuss the issue for a few minutes.
Based on this report, the audience voted the issue of amending articles of association and increase in Associate Members from 2 to 4. 98 people attended the meeting, of whom 89 people took part in voting and the amended was passed by a majority vote of more than three fourths of the Members. Board elections were held with the acquisition of 150 person/vote (some were voting by proxy of those absent) and the results were announced by decreasing order of vote number: 1- Hamidreza Nemaki, 2- Seyed Asadollah Ahmadpanah, 3- Mohammadreza Heydari, 4- Amir Mansour Shirazian, 5- Salman Ghondaghsaz, 6- Mohammad Hafiz Barchin and 7- Eduard Shahbazian.
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