Yousuf Weaving Mills Limited (PSX: YOUW) has also categorically denied recent allegations suggesting it has been blacklisted by the International Cotton Association (ICA) and barred from global cotton markets. The allegations stem from a media report published on December 10, 2024, which claimed that the company was placed on the ICA’s defaulter list.
In an official statement, the company clarified that it has not defaulted on any transaction, asserting that its inclusion in the ICA defaulter list is due to issues arising from an associated undertaking, not the company itself. The management further emphasised that the ICA had not formally communicated any such decision in writing.
The company reaffirmed its commitment to ethical business practices and expressed confidence in its ability to maintain a solid reputation in the global cotton market.
The media report alleged that Yousuf Weaving Mills had violated international cotton trade agreements, resulting in sanctions from the ICA. However, the company has refuted these claims, stressing that its operations remain compliant with all contractual obligations.
“Our inclusion in the defaulter list appears to be a misunderstanding linked to an associated undertaking, over which we have no operational control,” said a spokesperson for the company.
The management of Yousuf Weaving Mills reiterated its unwavering dedication to upholding ethical standards and protecting its reputation in the international cotton trade. The statement also expressed confidence that the matter would be resolved swiftly to ensure continued participation in the global cotton markets.
The allegations, though refuted, could pose risks for the company in international markets. However, the swift response and clarification from Yousuf Weaving Mills aim to reassure stakeholders, including investors, suppliers, and global trading partners.
As one of Pakistan’s prominent textile companies, any sustained controversy could have a broader impact on Pakistan’s textile sector, which is heavily reliant on international trade.
