Karachi Mayor Barrister Murtaza Wahab on Tuesday formally objected to the Federal Investigation Agency’s (FIA) recent sealing of the Karachi Cotton Exchange, warning that the “hasty and unilateral” action, allegedly taken without proper verification of facts, threatens to disrupt the nation’s cotton trade and could inflict substantial economic losses.
In a formal letter dispatched to the Director of FIA Sindh, the Mayor outlined his serious reservations, which followed a meeting with representatives from the Karachi Cotton Association (KCA) and officials of the Karachi Metropolitan Corporation (KMC) Land Department.
The correspondence revealed that the FIA’s intervention was prompted by a First Information Report (FIR) lodged on 13 December 2025. The complaint was filed by the Evacuee Trust Board (ETB), which alleged that the KCA was not in lawful possession of its premises on I.I. Chundrigar Road.
Countering the ETB’s assertion, Mayor Wahab clarified that the KMC Land Department has confirmed the property in question is municipal land. Official records show it was lawfully transferred to the Karachi Metropolitan Corporation on 31 July 1936, and subsequently leased to the Karachi Cotton Exchange. The Mayor asserted that both municipal and revenue records definitively categorise the land as KMC property standing in the name of the KCA.
The Mayor dismissed the Evacuee Trust Board’s claim as lacking any factual or legal basis. He pointed to an ongoing dispute between KMC and KCA over the payment of certain charges, a matter that has been sub judice before the Honourable High Court since 2006. He argued that if the property had ever belonged to the ETB, the board would have asserted its claim at some point during this long-standing legal case, which it failed to do.
Stressing his constitutional and legal duties as the city’s custodian, Mayor Wahab said he is responsible for protecting not only KMC properties but also institutions vital to Pakistan’s economy. He highlighted the KCA’s pivotal role in the country’s cotton sector, noting its price fixation mechanism impacts the entire trade chain, including banks, textile mills, exporters, and growers.
Mayor Wahab expressed grave concern that the “unlawful” sealing of the building could result in substantial financial losses for the KMC while severely affecting the livelihoods of thousands involved in legitimate economic activities. He maintained that the FIA should have thoroughly examined all available records and verified ownership with relevant authorities before proceeding with such a drastic measure.