Cotton Exchange Building vacated amid administrative action

In a joint operation, the Federal Investigation Agency (FIA) and the Evacuee Trust Property Board (ETPB) claimed to have recovered and evacuated the Cotton Exchange Building on I.I. Chundrigar Road, declaring it a federal trust property.

During the operation, it was observed that the Karachi Cotton Exchange Building had been illegally occupied and that multiple tenants were housed inside the building, with rent being charged without any lawful authority.

In a joint statement, the FIA and ETPB said that the Karachi Cotton Exchange Building is a federal trust property. According to the federal government’s gazette notification, ownership of the property has been transferred to and now rests with the federal government.

“All occupants and tenants were afforded an opportunity to safely retrieve their personal belongings before the premises were sealed under our lock and key,” the statement said.

However, arrangements have been made to facilitate access through a formal application and verification process.

Meanwhile, the KCA strongly condemned the operation, terming it illegal and without lawful authority.

“An unlawful raid was conducted on the Cotton Exchange Building jointly by the Evacuee Trust and the FIA, despite the fact that KCA is in lawful possession of the property under a valid lease issued by the Karachi Municipal Corporation, extending up to the year 2081,” a KCA statement said.

The association denied any link of the building with federal property, claiming that the building was purchased by the KCA. It also stated that it reserves all rights to take legal action and seek the de-sealing of the building.