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Lahore Chamber of Commerce and Industry resolves outstanding over $13, 000 business dispute between two business houses

Lahore, July 16, 2013 (PPI-OT): The LCCI Mediation Centre on Tuesday successfully resolved another long outstanding over $13, 000 business dispute between the two leading business houses within a month.

The LCCI Mediation Centre is backed by International Finance Corporation, a private arm of the World Bank, and has accredited mediators duly trained by the Foreign Mediators working with IFC.

Both the business parties expressed their satisfaction with the performance and over the expertise of the LCCI Mediators and signed an agreement for payment schedule of the outstanding amount in the presence of the Mediator Engineer Sohail Lashari.

The Mediation Centre has so far received a large number of business disputes that are fast heading towards an amicable solution while it had already resolved one case involving foreign buyers.

The LCCI President Farooq Iftikhar appreciated the Convener LCCI Mediation Centre Engineer Sohail Lashari for his apt handling of a business dispute that could linger on for years if disputing parties had adopted routine legal procedures and had not approached the Lahore Chamber of Commerce and Industry.

Farooq Iftikhar said that the Mediation Centre has been established to help private sector companies to resolve disputes quickly and easily since in commercial court cases are often expensive and take a long time. It was avoiding full-scale court procedures and dramatically reduce the time and cost of resolving disputes.

He said that businesses are often hindered by long and costly court procedures and the LCCI Mediation Centre was helping them resolve disputes amicably, allowing them to devote more resources to growing and creating jobs.

Engineer Sohail Lashari said that although it was a complex case but the globally recognized methodology available with the LCCI Mediation Centre enabled them to resolve the issue to the satisfaction of both the parties.

He said that some of the cases were taking a bit longer time that too because the cases involve foreigners who usually respond after having consultation with their lawyers.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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