Mehdi Asghari reassures Fortex-MID creditors

Mehdi Asghari, owner of Fortex-MID, has insisted that all outstanding creditors of the company will be paid back in full. Channel fears had heightened yesterday about Fortex-MID’s ability to repay monies owed after Dubai authorities swooped on the company’s premises in Computer Plaza.

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By  Stuart Wilson Published  May 3, 2006

Mehdi Asghari, owner of Fortex-MID, has insisted that all outstanding creditors of the company will be paid back in full. Channel fears had heightened yesterday about Fortex-MID’s ability to repay monies owed after Dubai authorities swooped on the company’s premises in Computer Plaza. Speaking exclusively to Channel Middle East from Iran, Asghari explained the current situation and sent out a strong message to creditors not to worry. “I want to give everyone in the market comfort and confidence in the fact that everyone will be paid back to the last penny and not less. I have enough assets and enough collateral; and I will be answerable to every single person that I have a commitment to,” said Asghari. “The factory we have in Iran has a physical value of US$50m,” continued Asghari. “This alone is close to three times the amount that we are looking at. I also have property and land — it is all here in black and white.” Asghari confirmed that Dubai authorities had visited Fortex-MID’s Computer Plaza premises after one distributor instigated legal proceedings against the company, but insisted this was not a cause for concern. “One of the suppliers has insurance and according to the regulations from the insurance company they have to go the legal way,” he added. “They had to go to the courts and I cannot blame them for this because they have paid for the insurance and this is what they have to do. I would have done the same thing in their situation.” “Once the police visit the showroom, they make a record of the inventory in case it goes to the courts. It is not an issue because this creditor along with all the others will receive the money that is owed to them,” Asghari continued. Asghari explained that the short-term cash flow problems at Fortex-MID occurred as a result of delayed payment on certain accounts receivables. “The reason I left Dubai was to go after one of these receivables, which was quite a large amount,” he said. UAE bankers and suppliers owed money by Fortex-MID have visited Asghari in Iran in recent weeks to discuss the situation. Asghari insists that his assets, receivables and inventory easily surpass the amount owed and that the matter will be resolved shortly. “These issues will be settled,” he continued. “Everything is available and it is just finding the most reasonable way to do it. Lots of ways are being considered and we will reach a conclusion within the next few days.” “I never would have expected that I would be under so much scrutiny and that the whole thing would have been blown out of all proportion overnight,” he added. “I have a few competitors in the market and a few people that don’t like me. We have always been near the top in the market and very active. The fact that this happened, I take it as a positive. It happened, it is another challenge and I will handle it.” Asghari was also quick to play down fears that he would not be returning to Dubai. “Of course I will be returning,” he said. “My family is there. My new showroom that I have spent a lot of money on is there. I want to come and open it up.” “I could be in Dubai but I would not be able to do much and there might be some problems. Here, I can sit down and look after my commitments and make sure I fulfil them to the last penny,” Asghari concluded.

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