Fortex-MID owner makes contact with suppliers
George Khalil, credit services manager at regional distribution giant Tech Data feels reassured that Fortex-MID’s cash flow problems will be resolved after a telephone call from Mehdi Asghari, owner of Fortex-MID.
George Khalil, credit services manager at regional distribution giant Tech Data feels reassured that Fortex-MID’s cash flow problems will be resolved after a telephone call today from Mehdi Asghari, owner of Fortex-MID.
Executives at Fortex-MID had announced yesterday that Asghari — currently in Europe — would start making contact with the company’s suppliers.
“Mehdi Asghari telephoned this morning and explained to me that he will return to the UAE when these issues are resolved,” said Khalil.
“As soon as it is fixed, which will probably be in a month or so, he will come back. It was reassuring to speak to him and we are confident that everything will be sorted out," he added.
“Mehdi gave me a very clear message and I believe he has been phoning other suppliers to tell them the same thing. He was keen to point out that he has many business interests in the UAE that he would not just walk away from,” Khalil continued.
While Fortex-MID cheques have bounced in the market, distributors seem keen to give the company the time and space it requires to work through outstanding payment issues. Fortex-MID has also reassured its suppliers and invited them to contact the company to talk through any problems that may have arisen in recent weeks.
The timing of the recent cash flow problems at Fortex-MID and their proximity to the end of the first quarter of 2006 has put the spotlight on various vendor programmes that include end of quarter rebates for partners.