KARACHI: President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, demanded a high-level judicial inquiry into the Gul Plaza tragedy and urged the government to compensate traders for their losses. He expressed this while addressing a press conference at Federation House on Monday, where he was accompanied by other business leaders, including Khalid Tawab, Atiq Mir and others. Expressing deep grief over the incident, Atif Ikram Sheikh said traders suffered losses worth billions of rupees. He said the fire could not be extinguished due to a lack of modern firefighting equipment and shortage of water, and raised serious questions over the role of the Sindh Building Control Authority (SBCA). He announced that FPCCI would provide Rs50 million for the affected people and said a fundraising program would also be launched for their rehabilitation. FPCCI Vice President Saqib Fayaz Maggo said around 1,200 shops were reduced to ashes, holding government mismanagement responsible for the incident. He said the Sindh Building Control Authority failed to perform its duties, while fire tenders did not reach the site on time and the fire brigade staff was unaware of the nature of the fire. He added that traders should also adopt fire safety measures. He pointed out that Karachi has only 22 fire stations and 49 fire tenders, many of which are non-functional. He demanded an increase in the number of fire stations and fire tenders and appreciated the Sindh government’s announcement to reconstruct the building. Maggo demanded the formation of a committee comprising representatives of the government and the business community and called for strict punishment for those responsible. He also urged the Sindh government to immediately restore and improve the rescue management system and demanded special tax relief for the affected traders. He further said that a fire incident also occurred at Karachi International Container Terminal (KICT), where 26 containers were burnt, and demanded a federal-level inquiry into the incident. FPCCI Vice President Asif Sakhi said KICT is overloaded due to excessive cargo, making storage difficult. He said a one-week backlog persists at KICT, delaying container clearance, and demanded an investigation into how the fire started. He held the Sindh government and the mayor of Karachi responsible. UBG Patron-in-Chief S M Tanveer urged the government to take maximum measures for the affected people. He appealed to the Chief Minister of Sindh and the Mayor of Karachi to order an inquiry into how the tragedy occurred. He said FPCCI is working for those who became unemployed due to the incident and urged the government to make arrangements for their employment. He emphasized that those found responsible after the inquiry must be punished accordingly. Copyright Business Recorder, 2026