Trucking company Panjaab Transport owes drivers thousands

Ironically, I haven't seen them on the road since around June. I was wondering what happened to them. Now I know. I alway thought most Punjabi Trucking companies never go into Receivership or Bankruptcy because they have non limited temple funding including cash on hand? Seriously though, a indian driver told me that once a few years ago. He said, ' You Vill never see a punjabi company Ever ever go bankrupt or into Receivership because ve ave temple' (Note: these are not typos, thats exactly how it sounded hence spelt).

 

The fiasco at Pride has really made the banks nervous about money lent to trucking companies.

RBC has pulled financing on a number of trucking companies in the last couple years. (Moore Brothers was one of them).

This Panjaab case though is looking like a huge scam in many ways. Which will lead to banks being even more uneasy about loaning to trucking companies.

 

Throw a dart at the board…. 90 percent plus are all scams.

 

That's the price you pay for cheap rates. Governments don't care so nothing will change in this industry. It's a lost cause.

 

RBC underwriters to blame. They failed to follow proper due diligence financing the company.

 

I am shocked, SHOCKED to find that an Indian-owned company is so terrible!!!!

 

To be honest, I spoke to a 3rd party lender from BC a few months back regarding loans for Trucking companies. Even with a 850 credit score and a significant amount of cash on hand in your business account he said, 'Banks and financial lenders see Construction Companies and Trucking Companies as volatile loans'. They tend to stay away. Companies like 'Pride' only exacerbates the issue for the future.

 

It's a start at least.

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