Pakistan Sugar Mills Association rejects inquiry commission’s report

Pakistan Sugar Mills Association rejects inquiry commission’s report

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The Pakistan Sugar Mills Association directly rejected the report of the Commission of Inquiry, which was recently published and explained how sugar prices were determined, how export sales of goods were faked, and sugar plant owners charged billions of rupees more. .

PSMA said that the commission made similar mistakes as the previous commission of inquiry and added that this time the committee members are the same.

PSMA claims that the committee distorted the facts in its report to Prime Minister Imran Khan and the federal government.

The association said that PSMA’s recommendations were ignored during the investigation.

PSMA said the committee ignored the role of market forces and did not weigh supply and demand factors in the report.

It also said that the commission of inquiry does not have sufficient expertise to alleviate the sugar crisis and its accounting.

The committee believes that the committee also does not understand the actual situation of the sugar industry, procurement and pressing process.

PSMA claimed that the committee did its best to report the lower price of sugar production, and added that according to the production model established by the committee, no company can operate.

PSMA has also rejected the FBI report in the past.

SIC report

The Sugar Advisory Committee ’s report made some shocking revelations. It is alleged that many sugar factory owners are accepting wire transfers to pay for sugar sales from the United States and Dubai to Afghanistan, and therefore seem to be making money in vain.

When discussing the findings of the report at a recent press conference, Mirza Shahzad Akbar, the Special Assistant to the Prime Minister ’s Accountability System, identified the factory owned by Jahir Tareen, Khusro Bakhtiar ’s brother, and Moonis Elahi ’s family, and revealed six major The sugar factory group “cartels”.

He said companies owned by the Shehbaz Sharif family are engaged in “double reporting.” In FY2017-18, the company earned an additional profit of Rs 1.3 crore, and in FY2018-19, they earned Rs 780 crore.

Akbar said the sugar factory belonging to the Jahangir Tareen group was found guilty of “double billing”, “over-billing” and “company fraud.”

Speaking of Khusro Bakhtiar, the Minister of Economic Affairs, he said that his brother is a man who owns a sugar factory and he has no political office. “We cannot ask Khusro Bakhtiar to resign. Anyone who is directly involved will be investigated.”

He said that the shortlisted steel mills are Alliance Mills owned by RYK Group. Moonis Elahi owns 34% of the group.

Akbar said: “[Report] confirms the Prime Minister’s consistent view that businessmen in politics will put business first.”

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