LAHORE: The Lahore High Court (LHC) annulled the notices sent by Joint Investigation Team (JIT), Federal Investigation Agency (FIA), and Security and Exchange Commission of Pakistan (SECP) to Sharif family’s Al Arabiya Sugar Mills and JDW Sugar Mills of PTI stalwart Jahangir Tareen.
A two-member bench of LHC comprising Justice Shahid Karim and Justice Sajid Mehmood Sethi, while delivering a safe verdict, partially approved the petitions of the sugar mills.
The court ruled that the SECP failed to play its role in accordance with the law, while the FIA certainly has the power to investigate, but it remains to be seen under what rules the inquiry can be conducted. The authority will be explained in a detailed decision, the LHC ordered.
Earlier this year, there was a sudden rise in sugar prices and shortages in the country. The federal government had on March 16 constituted a three-member high-level commission of inquiry to find out the reasons.
The Federal Investigation Agency’s (FIA) investigation report on sugar crisis revealed that the biggest beneficiaries of the crisis in the country were PTI leader Jahangir Tareen, the brother of PTI Federal Minister Khusro Bakhtiar, and PTI allies Monis Elahi’s companies.
The petitioners had taken the position that Farooqi Pulp Mills and Al-Arabiya Sugar Mills have been falsely accused of corporate fraud. The Federal Cabinet has illegally ordered an inquiry against Farooqi Pulp Mills and Al-Arabiya Sugar Mills, however, declare the JIT notice of record summons from Sugar Mills as illegal. While revoking the orders of inquiry of Federal Government against Al-Arabiya Sugar Mills and Farooqi Pulp Mills, suspension of summons notices and harassment.
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