ISLAMABAD: Prime Minister Imran Khan said on Sunday he would wait for the findings of a detailed forensic investigation, due to be released on April 25, before taking action against those named in a federal investigation regarding a multi-billion rupee sugar and wheat industry scam.
Two reports by the Federal Investigation Agency (FIA) were made public on Saturday, naming Khan’s close aide Jahangir Tareen, allied party leader Monis Elahi, the brother of a sitting federal minister and others for benefiting from government subsidies on sugar export and profiting from increasing prices in the local market.
“I await the detailed forensic reports now by the high-powered commission, which will come on April 25, before taking action,” Khan said in a Twitter post on Sunday. “InshaAllah [God willing] after these reports, come out no powerful lobby will be able to profiteer at the expense of our public.”
Rising food prices, particularly for sugar and wheat flour, present one of the toughest challenges for Pakistan’s 19-month-old civilian government. Experts have increasingly blamed influential businessmen and politicians for the price hikes, which are fueling public anger.
The price of sugar per kg has increased exponentially in Pakistan in the last six months-- from Rs55 in December 2018 to Rs71.44 in June 2019, though additional taxes were not implemented until July.
Sugar production in the country was reported in excess of estimated domestic consumption between 2016-2017 and 2017-2018, and was exported.
Pakistan had an export subsidy in 2015-16, set at Rs13,000 per ton for exports of 650,000 tons of sugar. In 2018, the Khan government quadrupled the volume of sugar eligible for export subsidies to 2 million tons to reduce excessive domestic supplies.
Sugar cane is a popular crop in Pakistan as the government sets procurement prices, while the industry is protected by a 40 percent import tariff which has led to high domestic prices.
According to the report of the FIA investigation, two main groups benefited from the sugar price hike crisis. The first was JWD, which is owned by PM Khan’s top aide Tareen and which obtained 12.28 percent of the total export subsidy of Rs3.058 billion during 2015-18.
The other is RYK group which has a portfolio of four sugar mills owned by Makhdoom Omar Shehryar, the brother of the sitting food security minister, as well as Chaudhry Munir of the opposition Pakistan Muslim League-Nawaz party and Monis Elahi of the PML-Q, which is part of the ruling coalition. Among them, they received a total of 15.83 percent of the government’s export subsidy, amounting to Rs3.944 billion, during 2015-18.
Arab News could not reach Tareen or Bakhtiar for comment.
“The ball is now in the prime minister’s court, and let’s see how he moves against the mafia,” Adnan Rehmat, a political analyst, told Arab News on Sunday. “This is the best opportunity for the prime minister to initiate action against his close aides and other members of the ruling alliance to ensure transparency and good governance.”
Outlining the government’s options, Barrister Omer Malik it could order the FIA or National Accountability Bureau to move against the accused after the detailed forensic report was out.
“An individual can also file a complaint in the Supreme Court or NAB against the accused named in the inquiry report, but he will first have to establish that he is an aggrieved party,” Malik said.
Awaiting final report on sugar scam before taking action — PM Khan
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Awaiting final report on sugar scam before taking action — PM Khan
- Federal investigations have named close aides of PM Khan and others in a multi-billion rupee sugar and wheat scam
- PM says no “powerful lobby” will be able to profit at public expense once detailed report out on April 25
Pakistan’s top court resumes hearing on alleged intelligence interference in judiciary
- The Supreme Court took up the case after six high court judges accused powerful spy agencies of intimidating them
- Chief Justice Qazi Faez Isa says that judgments and court orders ‘shout’ on their own if there has been any meddling
ISLAMABAD: Pakistan’s top court on Tuesday resumed the hearing of a case involving accusations by six high court judges of interference and intimidation by the country’s powerful intelligence agencies in judicial matters.
The Supreme Court of Pakistan took up the case after six out of the eight Islamabad High Court judges accused the military’s Inter-Services Intelligence (ISI) agency of intimidating and coercing them over legal cases, particularly those with significant political consequences.
The judges provided various examples of alleged interference, including a case concerning Pakistan’s imprisoned former prime minister, Imran Khan. They also mentioned incidents where they said their relatives were abducted and tortured, and their homes were secretly surveilled, aiming to coerce them into delivering favorable judgments in specific cases.
Chief Justice of Pakistan (CJP) Qazi Faez Isa, who has repeatedly noted that judicial meddling would not be tolerated, mentioned that such interference could occur in multiple ways.
“Interference can be from within and without, from intelligence agencies, from one’s colleagues and family members or from social media,” he said.
He maintained that judgments and court orders “shout” on their own if there has been interference.
The CJP initially constituted a seven-member bench that last heard the matter on April 3. However, the bench had to be reconstituted after Justice Yahya Afridi recused himself.
Prior to that, the top Supreme Court judge also discussed the matter with Prime Minister Shehbaz Sharif, during which it was decided to form an inquiry commission.
However, a former Pakistan chief justice, Tassaduq Hussain Jillani, who was asked to head the commission, recused himself, asking the Supreme Court to deal with the issue on an institutional level.
Pakistani actress Mahira Khan bags ‘Artist in Fashion’ award at EMIGALA ceremony in Dubai
- EMIGALA awards in Dubai acknowledge creative and innovative impacts in the beauty and fashion industries
- With a string of successful projects in film and TV, Mahira Khan is considered Pakistan’s most successful actress
ISLAMABAD: Pakistani actress Mahira Khan bagged the “Artist in Fashion” award at the recently held prestigious EMIGALA awards in Dubai, where some of the world’s biggest names in fashion and beauty worldwide were honored.
Khan was in attendance at the award ceremony held at Festival Bay in Dubai on Apr. 27 and 28. The event featured an array of A-list attendees such as Brazilian-American beauty personality Camila Coelho, Lebanese-British fashion entrepreneur Karen Wazen, Dubai Bling star Loujain Adada, social media sensation Narins Beauty, Indian singer Arjit Singh and Khan, among others.
The EMIGALA awards acknowledge the creative and innovative impacts of global celebrities in the realms of beauty and fashion.
“The Artist in Fashion, Mahira Khan,” Emi Gala Awards wrote on Instagram with a picture of Khan posing with her trophy on Monday.
Khan is counted among Pakistan’s most prolific actresses, gaining widespread recognition for her work in her country’s entertainment industry. The Pakistani actress became a household name after a string of successful drama serials following which she forayed into movies and made her mark across the border in India.
She had her Bollywood debut opposite iconic actor Shah Rukh Khan in a crime action film, “Raees,” which was released in 2017. The Pakistani celebrity was also working on other Indian movie projects, though they could not take off when relations between the two countries deteriorated in 2016 after an Indian army brigade headquarters came under attack in Uri. The administration in New Delhi suspected Pakistan’s involvement which was denied by officials in Islamabad.
In 2021 Khan achieved another milestone when she debuted at the Cannes Film Festival, representing L’Oreal Paris Hair in her country. She has also represented various renowned local brands such as Elan, Zohra Rahman, and Menahel and Mehreen.
Death toll from heavy rains in northwestern Pakistan surges to 92
- Heavy rains in Pakistan’s northwest have injured 110, destroyed 4,200 houses since Apr. 10, says authority
- Prone to natural disasters, Pakistan consistently ranks among countries most affected by impacts of climate change
PESHAWAR: The death toll from rain-related incidents in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province since Apr. 10 has surged to 92 while the number of injured has increased to 116, a spokesperson of the Provincial Disaster Management Authority (PDMA) confirmed on Tuesday.
The rains which began on Apr. 10 have destroyed 4,200 houses and damaged 5,900 others, PDMA spokesperson Anwar Shehzad shared. At least 17 people have been killed and 23 injured in rain-related incidents over the past three days, as per data from the PDMA’s latest report on Tuesday.
The report said the 17 dead included nine men, three women and five children while the 23 injured included nine men, three women and 11 children. Deaths and financial losses due to heavy rains were reported in Bajaur, Swat, Mansehra, Battagram, Dir Lower, Malakand, Lakki Marwat, Shangla, Mohmand and South Waziristan districts, the PDMA report added.
“At least 92 persons have died including women, children, and elderly people while 116 others were wounded since Apr. 10 in incidents involving roof collapse and lightning in parts of the province,” Shehzad told Arab News.
The PDMA’s report said the authority, district administrations and relief teams are engaged in relief activities in the affected districts. “The PDMA has also directed district administrations of the affected districts to provide immediate financial support to the victims,” it added.
Pakistan has received heavy rains this month that have triggered landslides and flash floods in several parts of the country.
The eastern province of Punjab has reported 21 lighting- and roof collapse-related deaths, while Balochistan, in the country’s southwest, reported at least 15 deaths this month from torrential rains.
In 2022, unprecedented rains swelled Pakistan’s rivers and at one point flooded a third of the country, killing 1,739 people. The floods also caused over $30 billion in damages, from which Pakistan is still trying to rebuild.
Pakistan has been prone to natural disasters and consistently ranks among the most severely affected countries in the world due to the effects of climate change.
Pakistani PM says IMF approval of $1.1 billion funding to bring economic stability
- Funding is last tranche of a $3 billion standby arrangement with the IMF secured last year
- Islamabad is seeking a new, larger long-term Extended Fund Facility agreement with the IMF
ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday the International Monetary Fund’s approval of $1.1 billion in funding for Pakistan would bring economic stability, amid discussions for a new bailout loan.
The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.
The approval came a day after Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.
“Sharif expressed his satisfaction over the release of the last financial tranche of the IMF today,” the Prime Minister’s Office (PMO) said in a statement. “Receiving the last tranche of 1.1 billion dollars from the IMF will bring more economic stability in Pakistan.”
This is the second Stand-by Arrangement (SBA) for short-term financial assistance that Pakistan has completed, the last one being in 2016 during the government of three-time PM Nawaz Sharif, who is Sharif’s elder brother.
“Bitter and difficult decisions were taken for the economic security of Pakistan, but their fruits are coming in the form of economic stability,” Sharif added about reforms under the IMF program.
The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month, and continuing with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.
Aramco acquires 40% stake in GO, marking first entry into Pakistani fuel retail market
- Saudi oil giant Aramco inked agreement to buy 40 percent stake in Gas and Oil Pakistan Ltd. in December 2023
- Acquisition to bring much-needed foreign direct investment in Pakistan’s energy sector, says competition commission
KARACHI: The Competition Commission of Pakistan (CCP) this week approved Saudi oil giant Aramco’s decision to acquire a 40 percent stake in local company Gas & Oil Pakistan Ltd, officially marking the Saudi company’s entry into Pakistan’s fuels retail market.
Aramco and Gas signed the agreement to acquire 40 percent stake in Gas and Oil Pakistan Ltd., a licensed oil marketing company, in December 2023. Gas and Oil Pakistan Ltd. is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. It is also one of Pakistan’s largest retail and storage companies.
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies. Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP. It specializes in sales, marketing, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.
“The Competition Commission of Pakistan (CCP) approved a 40 percent equity stake acquisition in Gas & Oil Pakistan Ltd. (GO) by Aramco, a global leader in integrated energy and chemicals,” the CCP said in a statement on Monday. “This transaction marks Aramco’s first entry into Pakistan’s fuels retail market, underscoring its confidence in the country’s economic potential and its commitment to its growth.”
The CCP said it had authorized the merger after determining that the acquisition would not result in the acquirers’ “dominance” in the relevant market post-transaction.
“Aramco’s acquisition indicates a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuels retail market,” it said. “This development is expected to boost competition, elevate service standards, and provide consumers with a broader range of high-quality products.”
The CCP said the acquisition would help bring much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development of the country.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Pakistan’s Prime Minister Shehbaz Sharif, who is in Saudi Arabia for a special meeting of the World Economic Forum, held meetings this week with Saudi Arabia’s ministers of energy, economy and planning, and environment, according to his office.
In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman on Monday evening, Sharif highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector. The Saudi side showed keen interest in Pakistan’s energy projects highlighted by Sharif, the Prime Minister’s Office (PMO) said.
The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across entire energy ecosystem in Pakistan, according to the statement.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.
