Islamabad: Islamabad High Court allowed action against sugar mills on the basis of Sugar Inquiry Commission Report. National Accountability Bureau and Federal Investigation Agency (FIA) will now proceed against those sugar mills which were found guilty of price manipulation.
Once a close aide of Imran Khan, Jahngir Tareen has been named as one of the main player in manipulating sugar prices. Among others are RYK group which is owned by different partners inlcuidng Monis Elahi and a brother of federal minister Khusroo Bakhtiyar.
Sugar mill owners moved to Islamabad High Court against SIC report. A stay order was granted in favor of these mills. This stay order is now being lifted which will now allow FIA and NAB to arrest sugar mill owners who were named in the SIC report.
Sugar Mills are listed in the stock market. Market is expected a bearish trend next week.