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Jahangir Tareen resigns as CEO JDW Sugar Mills as FIA investigates him for ‘corporate fraud’

LAHORE: Jamal Din Wali (JDW) Sugar Mills announced that Jahangir Khan Tareen would not continue as Chief Executive Officer of the company in a notification issued to the Pakistan Stock Exchange (PSX).

Raheal Masud, a director at the mill who is considered to be extremely close to Jahangir Tareen will serve as the new CEO of the company from 16 November 2020.

Jahangir Tareen with former best friend, Imran Khan

Sources in the sugar industry have claimed that Jahangir Tareen’s corporate reputation has taken a plunge after the Federal Investigation Agency (FIA) accused him of being the architect behind Pakistan’s sugar crisis which resulted in the loss of hundreds of billions of rupees to Pakistan’s national exchequer.

TPD Investigations Desk has received the First Information Report (FIR) made against Jahangir Tareen dated 14 November 2020 registered by the Federal Investigation Agency’s Corporate Crime Circle in Lahore.

FIA has claimed that Jahangir Tareen, “During the court of enquiry No. 134/2020 dated 07.08.2020 of FIA ACC Lahore, it was noted that an amount of Rs 1.2 billion was “over-paid” (transferred) by Jahangir Khan Tareen from the accounts of a listed public ltd. company (JDW Sugar Mills Ltd) to a company (JK Farming Systems Limited hereinafter JKFSL) owned by his children, while purchasing the assets of the latter (JKFSL) at an exorbitant non arms-length purchase price of Rs 4.35 billion on 20 November 2013″.

According to the FIA, Jahangir Tareen is responsible for severe ‘corporate fraud’.

Prime Minister’s Secretary, Azam Khan, is considered to be an arch enemy of Jahangir Tareen

FIA claimed, “The highest component of this fraudulent purchase is the value of biological assets assumed at Rs 2.94 billion. The value of biological assets (wheat and sugarcane crops) was assumed at the time of purchase of JKFSL Assets on 20 November 2013. Neither AF Ferguson & Co nor M/S Unicorn inserted a value of Rs 2.94billion (Biological Assets) in its post facto Evaluation Report dated 29 January 2014, at the behest of the management of JKFSL.”

According to the FIA, Muhammad Rafique (CNIC 35201-3029372-5) who was the CFO of JDW, Ghufran Ali Khan the CFO of JKFSL, Maqsood Malhi and auditor Asad Saleem Mirza from Ferguson facilitated Jahangir Tareen and his son Ali Tareen in criminal breach of trust (406 PPC), cheating (420 PPC) and money laundering (3/4 AMLA 2010).

The FIA has given approval to a director of FIA in Punjab to register a case under Sections 406/420/109 PPC read with Section 3/4 Anti Money Laundering in Corporate Crime Circle, Lahore.

Jahangir Tareen with his son, Ali Khan Tareen

Jahangir Tareen returned to Pakistan after a silent stint in the United Kingdom. Sources privy to these developments suggest that Tareen is still not in talking terms with his former friend, Imran Khan who he claims authorised the Intelligence Bureau to bug his homes and offices.

It has been alleged that Barrister Shehzad Akbar and PM’s secretary, Azam Khan were behind Tareen’s ouster from Imran Khan’s inner circle.

While Shehbaz Sharif and his family have been arrested in various cases, Jahangir Tareen has still evaded arrest despite being accused of the same crimes.

Upon returning to Pakistan, Tareen said, “Will play my part in helping the Govt overcome the sugar shortage and price hike”.

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