‘Future sales are a normal part’, Tareen urges stop to smear campaign

Former secretary-general of the ruling Pakistan Tehreek-e-Insaf (PTI), Jahangir Tareen, has asserted that future sales are a part of business everywhere and has asked the people to put an end to the smear campaign.

On Twitter, he said, “Future sales are a normal part of business activity all over the world. It is used to secure future cash flow for normal business activity. It has nothing to do with Satta. All such sales are declared in JDW accounts in their entirety.”

The PTI leader also posted screenshots of the London Sugar Future sales figures to help explain his point.

Furthermore, he said: “Stop the smear campaign”.

Last week, the banking court in Lahore had granted one-week interim bail to PTI leader Jahangir Tareen and his son Ali Tareen in two cases of corporate fraud and money laundering.

Additional District And Sessions Judge Hamid Hussain, while accepting the request, had granted bails until April 10 against surety bonds of Rs0.5million apiece.

He had also directed Federal Investigation Agency (FIA) to present its record against the accused in the next hearing.

The agency has booked Tareen and members of his family on charges of corporate fraud and money laundering.

The cases, filed on March 22, were registered under sections 406 (criminal breach of trust), 420 (cheating of public shareholders), and 109 of the Pakistan Penal Code (PPC), read with sections 3 and 4 of the Anti-Money Laundering Act, 2010.

In his response, Tareen had termed the charge sheet as “totally fabricated”.

“I have already submitted a detailed reply along with concrete evidence in response to FIA notice. Unfortunate to see them go on another smear campaign against me & my family without establishing anything illegal,” he had tweeted earlier.

Tareen had returned to Pakistan in November after ending his seven-month-long self-imposed exile after falling out with Prime Minister Imran Khan following an inquiry into the last year’s sugar scandal that accused several sugar producers — including him — of “underreported sales and fraud”.

At the time, Special Assistant to Prime Minister on Accountability Mirza Shahzad Akbar had declared sugar-producing units under Tareen’s JDW-Group were found guilty of “double billing” and “over-invoicing” as well as “corporate fraud”.

Tareen had rejected the findings of the Sugar Inquiry Commission. “I am shocked at the kind of false allegations levelled against me. I have always run a clean business. All Pakistan knows I always pay full price to my growers,” he had said in a tweet.

“I DO NOT maintain 2 sets of Books. I pay all my taxes diligently. I will answer every allegation and be vindicated IA.”

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