Politicians hold major stakes in sugar mills, reveals SECP report

ISLAMABAD: Several leading political figures and prominent businessmen have been identified as shareholders in Pakistan’s sugar mills, according to documents released by the Securities and Exchange Commission of Pakistan (SECP).

The controversy around sugar mills erupted when the Auditor General of Pakistan revealed in July that sugar mills raked in a staggering Rs300 billion in profit due to fluctuations in sugar prices.

After that, Public Accounts Committee (PAC) grilled federal officials over the export and import of sugar, artificial price hikes, and alleged cartelisation by sugar mill owners.

The committee slammed both the federal advisory board and the government’s handling of the sector.

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PAC Chairman Junaid Akbar expressed outrage over soaring market prices, saying sugar was being sold at Rs210 per kg while the ex-mill rate was officially Rs165.

According to the SECP report, PML-N leader Hamza Shehbaz Sharif, Salman Hamza Sharif and Nusrat Shehbaz are among the shareholders in Ramzan Sugar Mills and Al-Arabia Sugar Mills.

Punjab Sugar Mills lists PML-Q leaders Chaudhry Shujaat Hussain and Salik Hussain among its stakeholders.

The documents further show that RYK Mills has shares owned by PTI’s Moonis Elahi and Makhdoom Umar Shehryar, while Tando Allahyar Sugar Mills is entirely owned by Omni Group’s Khawaja Abdul Ghani Majeed.

Former PCB chairman Zaka Ashraf is a shareholder in Ashraf Sugar Mills, while media tycoon Mian Amer Mehmood has stakes in Rahim Yar Khan Sugar Industries.

In addition, Medina Sugar Mills counts Muhammad Rasheed and Muhammad Mujtaba among its owners, while Fatima Sugar Mills includes Abbas Mukhtar, Faisal Mukhtar and Fawad Mukhtar.

The SECP documents also reveal that Ittehad Sugar Mills has shareholders including provincial minister Makhdoom Hashim Jawan Bakht and Makhdoom Umar Shehryar, while Baloch Sugar Mills is owned by Dost Ali Mazari and Tariq Ali Mazari.

Chaudhry Sugar Mills’ shares are held by Abdul Aziz Abbas Sharif, Abdullah Yusuf Sharif and the Sharif Trust, among others. Cheema Sugar Mills has investors including Chaudhry Anwar Ali, Sardar Muhammad Arif Nakai and Muhammad Shafi.

The SECP prepared the data on the recommendation of the National Assembly’s sub-committee on commerce, revealing shareholding details of various influential personalities.