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Saturday, July 24, 2010
Mafia delaying sugar import to earn higher profits in RamazanBy Shabbir Sarwar
LAHORE: The all-powerful sugar mafia has delayed the import of sugar so that they could earn higher profits by selling the hoarded stocks of the commodity in Ramazan, Daily Times learnt on Friday.
According to sources in the Trading Corporation of Pakistan (TCP), the sugar mafia had managed to delay the process of importing 50,000 metric tonnes of sugar from Brazil. “This mafia is using its influence and approaching the TCP contract-winner importers and bribing them. Earlier, a heavy amount and percentage of profit was offered to one of our officers, who denied the offer,” a source said.
When contacted, Pakistan Sugar Mills Association (APSMA) Punjab Chairman Javed Kayani said that he did not have any information regarding the import delay. The Punjab government had written letters to the Punjab CM and the federal government in February following low yields of sugarcane and had advised the government to import sugar to avoid any shortage of the commodity. The federal government was pressurising the Punjab government to launch a crackdown against the sugar hoarders, as a committee of the Economic Cooperation of Pakistan believed that large stocks of sugar were present in the country but hoarders were preventing it from reaching the market.
According to a report, the TCP and the Federal Commerce Ministry had paid Rs 31.395 billion to a Dubai-based importer in Kabul for importing 50,000 metric tonnes of sugar. The report claimed that the importer had deceived the TCP by telling a wrong name of the ship “Sailo the Geneva”, which he claimed was bringing 25,000 metric tonnes of sugar from Brazil to Pakistan. But it was later revealed that the ship was destined for Venezuela instead of Brazil.
On Friday in Lahore’s Akbari Mandi, a 50-kilogramme sugar bag was being sold for Rs 3,500 to 3,600, while retailers were selling the commodity for Rs 75 to 78 per kilogramme. According to market experts, if sugar was not imported before the advent of Ramazan, the commodity prices might reach Rs 80 to 85 per kilogramme in the holy month.
Courtesy www.dailytimes.com.pk