In a surprise move, Jahangir Tareen has resigned as the Chief Executive Officer (CEO) of JDW Sugar Mills Ltd.
In a notification to the Pakistan Stock Exchange (PSX), the company has announced that Raheal Masud, who served as the Director of the company, has been appointed as the Chief Executive Officer, w.e.f 16th of November, 2020.
Mr. Raheal Masud has served in senior positions in several companies and brings vast experience with him. He has served in the Pakistan Army, Armored Corps from 1972 to 1988. He then joined Riaz Bottlers Lahore as Admin and Transport Manager and served there till 1991.
He joined JDW Sugar Mills as General Manager in 1991. From 1995 to 2008, he has worked with several companies in senior positions. In the year 2012, he was elected as Director of JDW Sugar Mills.
The Competition Commission of Pakistan (CCP) had unearthed a cartel in the sugar industry through an extensive inquiry, which concluded that the Pakistan Sugar Mills Association (PSMA) has been acting as a front runner for cartelization in the sugar industry since 2010.
The report concluded while determining the causes behind the sugar shortage/crisis and price hike that the sugar mills are using the PSMA platform to take a collective decision to use exports as a means of sustaining or controlling prices or ‘keeping it stable’.
The enquiry report said that evidence gathered during raids on the premises of PSMA and JDW Sugar Mills seems to suggest these anti-competitive activities have continued since 2010.
