NICL corruption case adjourned till Dec 19

An accountability court (AC) on Friday adjourned the hearing in the National Insurance Company Limited (NICL) corruption case till December 19 because of non-appearance of NICL former chairman Ayaz Khan Niazi.

The court was supposed to record the statement of Federal Investigation Agency (FIA) Inspector Sirja Pahore. However, the absence of the main accused, Ayaz Khan Niazi, led to the adjournment of hearing till December 19. Amin Qasim Dada, Naveed Hassan Zaidi and other accused were present in the court.

It is alleged that huge NICL funds were embezzled in the purchase of 10 acres of land in Korangi by the accused. Ayaz Khan Niazi and others are also alleged to have sold the land measuring 20 kanal at the Lahore Airport Road to Mohsin Warraich for Rs1.7 billion. The land was sold at of Rs5.3 million per kanal although its market value was much higher.

As many as five NICL corruption cases were lodged against the accused; four of them were transferred to the accountability courts in Lahore and one in Karachi.

The story of over Rs6 billion NICL scam surfaced in 2009-10 when Mohsin Warraich’s company, the Messrs Privilege, had purchased 803 kanals from the NICL at Mauza Toor, Lahore, for Rs1.68 billion.

The company allegedly sold the land without getting the property mutated in its favour.  The NICL sold the land measuring 20 kanal at the Lahore Airport Road to Mohsin Warraich for Rs1.7 billion. It sold the land at the rate of Rs5.3 million per kanal although its market value was much higher.