NAB hands over cheque to company

LAHORE: National Accountability Bureau (NAB) Lahore Director General Shahzad Saleem on Tuesday handed over a cheque for Rs 64.6 million to an official from the Pakistan Reinsurance Company Limited (PRCL) after the amount was recovered from the accused CEO, Zahood Ahmed and the management of M/s Pakistan General Insurance Company Limited.

The Securities and Exchange Commission of Pakistan (SECP) had lodged a complaint with NAB, Lahore, in May 2017 that Pakistan General Insurance Company Limited caused a loss to the PRCL to the tune of Rs 57.156 million by way of submitting bogus reinsurance claims to it. The investigations conducted by NAB revealed that Pakistan General Insurance Company Limited allegedly caused a loss to PRCL to the tune of Rs 86.219 million by quarterly adjusting a total of 87 bogus reinsurance claims with PRCL.