NAB arrests ex-manager in NICL reference

The National Accountability Bureau (NAB) has arrested Shahab Siddiqui from Karachi who was nominated in a reference filed against former NICL authorities in which 13 officials have been arraigned, said a press release issued by the country’s anti-corruption watchdog.

Siddiqui was a former manager investment policy at the National Insurance Company Limited and was also part of an in-house investment board that processed and approved illegal investment of Rs100 million in First Dawood Investment Bank Ltd (FDIBL) during 2008-09.

The investment was made by the accused persons in violation of policy and with the mala fide intention of illegally favouring FDIBL by boosting their financial health. The illegal investment caused an approximate loss of Rs64.057 million to the national exchequer.