NICL scandal: 7-year-jail each for ex-chief, five others

KARACHI: An accountability court Saturday announced its verdict in the NICL mega land scam case and sentenced six, including former chairman Ayaz Khan Niazi, to seven years each in jail.

The court also barred the six convicts from holding any public office for 10 years each.

The scandal pertains to financial embezzlement by former chairman National Insurance Corporation Limited Ayaz Khan Niazi, Mohsin Habib Warraich, the then commerce minister (late) Makhdoom Amin Fahim and several others in the purchase of official land.

The reference, filed by the National Accountability Bureau (NAB), had accused them of purchasing official land in Karachi’s Korangi area at a higher price causing a loss of Rs490 million to the national exchequer, reports Geo.

Following the court order, the police took the convicts in their custody.

Earlier, two suspects in the case had sought plea bargain.

In November last year, Niazi was identified in the leaked Paradise Papers records in connection with four offshore holdings in the British Virgin Islands.

One of them was a trust, Andalusian Discretionary Trust, while the other three — Andalusian Establishment Limited, Andalusian Enterprises Limited and Andalusian Holdings Limited — were set up as companies.

All the three companies were set up in 2010 when Niazi was the NICL chief.

In the records, however, Niazi’s two brothers, Hussain Khan Niazi and Muhammad Ali Khan Niazi, were shown as beneficial owners while Ayaz along with his father Abdul Razaq Khan and mother Fauzia Razzaq acted as director.