Islamabad: Chairperson NICL sent on forced leave
ISLAMABAD: As reported by the Dawn News on Friday, the ministry of commerce sent Ayaz Niazi, chairman of the National Insurance Company Limited, on forced leave on Thursday, apparently because of controversies surrounding the company’s land purchase deals in Karachi, Lahore and Dubai.
The case of purchase of property by the NICL is under scrutiny of the National Assembly’s Public Accounts Committee and the Senate Standing Committee on Commerce. The Supreme Court has also taken a suo motu notice on the issue and asked the commerce secretary to lodge a criminal complaint against Mr Niazi. It also directed the FIA to bring to justice people involved in misappropriation of public money.
The NICL chairman has allegedly purchased a 803-kanal plot in Lahore reportedly from a former MNA at Rs2 million per kanal against the market value of Rs300,000.
The company obtained an office space at Liberty Tower in Dubai in July last year at 2,700 dirham per square feet against the market price of 1,200 dirham, causing a loss of Rs900 million to the exchequer.
The NICL purchased a 10-acre plot in Karachi’s Korangi area in August last year at Rs90 million per acre against the market price of Rs20 million, causing a loss of Rs70 million to the company.