Indictment deferred in NICL scam case

Dawn

KARACHI: An accountability court on Tuesday deferred indictment of 14 suspects, including 11 serving and former officials of the National Insurance Company Limited (NICL), in connection with Rs100 million alleged illegal investment made in the First Dawood Investment Bank Limited (FDIBL).
The then chairmen — Abid Javed Akbar and Ayaz Khan Niazi — along with the then executive directors and members of the investment committee of the NICL have been accused of allegedly investing Rs100m illegally in the FDIBL in violation of the policy and favouring the private bank, thus causing a loss of Rs67.057m.
The National Accountability Bureau (NAB) also named Ejaz Ahmed Khan, the former executive director (corporate services) of the NICL, and then Karachi commissioner, in the reference.
On Tuesday, the matter was fixed before Judge Aaliya Latif Unar of the Accountability Court-II for indictment of the suspects, but the same could not be done due to the absence of suspect Niazi.

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