ISLAMABAD: An accountability court in Karachi awarded seven-year imprisonment to all the six accused, including former chairman Ayaz Khan Niazi, in the National Insurance Company Limited (NICL) corruption case, Radio Pakistan reported on Saturday.
The court announced its verdict and declared that all accused in the case had been disqualified from holding any public office for the next ten years.
NAB arrests former NICL officer
The accused had inflicted a loss of Rs490 million to the national exchequer by purchasing land in Korangi area at inflated rates.
In June, the National Accountability Bureau (NAB) Karachi claimed to have arrested NILC’s former investment policy manager.
SHC overturns acquittal of former NICL chairperson
According to a NAB spokesperson, the accused, Shahab Siddiqui, was among 13 NICL officials who were nominated in a reference filed by the federal anti-graft watchdog. He was arrested in Karachi.
The spokesperson added that Siddiqui served as the NICL investment policy manager and was a part of the in-house investment board that processed and approved illegal investment of Rs100 million in First Dawood Investment Bank Ltd (FDIBL) during 2008-09.