The National Accountability Bureau (NAB) on Friday announced filing a reference against 13 accused over allegations of illegal investment and restructuring of investment by National Insurance Company Ltd (NICL).
According to details, the NAB reference was filed in connection with a board meeting of the NICL in 2009, which had decided to invest in First Dawood Investment Bank Ltd (FDIBL).
“The said 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,” it said, adding that the investment caused a loss to the national exchequer to the tune of Rs 64.057 million.
It added that the NAB initiated an investigation into the matter on Supreme Court’s orders following a complaint by the Transparency International.
“The investigation revealed that the NICL management on November 24, 2008, made an irregular investment of Rs 100 million as Certificate of Investment (COI) with FDIBL on the offer to return at the rate of 18.5 percent per annum for a period of six months,” the NAB said.
The anti-corruption watchdog alleged that the investment was made in violation of a notification by the Finance Division and that the FDIBL failed to return the principal amount on the date of maturity.
Published in Daily Times, June 2nd 2018.
