AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

An accountability court on Saturday announced its verdict in the National Insurance Corporation Limited (NICL) mega land scam case and sentenced six, including former chairman Ayaz Khan Niazi, to seven years each in prison. The accountability court in Karachi also barred the six convicts from holding any public office for 10 years each.
The scandal from five years ago pertains to financial embezzlement by former NICL chairperson Ayaz Khan Niazi, Mohsin Habib Warraich, then commerce minister (late) Makhdoom Amin Fahim, and several others in the purchase of official land.
The National Accountability Bureau (NAB) reference had accused them of purchasing official land in Karachi Korangi area at a higher price and causing a loss of Rs490 million to the national exchequer.
Following the court order, the police took the convicts in its custody. Earlier, two suspects in the case had sought plea bargain.
In November last year, Ayaz Khan 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 were set up as companies: Andalusian Establishment Limited, Andalusian Enterprises Limited and Andalusian Holdings Limited.
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 the beneficial owners whereas Ayaz along with his father Abdul Razaq Khan and mother Fauzia Razzaq acted as director.

Copyright Independent News Pakistan, 2018

Comments

Comments are closed.