Minister for Commerce, engineer Khurram Dastgir has expressed his serious concern on a massive decline in new public sector business of National Insurance Company Limited (NICL) which is under investigation on different allegations, well-informed sources told Business Recorder.
Chief Executive Officer (CEO), NICL Captain Jamil Akhtar Khan (retired) met Commerce Minister last week reportedly faced a very tough time as the Commerce Minister's anger could be felt in the corridors of the Ministry. The sources said CEO is facing issues with Auditor General of Pakistan, Securities and Exchanges Commission of Pakistan (SECP) and employees, who are in the court against his appointment.
"Several issues have accumulated against the incumbent CEO, starting from Auditor General, to performance and Board," the sources continued. The Commerce Minister, sources said, has asked the CEO whether all the institutions have hatched a conspiracy against him suddenly asking him, telling him "you have to seriously explain yourself".
"Commerce Minister has warned the CEO to resolve the issues otherwise matter will go somewhere else," the sources maintained. According to official documents, SECP has also constituted a committee on a complaint filed by Inam-ul-Haq, General Secretary All Pakistan NIC Pensioners' Welfare Association. The complainant had allegedly provided various false statements by the incumbent CEO and Chairman Board of Directors in the statement of compliance for the year 2015.
SECP claims that it has taken up the matter with the company and it is being investigated by the Commission. CEO NICL, sources said, argues that the employees who have been sacked or are being sacked have launched a campaign against him. Sources in the Ministry said that the CEO is backing Islamabad-based General Manager who is facing harassment charges leveled by a female employee, Sadia Zaman Butt. She had sent her complaint to the Ministry and the CEO as well but the latter did not respond to it. Ms Butt has now approached the ombudsman for justice.
According to sources, the reality is that at the time of appointment, Prime Minister Nawaz Sharif had set some Key Performance Indicators (KPIs) for the CEO and the Ministry is asking him to explain his position on those KPIs. "The incumbent CEO was appointed nine months ago and the Ministry is evaluating his eligibility and performance in accordance with the set KPIs," the sources maintained. Commerce Ministry is concerned that the NICL's accounts/balance sheets are not yet approved despite the appointment of a permanent CEO.
"Commerce Ministry wants the balance sheets of the company to be approved by the Board," the sources further added. However, CEO argues that the incumbent Board is creating hurdles in this regard whereas the Ministry took the stance that it is CEO's responsibility to convince the Board and not the Ministry's. When contacted Minster for Commerce confirmed the contents of this report, saying that his main concern was that the balance sheets of the company be approved.
"Since the company's balance sheets are not approved, we are not getting proper rating and facing financial loss in the market," the Minister added. In reply to a question, Commerce Minister who probed NICL financial scam as Chairman National Assembly Standing Committee during the PPP-led government maintained that he has directed the CEO to clear all pending claims of clients against him as this situation is damaging the credibility of the organisation.
The Commerce Minister added that public sector organisations are now avoiding giving new business to NICL which is a cause of concern for the government. "I have asked the CEO to bring in new business and just saying that he sits in the office till 9 PM is not enough. I have given him the opportunity to prove that he is eligible for the job," he continued.'
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