The National Insurance Company Limited (NICL) has requested National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) to issue red warrant for the arrest of the main accused in the NICL land scam, Mohsin Habib Warraich, as all the ten post-dated cheques of Rs 422 million have not been honoured, well informed sources told Business Recorder.
According to the company, consequent upon transfer of cases of NICL from Federal Investigation Agency (FIA) to National Accountability Bureau (NAB) under the order of the Supreme Court of Pakistan passed in SMC No 18 of 2010, the above mentioned case is being dealt with by the Office of the D.G. NAB, Lahore.
The sources said, despite lapse of sufficient time, the significant outstanding amount of Rs 422 million of NICL is yet to be recovered from the accused Mohsin Habib Warraich, who is absconder since registration of this criminal case against him. In this connection, NICL was given ten post-dated cheques by an accomplice of the accused Muhammad Akram Warraich. However, subsequently all the ten post-dated cheques have been dishonoured and NICL has duly lodged separate FIRs against each default.
"To secure the early recovery of outstanding amount of NICL, 803 Kanal land situated at Moza Toor Warraich was also attached. However, the outstanding amount of Rs 422 million of NICL is yet to be recovered," the sources added.
NAB has been informed in writing that due to non-recovery of the outstanding amount, the management of NICL is continuously facing an embarrassing situation as it is answerable before the Ministry of Commerce as well as the Public Accounts Committee (PAC).
"We have requested NAB that necessary legal steps may be initiated to arrest the accused Mohsin Habib Warraich (by issuing red warrant, if need be) for early recovery of outstanding amount of NICL," the sources continued.
In another letter to Director FIA, Lahore Zone, NICL management stated that ten separate FIRs were registered against the accused and cases are pending before trials court without any significant progress.
According to the letter written to FIA, the main accused Mohsin Habib Warraich is absconder in this case since long but could not be arrested and brought before the court of law. The 803 Kanal of land situated at Moza Toor Warraich was also attached under the Order of Special Judge (Central) Lahore for early recovery of outstanding amount of NICL but this has not materialised.
Former Chairman of the company, Ayaz Khan Niazi and other Board members were arrested and currently are on bail. Muhammad Zahoor-ex Executive Director(Finance ), Muhammad Siddique Butt, ex-Executive Director, Central Zone, Lahore, Zahid Hussain, ex-G.M( Real Estate), Akhtar Naqvi, ex- G.M(Admin) and Farooq Khan ex-Manager ( protocol) have already been fired from service of NICL and cases against them are still pending with NAB.
The sources said, the case of property purchased by NICL in Liberty House, DIFC Dubai has been disposed off and no apparent financial loss has been inflicted to national exchequer. M/S Hamptons International Dubai- evaluators appointed by FIA - valued the property at $ AED 76.8 million. The case was accordingly withdrawn by FIA.
According to sources, the company also did not incur any financial loss. With respect to 10 acres purchased at Korangi, Karachi the entire excess amount of Rs 490 million was recovered by FIA in the light of valuation carried out by Nespak. NAB's case against the accused is pending before Accountability Court, Karachi.
The case of 803 Kanal land purchased by NICL at Lahore has also been disposed off because no financial loss inflicted by NICL. The transaction was timely reversed and the entire amount of Rs 1.686 billion was returned to NICL.
The sources further stated that the company has also not inflicted any financial loss in renovation work, artwork, furnishing Chairman's office, Board roon, etc. The valuation carried out by M/s Nayyar Ali Dada& Associates indicated that the purchase prices of furniture and artwork was close to market price of similar quality items.
NICL scam was unearthed during the previous government of PPP. The name of former Commerce Minister, Makhdoom Amin Fahim( late) and his wife were also amongst those who benefited from the NICL scam. Some of the cases were not properly pursued by the FIA under the Interior Ministry.
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