NICL Dubai property scam: TI urges NAB chief to contest plea for repealing AC''s order

Transparency International (TI) Pakistan has urged Chairman National Accountability Bureau (NAB) to contest appeal for repealing of impugned Accountability Court order of December 22, 2014 in National Insurance Company Limited (NICL) Dubai property scam. Chairman NICL recently revealed that the Dubai property purchased for AED 74.05 million during the tenure of the PPP government was valued at AED 28.8 million - 61 percent lower than the purchase price.
In a letter to Chairman NAB, written by Justice Dr Ghaus Muhammad (retired) Transparency International Pakistan has said that on December 22, 2014, the Accountability Court No III Sindh at Karachi passed the judgement in reference number 1/2014 and all the accused were acquitted. An appeal was filed in Sindh High Court (SHC) by NAB in January 2017 and after two years and 9 months in SHC, NAB special prosecutor Munsif Jan requested for time to submit a copy of the challan, FIR and reference record.
On this plea of NAB, SHC judge, Justice Naimutullah Phulpoto remarked that "it seems that NAB is not interested in proceeding with this case." According to Transparency International Pakistan another serious development is that NICL obtained the report of Land Sterling Property Consultants on July 4, 2017 according to which the value of Liberty Tower 27,000 square feet office space in July 2009 was AED 28.8 million and not AED 78.05 million. A letter by CEO NICL was also sent to Chairman NAB with the copy of valuation report of 2010 by FIA.
Transparency International Pakistan says it appears that the prosecution section of NAB Karachi is not taking interest in this case as has been pointed out by Justice Naimatullah Phulpoto and the role played in SMC 18 of 2010 by FIA is being repeated by NAB Karachi.
Transparency International Pakistan has requested Chairman NAB to take immediate action in the case and direct Director General NAB Karachi to contest the appeal for repealing impugned Accountability Court order of 22 December 2014, FIA''s forgery in submitting false valuation report in Supreme Court on December 28, 2010, and submit the valuation report M/s Land Sterling Property Consultants of July 4, 2017 as proof of corruption by all accused.
Chief Executive Officer (CEO) NICL, Captain Jamil Akhtar Khan has also written to Director General FIA requesting him to investigate the scam afresh. A sub-committee of Public Accounts Committee (PAC) has also raised serious concerns on the substantial loss to the national exchequer by NICL.