Expressing grave concern over alleged illegal investment of billions in stock exchange by State Life Insurance Corporation of Pakistan (SLICP), a parliamentary panel Monday directed the government to recover the money through FIA and NAB within a month.
SLICP chairman Shahid Aziz Siddiqui told special committee of National Assembly's Public Accounts Committee (PAC), which met here with Yasmeen Rehman in the chair, that an investment of Rs22 billion was made in stock exchange, which had now grown into Rs 52 billion.
He said that during the tenure of the former SLICP chairman, an illegal investment of Rs200 million was made in the stock exchange, which had not been recovered yet. "Prior to making any investment by the corporation, approval should have been sought from the board as it is mandatory but the former chairman made the investment without following the rules," he added. The committee expressed shock over the maladministration in SLICP and directed the authorities concerned to recover all the money with help of Federal Investigation Agency (FIA) and National Accountability Bureau (NAB) while submitting report to the committee within a month.
The audit officials told the committee that till June 2011, an amount of Rs115 billion had been recovered from different departments on the directives of PAC, of which over Rs 32 billion was recovered only from oil marketing companies.