Islamabad: The Auditor General of Pakistan in its special audit report of National Insurance Company Limited’s (NICL)  account had confirmed over Rs5 billion financial irregularities in the company.
The AGP has recommended 10 times (Rs50bn) recovery from the guilty persons involved in illegal procurement of property as per PPRA Rules.
The report certified that the appointment of former Chairman NICL, Ayaz Khan Niazi, was illegal.
As per the report, Prime Minister Syed Yousuf Raza Gilani appointed Ayaz Khan Niazi as Chairman of the company on the recommendations of Commerce Ministry. The Auditor General has recommended that responsibility should be fixed for the illegal appointment.
The AGP pointed out that the Integrity Pact was violated so the responsible person should be taken to task for the violation.
The report said NICL sustained Rs225 million loss due to investment of Rs2 billion through Jehangir Siddiqui.
The Auditor General aid the investment was made in irregular manner and without due diligence. The audit has recommended responsibility should be fixed on the person(s) at fault and recover the amount from the responsible officers
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