Daily Times

An accountability court on Saturday exonerated former National Insurance Company Limited (NICL) chairman Ayaz Khan Niazi and all the co-accused in a corruption scam to the tune of billions of rupees.

According to details, judge Ameer Khan presided over the case pertaining to the NICL corruption scandal related to the alleged misuse of authority, hampering of investigation process regarding Niazi’s appointment and corruption, along with embezzlements of organisation’s funds.

The court issued a 46-page detailed verdict that acquitted all those named in the case. The court said that the National Accountability Bureau (NAB) miserably failed to prove its case against the accused. The judge remarked that the watchdog also failed to prove the allegation regarding absconding of nominated persons, Mohsin Habib and Javed.

The AC further dismissed the arrest warrants of the accused, as the NAB’s witness also failed to produce documentary evidence regarding the plot price before the court.

The written verdict further stated that another witness of the anti-graft watchdog, who is a patwari, submitted incredible evidence, as the records were not updated. The court held that record of no status and rejected it.

The written decision stated that there was no evidence in the NAB record that could determine the actual value of the NICL plot; NAB could not prove its case even at the point of market value of the NICL plot. It did not produce any bank record or other evidence regarding the NICL plot, the court said.

More than Rs 6 billion NICL scam had surfaced in 2009-10 when Mohsin Warraich’s company, Messrs Privilege, purchased 803 kanals from the NICL in Lahore for Rs 1.68 billion. The NICL sold the land measuring 20 kanal on the Lahore Airport Road to Mohsin Warraich for Rs 1.7 billion. It sold the land at the rate of Rs 5.3 million per kanal, although its market value was much higher.