Former chairman National Insurance Corporation Limited (NICL) Ayaz Khan along with five others sentenced to seven years imprisonment over embezzlement of NICL funds to buy 10 acres of land in Karachi’s Korangi area at a higher price and causing a loss of Rs490 million to the national exchequer. An accountability court on Saturday announced its verdict today (Dec 8).
The accountability court in Karachi also barred the six convicts from holding any public office for 10 years each. Following the court order, the police took the convicts in its custody. Earlier, two suspects in the case had sought plea bargain. In November last year, Ayaz Khan Niazi was identified in the leaked Paradise Papers records in connection with four offshore holdings in the British Virgin Islands.
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17 November, 2019