The court had earlier taken possession of the entire record pertaining to the suspension of lead investigator in the National Insurance Company Limited (NICL) scam Zafar Ahmad Qureshi.
The petition filed by NICL employees further said that CEO Jamil Akhtar Khan has concealed material facts from the Board of Directors and succeeded in clearing himself from the Securities and Exchange Commission of Pakistan by filing a false affidavit for his appointment.
According to the company’s employees, nepotism has played a key role in the appointment of Khan as the processing period for the appointment of CEO under SECP rules is 60 days. However, the NICL Board processed the case for nine months and ignored the other two candidates who were qualified and experienced.
The employees of NICL also wrote a letter to the SECP and Ministry of Commerce to look after the alleged embezzlements the CEO has conducted by illegally appointing close allies at key posts.
It further said that after joining NICL, Khan has started taking unprecedented measures in NICL, like removing employees from service, issuing show cause notices, unnecessary transfers and postings.
The letter further said that SECP fined him for Rs10 million when Khan was the CEO of Takaful Pakistan Ltd as he was found guilty of malpractices.
The NICL CEO refused to comment on the allegations when contacted by The Express Tribune.
The SHC has directed the petitioner and the respondents to appear before the court on December 22, 2016.
Published in The Express Tribune, November 25th, 2016.
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