NICL chief accused of hindering FIA efforts

NICL chairman not providing valuation report on land bought from Mohsin Warraich for Rs1.06 billion.

LAHORE: The acting chairman of the National Insurance Company Limited (NICL) is allegedly hindering the Federal Investigation Agency’s (FIA) attempts to recover Rs320 million from an accused in a land scam.

According to a letter sent by FIA to the federal secretary commerce, the NICL chairman was not providing the valuation report on the land bought from Mohsin Habib Warraich, the son of a former federal cabinet member, for Rs1.06 billion.

During a Supreme Court hearing, the acting chairman of the NICL had informed FIA’s investigation team that his firm had received a report, which showed the difference in valuation to be about Rs400 million, adding that he would provide the report to the FIA the next day (February 18).

Despite repeated attempts, the acting chairman has not yet provided the report.

Published in The Express Tribune, February 28^th, 2011.