Property purchase deal: NICL ex-chairman, others cleared in Dubai case
The property was bought at 2,700 dirhams per sq ft
KARACHI:
An accountability court on Monday acquitted former chairman of the National Insurance Company Limited (NICL), Ayaz Khan Niazi, and five others in an alleged scam pertaining to a property deal in Dubai.
Published in The Express Tribune, December 23rd, 2014.
An accountability court on Monday acquitted former chairman of the National Insurance Company Limited (NICL), Ayaz Khan Niazi, and five others in an alleged scam pertaining to a property deal in Dubai.
Niazi, Amin Qasim Dada, Muhammad Zahoor, Zahid Hussain, Navid Hasan Zaidi and Hur Gardezi were given clean a chit by the court after the Pakistan Embassy in the United Arab Emirates submitted its report regarding the market value of a 27,429 square feet office in Liberty Tower, Dubai.
The accountability court had asked the Pakistan mission to evaluate the market price of the property purchased by the accused officers in 2009, allegedly with major irregularities. The property was bought at 2,700 dirhams per sq ft.
Judge Munawar Sultana of the accountability court cleared the suspects after examining all the evidences against them in the said case. While other cases of NICL scandal were still pending.
Published in The Express Tribune, December 23rd, 2014.