NICL scam: No loss incurred in second land deal, says report

Land was worth nearly Rs1 billion at 2009 property rates.

LAHORE: The latest valuation shows that the national exchequer incurred no major loss in connection with the over Rs1.6 billion land deal between Mohsin Habib Warraich and the National Insurance Company Limited (NICL).

According to the valuation report issued on December 20 by Ahmed Associates at the request of the NICL as well as the FIA, the value of the commercial piece of land measuring 20 kanals and two marlas owned by Warraich, the son of former state minister for defence production Habibullah Warraich, was nearly Rs1 billion.

Report titled ‘Valuation Certificate’ says: “This is to certify that we have carried out the valuation of the commercial property (bounded land) bearing khasra Nos. 999, 1000, 1001, 1002, 1003 situated at Mouza Gohawa and khasra Nos. 729, and 793 situated at Mouza Shajpal, Main Defence Road, near DHA Commercial Broadway and Metro Pakistan Limited cantt tehsil, Lahore district, total measuring 20 kanals and 2 marlas. In accordance with the client letter reference No. ED(CS)/FIA/CORRES/2010, dated December 16, 2010. The subject property was surveyed, assessed and evaluated.

“We report that on the basis of the best of our professional knowledge and experience, the assessed estimated value of the subject property, derived and determined on the basis of a criteria given in the annexed report, is as follows: Total assessed present value Rs984.9 million.

Published in The Express Tribune, December 21^st, 2010.