ISLAMABAD – The Supreme Court of Pakistan ordered to arrest the former chairman of the National Insurance Company Limited (NICL) Ayaz Khan Niyazi on Sunday.
According to media reports, a two-member bench of the apex court comprising Chief Justice Mian Saqib Nisar and Justice Ijazul Ahsan resumed the hearing into the Rs420 million in NICL corruption case.
The apex court allowed the NAB to arrest the former NICL chairman if he was not on bail and directed it to take action against him in accordance with the law of the land as Niazi was accused of corruption in cases pertaining to the NICL land scam.
https://en.dailypakistan.com.pk/business/mega-scam-of-corruption-irregularities-surfaces-in-nicl/
The National Accountability Bureau (NAB) took Niyazi into custody outside the court following the transfer of the cases from the Federal Investigation Agency (FIA) to the Bureau.
The NICL scandal pertains to financial embezzlement by Niazi, then commerce minister (late) Makhdoom Amin Fahim and several others in the purchase of official land.
Late PPP leader Makhdoom Amin Fahim, former NICL chairman Ayaz Khan Niyazi along with other top officials of the company had been booked in cases pertaining to the purchase of land at various places and different times by NICL.
The cases involving alleged embezzlement of a huge amount were initially being heard by an anti-corruption court but were later transferred to the accountability court.
