Court orders legal proceedings against Amin Fahim and others involved in NICL scam

Court orders legal proceedings against Amin Fahim and others involved in NICL scam

Islamabad: (Thursday, May 24, 2012) Hearing the suo motu case of Rs 5.34 billion corruption in the National Insurance Company Limited (NICL) today, the Supreme Court ordered that legal proceedings be carried out against Federal
Minister Makhdoom Amin Fahim and others involved in the scam.

Commenting on the case, the Chief Justice Iftikhar Muhammad Chaudhry said that the plundered and looted money belongs to the people of Pakistan and that it should be returned to them.

Director Federal Investigation Agency (FIA) Sindh Moazzam Jah informed the court that over Rs 40 million were transferred to Fahim’s account, which is shared by his son Jaliluz Zaman and his wife Rizwana Amin Fahim. He told the
court that the amount was obtained after selling out a plot under NICL.

The money, however, was returned later on.

During that time, Fahim was Federal minister for commerce.

During the investigation, the court also noted that the scam took place when NICL was being headed by Ayaz Khan Niazi. The chief justice observed that Niazi was also appointed illegally. Ordering for further investigation into
the case, the chief justice said that it should be found out why the money was taken and returned.

Probing into Niazi’s appointment, during the hearing, notices were issued to former and present chairman of Securities and Exchange Commission of Pakistan, seeking an explanation as to why Niazi was appointed.

The court also ordered for submission of a detailed report entailing the details of transactions made under the scam and also why an illegal summary, signed by Fahim, was forwarded to Prime Minister Yousaf Raza Gilani for approval.

The director legal affairs FIA and Secretary Commerce Zafar Mahmood were also present during the hearing.

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Posted by Fayyaz Yaseen on May 24 2012. Filed under Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry