KARACHI: An accountability court on Saturday sentenced the former chairman of National Insurance Company Limited (NICL) Ayaz Khan Niazi and five other people to seven years in prison for their involvement in a corruption case.
The convicts were also disqualified from hold any public office for 10 years. The other convicts are Amin Qasim Dada, Hur Rihai Gardezi, Amir Hussain, Zahid Hussain and Mohammad Zahoor.
The six were involved in embezzling NICL funds to buy 10 acres of land in Karachi’s Korangi area.
According to the National Accountability Bureau (NAB), all convicts had caused a combined loss of more than Rs400 million to the national treasury.
Apart from embezzling NICL funds to buy land in Korangi, Ayaz Niazi is also named in four other corruption cases that are currently being heard in accountability courts in Lahore.
The NICL corruption scandal revolves around the alleged misuse of authority for Niazi’s appointment, hampering the investigation process regarding his