ISLAMABAD: Former chairman of the National Insurance Company Limited (NICL) Ayaz Khan Niazi was arrested on Sunday in the Supreme Court in cases pertaining to the NICL land scam.
The National Accountability Bureau (NAB) took Niazi into custody after his bail having been rendered ineffective following transfer of the cases from the Federal Investigation Agency (FIA) to the Bureau.
The top 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.
According to NAB officials, Niazi was out on bail but it was rendered ineffective as he didn’t seek bail afresh from the relevant court after transfer of the cases to the anti-graft watchdog.
Meanwhile, the court directed the accountability courts seized with the hearing of the cases in Karachi and Lahore to decide the cases within two months.
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.
222 people who got loans waived off put on notice
The Supreme Court of Pakistan on Sunday also issued notices to two hundred and twenty two individuals and companies for getting their loans waived off. A two-member bench of the apex court, headed by Chief Justice Mian Saqib Nisar, was hearing a case pertaining to the written-off loans in Islamabad.
A federal law officer informed that the report of the commission, which was formed to look into the written-off loans, has been submitted in the court by Governor State Bank.
He said as per finding of the report, the loans to the tune of Rs84 billions were revoked. Issuing notices to all those having got their loans written off, the chief justice vowed that action would be taken against them.
During the previous hearing, the bench observed that the money waived off will be recovered even if such a step requires seizure of the shares, units or assets. Every single penny will be recovered, it added. The court was informed that the loans were revoked on the basis of a circular issued by the State Bank of Pakistan (SBP). INP