NAB Karachi files reference in 100 million illegal investment by NICL

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KARACHI : The National Accountability Bureau (NAB) Karachi has consequent upon completion of investigation, filed Reference against 13 accused persons.

The reference has been filed on the allegations of illegal investment and restructuring of investment amounting to Rs 100 million in First Dawood Investment Bank Ltd (FDIBL) by National Insurance Company Ltd (NICL) during 2008-09.

The said investment was made by the accused persons in violation of policy and with the mala fide intention of illegally favouring FDIBL by boosting their financial health. The illegal investment caused loss the national exchequer to the tune of Rs 64.057 million.

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