NICL corruption case: Ex-chairman Niazi, five others sentenced to seven years in prison

KARACHI (8th December, 2018): An accountability court today announced its verdict in the National Insurance Corporation Limited (NICL) mega land scam case and sentenced NICL’s former Chairman Ayaz Khan Niazi along five others, to seven years each in prison.

The accountability court in Karachi also barred the six convicts from holding any public office for 10 years each.

The five years ago scandal pertains to financial embezzlement by former NICL Chairman Ayaz Khan Niazi, Mohsin Habib Warraich, then commerce minister (late) Makhdoom Amin Fahim, and several others in the purchase of official land.

The National Accountability Bureau (NAB) reference had accused them of purchasing official land in Karachi’s Korangi area at a higher price and causing a loss of Rs490 million to the national exchequer.

Following the court order, the police took the convicts in its custody. Earlier, two suspects in the case had sought plea bargain.

Paradise Papers : Involvement of Niazi and his family

In November last year, Ayaz Khan Niazi was identified in the leaked Paradise Papers records in connection with four offshore holdings in the British Virgin Islands.

One of them was a trust, Andalusian Discretionary Trust, while the other three were set up as companies: Andalusian Establishment Limited, Andalusian Enterprises Limited and Andalusian Holdings Limited.

All the three companies were set up in 2010 when Niazi was the NICL Chairman.

In the records, however, Niazi’s two brothers, Hussain Khan Niazi and Muhammed Ali Khan Niazi, were shown as the beneficial owners whereas Ayaz along with his father Abdul Razaq Khan and mother Fauzia Razzaq acted as director.