Senate body on Commerce seeks report about irregulairties in NICL
ISLAMABAD, (MILLAT ONLINE):Senate Standing Committee on Commerce and Textile Industry Tuesday expressed its annoyance over
the appointment of chief executive officer of National Insurance Company Limited (NICL) and asked for
submitting a comprehensive report about status of investigations made on irregularities made in past.
The Committee met here with Senator Shibli Faraz also directed the NICL for submitting complete record
of the irregularities identified in past and status of investigation made so far against those involved in
corruption cases.
It asked for providing details of recovery made so far from the people involved in corruption, besides
furnishing the reports of total cases traced and how many were completely settled and what was the
number of the cases that were partially resolved.
The Chairman of the committee also asked for providing career record of newly appointed CEO NICL
Rafia Shah and details of perks and privileges being provided to her.
Meanwhile, Secretary Commerce and Textile Industry informed the meeting that non-performing loans
(NPL) in textile sector was recorded at Rs 188 bilion and the companies went into recession and
stopped their operations.
He said that State Bank of Pakistan has identified that main reason behind the NPL was the investments
made by these companies in other sectors like real estate in order to gain more profit.
He said that a committee was formed to resolve the issue, which was able to settle about Rs 10 billion
NPLS, adding that advice from SBP to resolve the issues of loans.
However, the Executive Director SBP Irfan Ali told the meeting that after the payment of 10 percent there
was a provision of reschedule of the loans, adding that the loan for the textile sector has witnessed increase
during last five years.
He said that textile sector has acquired about Rs 786 billion loans during last five years as it witnessed
significant increase for the development of the sector.
Senators, Ilyas Ahmad Bilour, Karim Ahmad Khawaja, Mufti Abdul Sattar and Rubina Khalid attended the meeting.