Sindh High Court grants bail to 11 in NICL corruption case

KARACHI: Sindh High Court (SHC) on Friday granted bail to 11 accused including former chairman of National Insurance Company Limited (NICL) Ayaz Khan Niazi in a corruption case.

A bench of the SHC directed Niazi and others to deposit one million rupees each in court as surety.

The court also remarked that if Niazi and other accused are arrested in other references, their bail in this case would not extend to those cases.

Earlier, the defence counsel informed before the bench that the National Accountability Bureau (NAB) has failed to indicate about any irregularity or corruption against the accused. The NAB also failed to point out to what extent the accused caused losses to the national exchequer, lawyer said.

The counsel pleaded for bail of the accused adding that the accused are ready to cooperate with the court.

According to the anti-graft watchdog, the NICL had invested in Dadu Crescent Investment Company in a non-transparent manner and suffered heavy losses due to the investment.