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  • Jan 7th, 2017
  • Comments Off on NICL board signed accounts only after consultation with SECP: CEO
Chief Executive Officer (CEO) National Insurance Company Limited (NICL) Captain Jamil Akhtar Khan (retired) has said that the company's Board has signed accounts of financial year 2011-12 after due consultation with the SECP.

In an exclusive chat with Business Recorder, he said that Commerce Secretary, Azmat Ali Ranjha recently convened a tripartite meeting comprising CEO, Board Chairman and SECP to find out a way to sign the accounts of 2011-12 as the incumbent Board could not sign accounts of previous years retrospectively due to Supreme Court's decision; and if the board does not sign the accounts of 2011-12, the Auditors can not move forward.

He contended that there was a legal hitch in signing accounts of 2011-12 which has been removed. SECP is the regulator of NICL and if the former was not taken on board with respect to signing accounts of previous years, they could have sent show cause notice to the company.

Replying to a question regarding payments of claims, CEO said that all the claims have been cleared by the company except a few disputed claims. CEO said that he informed the Minister that the company's business has declined because the accounts of 2011-12 were not closed.

Answering a question, he said that none of the CEOs can say anything against the board and by accusing the "Board of creating hurdles" for him (CEO) was not correct . "The incumbent Board never created any hindrance for me but the company faced a legal hitch in signing the accounts of 2011-12," he added. In reply to a question, Captain Jamil said that he has taken several measures to increase the business of the company and has briefed the Minister accordingly. He claimed that certain corrupt elements within the organisation as well as their accomplices sitting outside were visibly disturbed as several channels of their legal/illegal financial gains have now been effectively blocked.

CEO also accused a former employee of NICL, now an office bearer of NICL's Pensioners Association, Inam-ul-Haq, requesting him to clear "dues claims" which he refused to do. "Whatever was due I gave to him as a pensioner and whatever was not due, I didn't pay. He wanted to get benefit like in the past which I didn't allow," he added.

CEO stated that Inam-ul-Haq, a retired employee of the company, is behind a campaign against him and has sent anonymous letters to NAB, FIA and Auditor General and SECP against him, adding that NICL has provided required documents to the concerned organisations. Inamul Haq has also used some employees of the organisation against the CEO, he stated. "Some employees of the company who have been investigated for illegal activities are involved and have access to official documents. I have terminated 20-25 employees who may be disgruntled. 13 employees who had fake degrees have been sacked. At least 200 political appointees of previous tenure in Lahore were creating hurdles. Some of the GMs and Managers who have been sacked are not returning official vehicles. Exaggerated medical bills and fuel bills were being submitted by the employees and many other facilities were being misused," he added.

"Inam-ul-Haq has obtained some official documents of the company by using clerical staff. If I have not done anything wrong why should I bother if he has all these documents? I have heard that cash has also been given to Inam by some quarters but I don't have concrete evidence of it," he added. The CEO stated confidently that "let all the agencies complete their inquiries in a transparent manner which will either clear me of all charges and the matter will be settled forever but if it goes against me then I will be cleared by the SHC".

Captain Jamil Akhtar Khan also clarified some of the points discussed during his meeting with the Commerce Minister, Engineer Khurram Dastgir Khan. "Sometimes the Minister is given an accurate briefing by his Ministry's officials and sometimes not. Nevertheless he is my boss. I am accountable to the Prime Minister, Commerce Minister and NICL Board as well," he continued. Captain Jamil Akhtar said when he assumed charge as CEO of the company he made it clear that he would not allow NICL to become another Pakistan Steel Mills. In reply to a question, Captain Jamil Khan said that accusations of sexual harassment were against Islamabad-based General Manager and not against him.



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