Influential minister targeting insurance sector for extortion

Islamabad, MTT News Desk: Government has failed to safeguard corporate sector from the highhandedness of one of its influential ministers which has left insurance companies with no option but to seek his disqualification.

Some leading insurance companies through one Shafiq Ahmed son of Muhammad Nazir Minhas resident of Century Tower, Gulberg Lahore, have invoked Lahore High Court (LHC) through M.M. Alam Chaudhry Advocate against State Minister for Privitization Rana Asif Tauseef.

According to a statement issued by PEW, the petitioner has pleaded that MNA Mr. Tauseef who is also Director and Chief Executive of Rana Fabrics Limited and Madina Food Mills Faisalabad, has been using his influence to plunder the insurance companies.

Rana Asif Tauseef is in habit of getting loans from banks against fake stocks and put these so called stocks on fire after getting them insured, the petitioner alleged.

After every fake incident, the minister pressurises insurance companies to approve claims against damages that never occurred.

He further said so far the defendant has robbed Rs 2000 million from insurance sector while he is pressurising companies to approve more claims disregarding assessment of the circumstances.

While regulatory bodies including SECP have failed to perform their duties to protect lawful businesses, the Commerce Ministry and administration are using influence to get the minister benefitted.

Justice Nasir Saeed Sheikh of LHC after preliminary hearing admitted the writ petition and asked additional advocate general for comments in fifteen days.

Meanwhile, Abdullah Tariq, SVP, Pakistan Economy Watch said that judiciary should bring to book lawmakers involved in frauds.

The insurance industry has a defence mechanism against false or exaggerated claims, but it becomes difficult when policy holder is an influential politician backed by the government, he said.

It is duty of every patriot Pakistani to bar greedy politicians who have targeted corporate sector after robbing nation of all their belongings, said Tariq.


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