ISLAMABAD: The Ministry of Commerce (MoC) had directed newly- appointed Chairperson State Life Insurance Corporation (SLIC) to re-investigate into the cases of corruption and financial misappropriation surfaced in last five years.
The MoC has also asked Nargis Ghaloo to prepare a report regarding possible legal action against the official found involved in corrupt practices. SLIC has mission to remain the leading insurer in the country by extending the benefits of insurance to all sections of society and meeting our commitments to our policy holders and the nation.
A well-placed source privy to Minister for Commerce told this scribe here on Thursday that a total number of 76 officials of SLIC were found in financial misappropriation cases in last five years and the department had referred the cases to Federal Investigation Authority (FIA) for further proceedings. “In pursuance of FIA report, the department took disciplinary actions against involved people and dismissed two persons from services, reduced /downgraded four, recovered amount from six, Censured one, issued warnings to two, exonerated nine while process of action was under process against remaining 52 people,” the source said while giving the accounts of the action taken in this regard.
“SLIC had also taken steps taken to control such cases in future,” the source said, adding: “Adherence to the Rules and Regulations shall be ensured to control the loopholes. Officials found guilty are awarded punishment after adopting laid down procedure of disciplinary proceeding under the provisions of State Life Employees (Service) Regulations, 1973”.
The source further said that around 693 officers stood eligible for consideration of promotion in different posts of Deputy General Manager, General Managers, Assistant General Manager, Manager, Deputy Manager, and Assistant Manager, whereas, disciplinary proceedings against seven officers have been initiated for not possessing the required qualification, experience or training. “The promotions of the eligible officers will be made soon because Board of Directors has been completed after the appointment of Chairperson,” the source said.
It is pertinent to mention here that SLIC has invests its funds in accordance with the provisions contained in Insurance Ordinance 2000, Insurance Rules 2002 in government securities including instruments issued by Government such as Treasury bills, Pakistan Investment Bonds etc and the approved Government Securities are WAPDA Bonds, Provincial Securities/TFCs etc. Similarly, SLIC also invest in loans in the form of Term finance certificates, invests in shares of listed and unlisted companies, immovable property like buildings, plots etc.
