ISLAMABAD: Senate Standing committee on Commerce on Thursday sought report for further investigation on Rs.106 million embezzlement from the employees of State Life Insurance Corporation of Pakistan (SLIC).
The committee directed the ministry of Commerce for modernization of SLIC and enhance the capacity of the institution according to the international standards.
The committee meeting was chaired by Senator Syed Shibli Faraz here in Parliament house for discussing on the agenda items which reviewed the performance and capacity of the SLIC, National Insurance Company Limited (NICL) and Intellectual Property Organization (IPO).
While speaking at the committee meeting, Minister for Commerce Eng. Khurram Dastgir Khan informed that "We are monitoring the matter of corruption and embezzlement in SLIC and employees involved in the case have been apprehended who have been taken to task according to the law of the land".
He said that Rs. 46 million have recovered out of total amount of Rs 106 million and remaining amount would be recovered soon.
The minister said the government was committed to maintain accountability and transparency for proving good governance in the country.
During the briefing the committee Chairman SLIC, Naveed Kamran Baloch informed that SLIC his institution require reforms and capacity building in Information Technology in order to modernizeg these institutional procedures according to the international standards.
Chairman SLIC said that IT and account procedures in SLIC were not updated according to the modern institutional needs and recent embezzlement of Rs 106 million was made because of capacity issues in these areas.
"We are lacking the capacity on skilled staff according to the international standards, and the institution needs to hire skilled staff", he remarked.
He said that SLIC meets the needs of common man from rural areas in far flung villages.
He said that one of the official of SLIC Amir Masood was involved in Rs. 106 million embezzlement, who has run allegedly fled the country.
The committed directed the National Insurance Company Limited (NICL) to present report regarding the inquiry of Rs. 3 billion property scam in institution.
The committee recommended for re-branding of NICL and revive the credibility of the institute.
The committee directed Intellectual Property Organization (IPO) to brief the working of the Organization in detail in next meeting.
Senator Ilyas Ahmad Bilour, Nufti Abdul sattar, Saud Majeed, Saleem Mandviwala, Mrs. Rubina Khalid, Mrs. Naseema Ehsan and Senior officials from Ministry of commerce attended the meeting.
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