CJP asked to save banks, insurance sector from plunder

Islamabad:The Pakistan Economy Watch on Saturday asked the Chief Justice of Pakistan Mr. Justice Iftikhar Muhammad Chaudhry to take note of the highhandedness of State Minister for Privitization Rana Asif Tauseef who is plundering banks and insurance companies since five years.

Government has failed to safeguard corporate sector from the highhandedness of influential and situation has reached to an extent that insurance companies have sought disqualification of the Minister through Lahore High Court, it said.

Some leading insurance companies have invoked LHC for the disqualification of State Minister for Privitization Rana Asif Tauseef to save their businesses which is unfortunate, said Abdullah Tariq, SVP, PEW.

Talking to M.M. Alam Chaudhry Advocate and representatives of insurance companies, he said that Mr. Tauseef who is also Director and Chief Executive of Rana Fabrics Limited and Madina Food Mills Faisalabad, has been using his influence to get unlawful monetary gains by squeezing some 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, he said adding that 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, said Abdullah Tariq.

He said that 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.