ISLAMABAD: The National Assembly Standing Committee on Commerce on Wednesday was informed that the monetary dispute in National Insurance Corporation Limited (NICL) had been resolved and recovered an outstanding amount of Rs 1.06 billion from the accused.

Briefing the committee’s meeting, held with Engineer MNA Khuram Dastgir in chair, Additional Director General FIA Muhammad Afzal Tariq Malik said that of 17 accused, 13 were released on bail and the four offenders were still at large.

Acting Chairman NICL Tahir Raza Naqvi told the committee that the business of corporation was growing rapidly and it has still an amount of Rs 20 to 22 billion in its accounts.

Secretary Commerce Munir Qureshi informed the meeting that the corporation was working without a chairman and its board. He informed the meeting that concession extended by European Union (EU) to Pakistan will commence from tomorrow (November 1, 2012).

The committee directed the ministry to appoint chairman and the board as soon as possible for smooth and transparent operation of the corporation.

While appointing the chairman, the qualification, experience and integrity of the candidate should be evaluated and taken into account, the committee recommended.

Besides, the members of board should have education and experience relevant to the business of the corporation, the committee directed the ministry.

The committee also noted non-appearance of the commerce minister before the standing committee.

The meeting was attended by MNAs Nawab Abdul Ghani Talpur, Yasmeen Rehman, Haji Muhammad Akram Ansari, Hamid Yar Hiraj, Khawaj Sohail Mansoor, Jamila Gilani, Ch Asghar Ali Jatt, Hameed Ullah Jan Afridi, Qudsia Arshad and Shahnaz Saleem.