KARACHI, Dec 22: An anti-corruption court on Thursday acquitted a former chairman of the National Insurance Company Limited (NICL) in a graft case for want of evidence.

The then chairman of the NICL, Ayaz Khan Niazi, was accused of committing embezzlement of funds in renovation of the NICL office in Karachi.

The accused through his lawyer moved an acquittal application under Section 249-A (power of court to acquit accused at any stage) of the criminal procedure code and the prosecution did not oppose it.

The judge of the special federal anti-corruption court, Prevez Khan Chand, allowed the acquittal plea after hearing arguments from both sides.

According to the prosecution, the accused allegedly misappropriated Rs35 million while awarding a contract for the renovation and purchase of furniture for the NICL building in Karachi in 2010 and the Federal Investigation Agency booked him for the offence.

Mr Niazi, who surrendered himself on Nov 23 last year, along with others had also been booked in some other cases registered in Karachi and Lahore pertaining to alleged violation of rules in the procurement of land at high rates which caused huge financial losses to the national exchequer.