ISLAMABAD - Senate Standing Committee on Commerce and Textile Industry on Monday sought details of the irregularities in National Insurance Company Limited and directed the NICL to submit a detailed record along with a report on action taken against those involved.

The Committee also expressed displeasure over the appointment of chief executive officer of National Insurance Company Limited (NICL). The Committee, which met with Senator Shibli Faraz in the chair, also directed the NICL for submitting complete record about the status of investigation made so far against those involved in corruption cases.

It asked for providing details of recovery made so far from the people involved in corruption, besides furnishing the reports of total cases traced and how many were completely settled and what was the number of the cases that were partially resolved. The chairman of the committee also asked for providing career record of newly appointed CEO NICL Rafia Shah and details of perks and privileges being provided to her.

Meanwhile, Secretary Commerce and Textile Industry informed the meeting that non-performing loans (NPLs) in textile sector were recorded at Rs 188 billion and the companies went into recession and stopped their operations.

He said that State Bank of Pakistan has identified that main reason behind the NPLs was the investments made by these companies in other sectors like real estate in order to gain more profit. He said that textile sector has acquired about Rs 786 billion loans during last five years as it witnessed significant increase for the development of the sector.