Staff Report
ISLAMABAD: President Dr Arif Alvi on Friday said the government was taking steps to promote foreign direct investment (FDI) in Pakistan. Talking to a German delegation of international food wholesaler, METRO Group, led by its CEO Dr Steffen Greubel here at Aiwan-e-Sadr, the president said Pakistan was an attractive destination for the foreign investment and business.
The president also appreciated the METRO Group for their investment in Pakistan. The delegation briefed the president about business and investment of the METRO Group in Pakistan. The delegation told that keeping in view the conducive environment for the foreign investment in Pakistan, the the METRO Company desired to further expand the business activities in the country. Besides, the delegation was of the view that Pakistan was an attractive destination for business, investment and tourism.
Eerlier, President Dr Arif Alvi on Friday approved the resignation of the Supreme Court Judge Justice Ijazul Ahsan. The president approved the resignation on the advice of the prime minister in the exercise of the power under Article 179 of the Constitution, a statement issued by the President House Press Wing said.
On the other hand, President Dr Arif Alvi has instructed EFU Life Assurance Ltd to reimburse Rs100,000, along with the profit gained to the poor woman who was deceived into acquiring the insurance policy.
According to a press release issued by the President House Press Wing on Thursday, Zubaida Begum had obtained an amount of Rs100,000 by participating in a local ‘committee’ and intended to deposit the amount in her bank account, but she was fraudulently issued an insurance policy at the bank.
When expressed her inability to pay an annual premium of Rs100,000 and asked for a refund of her deposit, she was told that she would only be refunded an amount of Rs40,000 as per the policy of the bank.
Feeling aggrieved, she approached the Federal Insurance Ombudsman (FIO) but her grievance was not addressed. Later, she filed a representation with the president against the decision of FIO. The president personally heard the case of the aggrieved lady, and after going through the record, decided the matter in her favour.
In his decision, he observed that the complainant was entitled at least to the refund of the principal amount as her claim was just and fair. He added that the mis-selling of the policy to the poor lady who never opted to purchase the policy in the first place and thereafter the denial of the refund of the deposited premium amount by the company constituted maladministration.
The president noted that FIO had directed the insurance company to refund Rs40,000 to the woman, without acknowledging the fact that an amount of Rs60,000 was remaining to be paid by the company. He said as per Insurance Ordinance 2000, FIO was to ensure the protection of the interests of insurance policyholders, and non-refund of even the deposited amount by the insurance company was a sheer violation of the spirit of the Ordinance.
