15 January 2021 - Submitted by Chris Barrett Submitted by Chris Barrett on 15 January 2021
The UK’s High Court has upheld its judgement in favour of policyholders, announced in September, on the Financial Conduct Authority’s (FCA) business interruption insurance test case.
The group action lawsuit saw the financial regulator and a group of insurance and reinsurance companies seek legal clarity on whether insurers were obligated to pay out on business interruption (BI) claims related to the pandemic.
The FCA’s case against eight insurers was launched in June 2020 with the aim of clarifying whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and up to £7.4bn in insurance claims, covered disruption and government-ordered closures to curb the virus.
Govt’s action, reaction perplexing in Broadsheet saga
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January 21, 2021
ISLAMABAD: As daily doses of new and interesting details of Broadsheet saga continue to pour in, government’s attempt at damage control comes across as perplexing.
On January 6, 2021 in an inter-ministerial meeting held in the foreign ministry and attended by officials of the Foreign Office, NAB, finance ministry, the attorney general’s office and the law ministry, it was decided to send a legal notice to United Bank Limited UK for “unauthorized debit of account” to pay Broadsheet “without informing” the Pakistan High Commission in London. On Sept 14, 2020, The News published an exclusive story by its London correspondent Murtaza Ali Shah disclosing that the Pakistan Government had issued instructions to the UBL London office to make a payment of around $27 million to Broadsheet after the company had moved the London high court and obtained freezing orders on monies kept in bank accou
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Government narrowly sees off Tory revolt over anti-genocide trade deal law
Published
image captionProtests against China s alleged abuse of the Muslim Uighur community
The government has narrowly seen off a rebellion by 33 Tory MPs, who want to outlaw trade deals with countries judged to be committing genocide.
MPs voted by 319 to 308 to remove an amendment to the Trade Bill which would have forced ministers to withdraw from deals with nations the UK High Court ruled guilty of mass killings.
It comes amid condemnation of China s treatment of the Uighur people.
The rebels believe they have enough support to secure another vote soon.
The Public Accounts Committee (PAC) on Tuesday asked Auditor General of Pakistan (AGP) Javed Jahangir to probe the Broadsheet affair. Photo courtesy AG website/File
ISLAMABAD: The Public Accounts Committee (PAC) on Tuesday asked Auditor General of Pakistan (AGP) Javed Jahangir to probe the Broadsheet affair and submit a report within 10 days.
PAC chairman Rana Tanveer Hussain said that the amount paid to the foreign company may be recovered from the National Accountability Bureau (NAB) if the report held the bureau responsible.
Recently, the Pakistan government paid $28 million to Broadsheet company after the latter secured the verdict from the UK’s High Court.