New Delhi [India], October 25 (ANI): Life Insurance Corporation of India (LIC) on Saturday dismissed as false and baseless a report by the Washington Post claiming that the insurer’s investment decisions were influenced by external factors.
The Washington Post had alleged that Indian officials had drafted a proposal to channel approximately USD 3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group.
“No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies,” LIC stated in its rebuttal.
The insurer emphasized that its investment decisions are taken independently, in accordance with Board-approved policies and after detailed due diligence. “Department of Financial Services or any other body does not have any role in such decisions,” LIC added.
The corporation affirmed that it maintains the highest standards of due diligence in the best interest of all its stakeholders. “LIC has ensured highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts, and regulatory guidelines,” the statement said.
LIC further criticized the Washington Post report for attempting to tarnish its reputation. “These purported statements in the article appear to have been made with the intentions to prejudice the well-settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India,” the rebuttal concluded.
Life Insurance Corporation, popularly known as LIC, is the Indian state-owned insurance group and investment company. (ANI)
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