LIC Terms Washington Post Report ‘False And Baseless’, Asserts Investments Made Independently

New Delhi: Life Insurance Corporation of India (LIC) on Saturday termed false and baseless, and far from the truth, the allegations levelled in a report by the Washington Post, which had claimed that the investment decisions of the insurance company are influenced by external factors.

The Washington Post had claimed 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 said in its rebuttal today.

LIC categorically asserted that its investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence.

"Department of Financial Services or any other body does not have any role in such decisions," LIC continued.

LIC added it has ensured 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 undertake in compliance with extant police, provision in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the statement said.

LIC said that the reportage of the Washington Post was made to tarnish the insurance majors 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 LIC rebuttal concluded.

Life insurance corporation, popularly known as LIC is the Indian state-owned insurance group and investment company.

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