New Delhi, Oct 25 (UNI) The Life Insurance Corporation (LIC) today denied the claims made by a Washington Post report that investment decisions of LIC are influenced by external factors.
Sharing the statement, LIC posted on X, “LIC denies false reports by The Washington Post, reaffirming that all investments are made with integrity and due diligence.”
The statement, titled ‘Rebuttal to the article of The Washington Post’, countered the Washington Post allegations as ‘false, baseless, and far from the truth.’
“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. The investment decisions are taken by LIC independently as per board-approved policies after detailed due diligence,” the statement said.
“The Department of Financial Services or any other body does not have any role in such decisions. LIC has ensured the highest standards of due diligence, and all its investments have been undertaken in compliance with extant policies and provisions in the acts and regulatory guidelines, in the best interest of all of its stakeholders,” it said.
Countering the Washington Post article, LIC continued that these purported statements in the article appear to have been made with the intention 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 foundation in India, it added.
