LIC housing unit to have new CEO soon

Nov 25, 2010 |

Reuters

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Reuters: Life Insurance Corp of India will name a new chief executive for its housing finance unit in 2-3 days, the insurer's chairman said on Thursday, after the arm's chief was arrested on bribery charges.

T S Vijayan also said they would form an internal inquiry team to investigate into the bribery charges.

India's federal investigative agency said on Wednesday it had arrested eight financial officials, including the chief executive of LIC Housing Finance and investment secretary at parent LIC, on charges of receiving bribes for granting loans.

Vijayan had earlier said as per the company policy the two arrested group officials would be suspended after two days of police custody.

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