Axact.com back up after almost 15 months
JournalismPakistan.com | Published: 6 September 2016
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The Axact website has resumed operations after 15 months of inactivity. The change comes after CEO Shoaib Ahmad Shaikh's release from prison, signaling potential recovery for the company.Summary
ISLAMABAD – The website of software giant Axact - the parent company of BOL Media Group - was up and running Tuesday for the first time in almost 15 months.
It indicated things were slowly turning better for the company with the release from jail on September 2 of its CEO Shoaib Ahmad Shaikh.
Shaikh was arrested in May 2015 following accusations Axact sold fake degrees to students worldwide and that he had illegally transferred Rs170m abroad.
Axact.com could not be operated all the months Shaikh was in jail. However, following his release, he told Axact staff the company’s operations would begin soon. He also announced 15-month of outstanding salaries to staff and houses for those who stood by the company in the period of distress.
KEY POINTS:
- Axact.com is back online after 15 months.
- CEO Shoaib Ahmad Shaikh was released from jail on September 2.
- Shaikh was arrested in May 2015 over fraud allegations.
- He announced the resumption of company operations to staff.
- Outstanding salaries and housing support were promised to employees.
