September 21, 2016
ISLAMABAD –A sessions court in Karachi Wednesday ordered unfreezing of all accounts of software company Axact after the Federal Investigation Agency could not prove any money was transferred illegally abroad.
The FIA had frozen the accounts of Axact, the parent company of BOL News Television, more than a year ago. The decision comes as a major victory for Axact and BOL CEO Shoaib Ahmed Shaikh, who languished in jail for over a year.
Shaikh was arrested in May 2015 after a New York Times story claimed that Axact sold fake degrees that provided fuel to BOL – a channel shut down shortly afterwards, just when it was about to hit the airwaves. Shaikh was released at the start of this month.
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