Axact CEO Shoaib Shaikh acquitted in money laundering case

 JournalismPakistan.com |  Published: 24 August 2016

Shoaib Ahmad Shaikh, CEO of Axact, has been acquitted in a money laundering case involving illegal transfers. This decision is perceived as a significant win for Shaikh and his media group, BOL.

Summary

KARACHI - A sessions court here Wednesday acquitted Shoaib Ahmad Shaikh, the CEO of software company Axact in a money laundering case.

Shaikh, who also heads the BOL Media Group, had been in jail after being accused of illegally transferring Rs170m abroad. Two other accused in the case are on bail. The case was heard in the court of Additional and Sessions Judge (South).

Shaikh’s acquittal is being seen as a major victory for Axact and BOL, the media group that is widely believed to have been targeted and victimized by the authorities in connivance with some of Pakistani media’s ‘big boys’ because of its financial muscle.

Last week the Sindh High Court had granted bail to Shaikh and 13 others in a separate case relating to alleged selling of fake degrees.

KEY POINTS:

• Shoaib Shaikh acquitted by a sessions court in Karachi.
• The case involved illegal transfer of Rs170 million abroad.
• Acquittal seen as a victory for Axact and BOL Media Group.
• Two co-accused remain on bail.
• Shaikh had previously been granted bail in a separate fake degree case.