Court orders unfreezing of all Axact accounts
JournalismPakistan.com | Published: 21 September 2016
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A Karachi sessions court has lifted the freeze on all accounts of Axact. This ruling follows the Federal Investigation Agency's inability to demonstrate illegal transactions.Summary
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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KEY POINTS:
- Karachi court ordered unfreezing of Axact accounts.
- FIA could not prove illegal money transfers abroad.
- Axact and BOL CEO Shoaib Shaikh faced over a year in jail.
- Shaikh was arrested in May 2015 following a New York Times report.
- The decision is seen as a significant victory for Axact.
