A Saudi-based based online trading portal – TradeKey – operating in Pakistan, with over 500 employees, has got a stay order from a local court against WorldofTrade.com for resorting to unethical and illegal practices in business operations and activities through its website.
The civil court of Karachi has ordered the rival company to immediately suspend all business activities through the website, WorldofTrade.com, primarily for adopting unethical and illegal business practices.
The court also summoned both e-commerce parties on October 14 for further proceedings.
The owner of WorldofTrade.com, Faisal Qayyum Siddiqui, formerly an employee of TradeKey Pvt Limited – has been accused of adopting wrongful business practices to run his website including violating employment contracts, non-disclosure agreement and misusing the name of TradeKey by falsely representing himself as co-founder and sister company of TradeKey in China through his agents; whereby causing damages to the TradeKey brand.
When Pakistan Today contacted TradeKey CEO Junaid Mansoor, he declined to comment on the issue on the pretext that it is ongoing legal proceedings, but emphasised on the need of effective rules and regulations in the country to promote and facilitate e-commerce.
Talking with Pakistan Today, an information technology expert was of the view that the country has huge economic potential in e-commerce, and TradeKey is a success story world over. “It is our duty to enact relevant laws to deal with fraudulent elements who escape punishments due to weak legislative framework and very limited knowledge on sanctity of intellectual property rights and non-disclosure agreements between employees and employers.”
He said that stories like this are a sad part of the Pakistani corporate world and raise concerns among foreign investors due to no regard for laws and ethical values.
Such kind of events don't let Pakistan develop enterprises because as soon as someone starts to grow, people from inside become greedy and start breaking the enterprise to build their own small castles.
First of all i wanna appreciated the tradekey guys to figuare out these black sheeps and case them finally banned them to stop scamming and cheating with others.
Second thing, they really insult our home land b/c i read many blogs where many blogger said worldoftrade a cheaters and scammer from Pakistan b/c i am the pakistani its really insulting for me and my country mate.
thoo arrayyyyy…. world of trade
This is the scenario that discourage the entrepreneur ventures in Pakistan, InshaALLAH TradeKey will set the standard that will provoke the entrepreneurial ventures in Pakistan, which is the need of todays economy!
Yes its very necessary to enact relevant laws to deal with fraudulent elements who escape punishments due to weak legislative …
World of Trade cheaters…Pakistan legal authourity should take action against them and stop their business activities.
World of Trade is a prime example of greed overload.
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