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.
Your trade, our trade… we got a stay order!
