Will Axact come undone?
Founded in 1997 as a software company, Axact was allegedly earning around $4,000 a day from the sale of fake degrees way back in 2006. After 2011 Axact Chairman and CEO Shoaib Ahmed Sheikh held annual Team Meets where in the presence of company employees and specially invited celebrities, he claimed Axact was three times larger than any private sector company in Pakistan, that it had global presence in six continents, 120 countries and 1,300 cities and that by 2019 the company would contribute $50 billion to Pakistan’s economy. What intrigues one is that none of the regulatory bodies including SECP, FIA, FBR, and the IT Ministry cared to look into the affairs of the company. Its administration continued to move on its chosen course under Musharraf, PPP and PML-N. But for Declan Walsh, Ch Nisar too would not have taken notice of Axact which was now about to give birth to BOL.
It is equally intriguing the way some of the ‘investigative journalists’ rushed to join BOL which offered fantastic packages and perks without caring to look into the credentials of Axact. The way some of them have jumped the sinking ship, abandoning to their fate scores of other employees whom they had themselves encouraged to join BOL, was cruel.
In his annual speeches to employees Axact CEO dilated on social responsibility and the need to provide education, healthcare and justice to the common man. He promised to provide 100,000 jobs to the unemployed youth. Many Axact employees considered him nothing short of a messiah. One can imagine the shock that the disclosures must have administered to them. In case the allegation are proved to be true, hundreds of the Axact and BOL employees are likely to face unemployment.
Unless the ruling elite puts its act together by strengthening the institutions, unscrupulous elements will continue to play with the lives of the people and the reputation of the country. Does the PML-N leadership have the capacity to make the regulatory mechanisms perform their duties? Seems like a forlorn hope.
I am amazed at the quality of reporting and Editorials of your paper when you criticise every one day in and day out for non issues on a TV Channel. Why are you worried about Axact when your own fraternity has been subjected to state terrorism in Karachi? This reflects your nature as a very selfish person who can never be trusted. Our media persons barring very very few are a despicable lot for they lack character.
I am amazed you are criticising PT for exposing the truth. Investigative journalists like KK joined BOL in full know of their irregularities and shady controversies surrounding real owners of Axact, because he was very close to Bombay Don.
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