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IT and Computers: Pakistan


A Federal Investigation Agency''s team probing an alleged fake degree scam on Friday recorded the statements of two sales officers of Axact, the IT company. Sources said that Hasnain-ur-Rehman and Sajjad Haider, sales officers, submitted their written statements.

The Federal Investigation Agency''s (FIA) team probing the allegations levelled by an American newspaper against IT Company Axact, recorded the statements of six officials of the company. Sources said the FIA team on May 20 summoned six officials of IT company to appear before the investigation team. The six officials of Axact are; Regional Head Jamil Ahmed, Senior Manager Safety and Security Muhammad Younis, Assistant Manager Human Resources Abid Khan, Assistant Manager IT Muhammad Amjad, Sales Leads Hasnain ur Rehman and Sajjad Haider.
Despite a lapse of three months, the Regional Tax Office (RTO-I), Karachi remains unable to ascertain Rs 202.948 million income declared by Axact (Pvt) Limited as tax exempted since 2009 falls under the purview of section 133 of the second schedule of Income Tax Ordinance, 2001; it was learnt here on Thursday.
Senior journalist Declan Walsh has claimed that he has further evidence regarding what he says the involvement of Axact in fake educational degrees'' business. In an interview with BBC Urdu''s Sairbeen, broadcast by Aaj TV, Walsh said that he had been working on the Pakistani media for quite some time; and during his work he came across new channel, Bol.
A parliamentary panel Wednesday observed that non-existence of strict cyber laws is the main cause of recently brewing scandal like "Axact" which has tarnished the image of the country across the globe. The Federal Investigation Agency officials were of the view that they are capable of investigating and prosecuting any kind of electronic crime, but in absence of proper legislation, the agency is unable to prove the scam.
SECP issues official statement with regard to investigations into Axact's affairs: 1 A show cause notice under section 496 read with section 476 of the Companies Ordinance, 1984, has been issued to the Company regarding their ultra vires activities which are not authorised by its Memorandum of Association. Though, the main objects of the Company are to carry on business of import and export of software and related matters.
The Federal Investigation Agency (FIA) on Tuesday launched a countrywide crackdown against an IT company, Axact, to probe the allegations levelled by an American newspaper regarding its academic degree business. At the same time, the Securities and Exchange Commission of Pakistan (SECP) has started analysing the record of this Pakistani IT company, particularly Memorandum of Association and Articles of Association, to verify whether the company has duly complied with the commission''s rules and regulations. The SECP will fully cooperate with the FIA''s investigators for providing any document or assistance required during the ongoing investigations against the company, sources said.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln