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A judicial magistrate on Wednesday remanded the entire management of Axact, including its CEO Shoaib Ahmed Shaikh, to a seven-day police custody as the Federal Investigation Agency (FIA) found the business conglomerate involved in an online education fraud and money laundering recently reported by the New York Times. The FIA arrested and presented in the civil court of Judge Noor Muhammad Kalmati Wednesday the Axact''''s Shoaib Shaikh, Zeeshan Anwar, Viqas Atique, Zeeshan Ahmed and Muhammad Sabir.

"We have enough evidence to proceed," said Shahid Hayat, the provincial director at Pakistan''''s Federal Investigation Agency. "We have forensic evidence." Television footage showed investigators leading Sheikh away from his office in handcuffs. He later appeared before Judge Noor Mohammad, who ordered Sheikh held for seven days for police questioning on charges of fraud, forgery and cybercrime. Sheikh''''s lawyer, Shaukat Hayat, said his client''''s family would be permitted to see him while he remains in custody.
A spokesman for the Pakistan Embassy in Washington Wednesday rejected an insinuation in a recent New York Times editorial about Pakistani government's complicity in the alleged involvement of Axact in bogus-degree fraud. In a letter to the newspaper, Nadeem Hotiana, the embassy's press attache, said the Pakistani government had launched a wide investigation into the company's activities to consider the allegations. "We are therefore disappointed to see the insinuations in your editorial of Pakistani government complicity," he wrote.
Murad Saigol, Chief Executive Officer of Pak Elektron Ltd briefed prominent entrepreneurs and the business community at the PEL Analyst Briefing 2015 recently. Zeid Saigol, Director Power and IT, Haroon Ahmad Khan, Managing Director PEL and Syed Manzar Hassan, Chief Financial Officer were the distinguished guests. The agenda of the briefing was to share the strategic success story of PEL's sales and business progress in the recent past while announcing plans for 2015.
Following prolonged interrogations for over 13 hours, Axact CEO Shoaib Sheikh was finally taken into custody by Federal Investigation Agency (FIA) in Wednesday''s small hours, according to Aaj News. Minutes before the announcement of detention, FIA Sindh Director Shahid Hayat, while talking to media, said the FIA has found a lot of educational degrees from Axact offices; now, an FIR could be lodged against Shoaib Sheikh.
Microsoft Devices Tuesday announced the local availability of Lumia 430 Dual SIM in the Pakistan for only Rs 7,950. Built with the latest Windows Phone 8.1 software, a Qualcomm (r) Snapdragon (tm) processor featuring dual-core CPU running at 1.2GHz, and with Microsoft Office, Skype and One Drive pre-loaded, the Lumia 430 Dual SIM is designed to help people achieve more at work, at play and on the go. It is also the most affordably priced Lumia that will be upgradeable to Windows 10.1
The Federal Board of Revenue (FBR) is reviewing a budget proposal of computer industry to fix import duties/taxes at Rs 3,000 on the import of laptop and desktop computers in the budget (2015-16) to generate additional revenue and provide an opportunity to informal importers to declare and get cleared imports assessed on fixed rates.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln