Shoaib Sheikh—CEO Axact Might Face Imprisonment Again – Research Snipers

Shoaib Sheikh—CEO Axact Might Face Imprisonment Again

Mian Saqib Nisar—the Chief Justice of Pakistan on Monday said that the Chief Executive Officer-Axact—Shoaib Sheikh might face imprisonment once again if he fails to deposit rupees hundred million in the Supreme Court.

Mian Saqib Nisar while leading a three-judge bench regarding the Axact fake degree case directed that all the cases relating to the Axact fake degree matter be winded up within two months’ time and that the firm should deposit rupees hundred million in the top court within a span of ten days as overdue payment for the ex-employees of Bol.

The Chief Justice Pakistan said that if the firm would fail to deposit the said amount in the apex court within ten days’ time, then the company head would have to face the consequences and might even get imprisoned again.

The CJP also inquired regarding the courts with whom the cases of Axact are pending and also asked that whether Shoaib Sheikh has been given bail in all the cases or not.

Also Read: Thousands of UK citizens bought fake degrees from Axact

In response to the CJP’s query, the DG FIA said that the Shoaib Sheikh has been given bail in all the cases and is not cooperating in the trials against him as he does not come before the court.

Upon this, the CJP said that if Sheikh does not cooperate then his bail should be annulled.

He also asked for all the details related to the Axact fake degree case and asked about the total sum of money that the company must pay in salaries to the former employees of Bol.

To this, the CJP was informed by the court that the employees claim that the firm owes them rupees three hundred million.

Mian Saqib Nisar gave them one months’ time for resolving the issue and to appear before the court.

Faisal Aziz Khan—the CEO of Bol told the court that as soon the news channel came under crisis, Salman Iqbal took over the news channel so technically he owes the employees the salaries of two months.

Axact’s counsel further mentioned to the supreme court that it would be difficult for the firm to deposit a sum of rupees hundred million. The counsel suggested that the court could keep some property or any other thing as a guarantee.

To this, the CJP remarked that raising this much money would not be tough for the firm as the firm only needs to sell two degrees and the required total would be attained.

The hearing of the case has been suspended for the next ten days.

Axact has been under crises since May 2015, when for the first time The New York Times published a report claiming that the company sell fake degrees and diplomas online via hundreds of fabricated schools making tens of millions of dollars per year.

The FIA had then filed a plea against the clearing of Shoaib Sheikh in 2016 in a money laundering case, providing the argument that he was forgiven from the charges by the trial court even though strong evidence has proved his involvement in money laundering.

As per FIA, the CEO of Axact is involved in an unlawful transfer of rupees 170.17 million to a Dubai-based company—Chanda Exchange Company in the April of 2014.

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