Shoaib Ahmed Sheikh
Shoaib Ahmed Sheikh is a Karachi-based businessman in his late forties who set up an information technology company, Axact, in the late 1990s. His meteoric rise in business was once seen as a major Pakistani success story – a young man with no family money having made it big on the back of his entrepreneurial skills and hard work. By the late 2000s, Axact had become one of the largest software exporters based in Pakistan – earning millions of dollars in foreign exchange each year. The company was also known for giving very high salaries to its staff and bestowing generous perks and privileges on them, including chauffeur-driven luxury vehicles and paid vacations abroad.
To many people, all this sounded too good to be true and they claimed to be proven right when a 2015 story in the New York Times alleged that Axact had been running a multi-billion-dollar fake educational degrees operation for years. Many cases have been registered against Shoaib Ahmed Sheikh since then in Pakistan for fraud, money laundering and the violation of cyber laws. Axact is also facing a number of cases involving the sale of fake degrees and money laundering in the United States.
In 2015 Shoaib Ahmed Sheikh was arrested, along with many other senior officials of his company and was tried by different courts. In July 2018, a trial court sentenced him for 20 years in prison on money laundering charges but Islamabad High Court suspended the punishment and ordered his release on bail until the high court finalizes the hearing of his appeal against his conviction.
Labbaik (Private) Limited
Labbaik (Private) Limited
Axact (Private) Limited
Family & Friends
Affiliated Interests Family Members Friends
There is no publicly available information about Ayesha Shoaib Shaikh. However, the shareholding document provided by Securities and Exchange Commission of Pakistan for Labbaik Private limited indicate her residential address to be the same as Shoaib Ahmed Shaikh’s. It appears she is related to Shoaib Ahmed Shaikh. She holds 25% shares in the company.
An information request was couriered to the company for seeking official information on 15 January 2019 and by email the next day – 16 January 2019. There was no response. A reminder was sent through a courier company on 01 February 2019 and by email on 04 February 2019. Again, there has been no response from the company to date. The documents MOM Pakistan obtained from Securities and Exchange Commission from Pakistan about Labbaik (Private) Limited which owns BOL News channel do not include annual financial report for financial year. There is a lot of information about BOL Network and its owner Shoaib Ahmed Sheikh available online.