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Labbaik Private Limited

Labbaik (Private) Limited is registered with Securities and Exchange Commission of Pakistan’s Karachi registry office in September 2005. The company was launched to “setup, own, establish, operate and run television station and station in Pakistan with the prior permission of competent authorities and to do all acts and indulge in all activities for this purpose which may be seem necessary' and conducive whether involving the use of satellite, cable, internet, dish, MMDS, direct to home, receivers or any other means of telecasting invented for the time being and whether through collaboration of any other television station or stations in or outside Pakistan and to open one or more channels as it may seem convenient and advantageous to the company.” The company also included film productions.

The company operates a Television station called Bol News founded and part-owned by Shoaib Ahmed Sheikh.

Key facts

Business Form

Private

Legal Form

Limited Liability Company

Business Sectors

TV Broadcasting; Film Production

Ownership

Individual Owner

Shoaib Ahmed Sheikh

Shoaib Ahmed Shaikh and Ayesha Shoaib Shaikh hold 25% shares each. 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.

50%

Viqas Atiq

There is no publicly available information about Viqas Atiq, except for the fact that he shares the same address as Sarwat Bashir, another shareholder in the company.

25%
Media Outlets
Other Media Outlets

Other Online Outlets

https://www.bolnews.com

Facts

Media Business

TV Broadcasting

Labbaik (Private) Limited

Film Production

Labbaik (Private) Limited

Business

IT solutions

Axact (Private) Limited

General Information

Founding Year

2005

Affiliated Interests Founder

Shoaib Ahmed Sheikh

has founded Bol News channel with attractive packages for employees and state-of-the-art technology to challenge key rivals in the electronic media. The attractive packages paid the dividends with big names from big TV channels moved to join Bol News channel. He 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.

Employees

Missing Data

Contact

Bolistan, BOL Road,

Korangi Creek Cantonment, Karachi

Tel.: +92(0)21-37170265

Website: www.bolnews.com

Tax/ ID Number

Missing Data

Financial Information

Revenue (Financial Data/ Optional)

Missing Data

Operating Profit (in Mill. $)

Missing Data

Advertising (in % of total funding)

Missing Data

Management

Other Influential People

Faysal Aziz Khan

is graduated in international relations. He started his career as a journalist with Geo News in 2002. He was working as the new channel’s bureau chief in Karachi before he joined Bol News in 2014. Once, he was also known as being close to the leadership of the Muttahida Qaumi Movement – or MQM – a party that represents the Urdu-speaking communities of Karachi and other urban areas of Sindh province. Apart from Nazir Leghari, he is among the last few nationally known journalists still working with Bol News – others having left it in the wake of the fake degree case.

Further Information

Data Publicly Available

ownership data is easily available from other sources, e. g. public registries etc.

2 ♥

Meta Data

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.

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