KARACHI: Additional District and Sessions Judge Hifzur Rehman indicted Axact Chief Executive Officer (CEO) Shoaib Ahmed Sheikh and two directors of a Dubai-based money exchange firm in a money laundering case on Wednesday.

The ADJ-IX (South) formally framed charges, but the accused denied them and opted to contest. The court summoned the prosecution witnesses to record their testimonies on July 4.

The Axact CEO was accused of having illegally transferred Rs170.17 million to Dubai-based Chanda Exchange Company in April 2014. The Federal Investigation Agency (FIA) also named the money exchange firm’s directors Mohammad Younis and Mohammad Junaid as co-accused in the case, which was registered under the Foreign Exchange Regulation Act, 1947.

Meanwhile, Chief Justice of Pakistan Saqib Nisar has ordered Shoaib Sheikh, the owner of BOL TV, to deposit Rs100m with the apex court so that salaries could be paid to the channel’s employees. Justice Nisar gave the order during a hearing at the Supreme Court’s Karachi registry on Wednesday over non-payment of salaries to BOL workers.

The CJP restrained Shoaib Sheikh from leaving the country without seeking permission from the apex court. The CJP ordered him to deposit Rs100m within two weeks and warned that contempt proceedings would be initiated if he failed to comply with the order.

Published in Dawn, June 21st, 2018

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