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Pakistan’s BOL TV welcomes new management amid controversy over ownership, dealings

By Nyaboga Kiage September 12th, 2023 2 min read

A Pakistani national who was recently apprehended in his home country as he planned to fly to Kenya has sold his media station.

Mr Shoaib Shaikh who is said to be on the radar of authorities in the US, is said to have sold BOL TV to siblings namely Shaheryar Arshad Chishty and Sameer Arshad Chishty.

“We have purchased BOL TV. It is now under new management,” confirmed Shaheryar Arshad Chishty in a separate statement.

Besides, the Chishty brothers are battling a number of lawsuits including one by Ernst and Young at Cayman Island Grand Court alleging unlawful removal of board members in a joint business venture.

Court documents indicate the board members were removed so as to stop the appointment of a representative by Mashreq Bank.

Mr Shaheryar Chishty is embroiled in a separate lawsuit with Transcience Investments Limited, incorporated in BVI, whereby he is accused of breaching duties.

BOL TV Company was reportedly involved in an issue on fake academic papers, a scam exposed by a leading media house.

Some of the certificates reportedly found their way to the USA, UK, Europe, and Middle Eastern Countries.

In addition, it was also linked to the selling of inappropriate content.

The new owners of BOL TV also own British Virgin Islands (BVI) registered AsiaPak Investment and Sage Ventures Groups Limited.

When the saga of fake academic papers was aired by International Media, Pakistan police officers and detectives raided the premises in a bid to investigate the matter.

Shoaib has been under investigation since 2015 when he was nabbed by Pakistani authorities on various allegations.

In addition, Shaheryar Arshad Chishty has been named as the majority shareholder of Karachi Electric (KE) which is Pakistan’s major electricity supplier and has its commercial hub in Karachi.

He took over the ownership of K- K-Electric in a sale that took place in the Cayman Islands.

With very little fuss and almost completely out of the public eye, Pakistan’s only vertically integrated utility company changed hands from the infamous Abraaj Group to a little-known company by the name of AsiaPak Investments — an energy investment company owned and operated by Shaheryar Chishty.

Meanwhile, Pakistan Tehreek-e-Insaaf’s former lawmaker Captain (retired) Jamil has taken over as the CEO of BOL TV on behalf of Chishty.

The channel’s former president Sami Ibrahim also confirmed the sale on X (formerly known as Twitter).

Founded in 1997 in Karachi with a mere ten employees, Axact’s activities were executed with a high degree of sophistication and an extensive operational framework.

The company employed a diverse portfolio of websites and domain names, skillfully designed to replicate established universities and colleges.

Notably, these websites often bore striking resemblances to reputable institutions, leveraging names reminiscent of well-established entities.

Through these online platforms, Axact offers an extensive range of academic programs.

A comprehensive report released in April 2016 unveiled the scandal’s scope transcended initial estimates, with allegations asserting that Axact garnered funds from over 215,000 individuals across 197 countries.

Consequently, in 2018, CEO Shoaib Shaikh and 22 co-conspirators faced significant legal consequences, receiving a 20-year prison sentence as a result of their involvement.

When the matter was still in court, the prosecution raised concerns saying that they were being threatened.

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