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| India-Pakistan |
| Action against Axact after FIA completes probe: SECP chairman |
| 2015-06-03 |
| [DAWN] Securities and Exchange Commission of Pakistain (SECP) Chairman Zafar Hijazi said Tuesday that the commission can only take action against local IT company Axact after completion of investigation into its involvement in a fake degrees scandal by Federal Investigation Agency (FIA). Addressing a Senate committee on finance and revenue, the SECP chairman said notices have been issued to Axact company, and a response is awaited till June 4. "We did not know that a company registered in the name of IT was indulging in some other business," he said, adding that around the world there are authorities which monitor the businesses of companies. The Senate committee was told that notices have also issued to Bol TV and other affiliated departments working with Axact. A detailed NYT report titled "Fake Diplomas, Real Cash: Pak Company Axact Reaps Millions" and written by New York Times ...which still proudly displays Walter Duranty's Pulitzer prize... Pakistain bureau chief Declan Walsh outlined how Axact -- referred to as a "secretive Pak software company" -- allegedly earned millions of dollars from scams involving fake degrees, non-existent online universities and manipulation of customers. |
| Posted by:Fred |