AKD Group

From Wikipedia, the free encyclopedia
  (Redirected from AKD Tower)
Jump to: navigation, search

AKD Group is a financial institution in Pakistan opened in 1947 by Haji Abdul Karim Dhedhi. Its chairman is Aqeel Karim Dhedhi.[1]

Controversies AKD Group is embroiled in several controversies. The Group Chairman is barred from leaving Pakistan as he is considered a flight risk due to payment defaults to the Pakistan Telecom Authority [2] and investigations for insider trading[3][4][5][6]

AKD Group is also involved in controversial land developments such as Naya Nazimabad. Allegations have included illegal conversion of the land lease from mining and industrial leases to housing leases.[7][8][9] There are also massive environmental concerns expressed as there are high tension wires crossing the land and there was no Industrial cleanup before the apparent illegal grant of the land itself for housing purposes.[10][11][12][13] The Naya Nazimabad site is also being investigated for illegally becoming a housing development despite being an asbestos dumping ground in the past [14] and therefore unsuitable for human habitation.[15][16]

Other land controversies of AKD Group have included the Arkadians project formerly called Creek Views and Terraces. It is alleged that this construction is unsafe and illegally built on Amenity plot meant for a park, graveyard and sewerage treatment plant.[17][18] The project has been restrained from launching by the Sindh High Court in Pakistan due to these reasons[19][20][21][22]

In its traditional business of stock brokering apart of the insider trading allegations highlighted above [23][24][25][26] the Securities and Exchange Commission of Pakistan (SECP) has found AKD Group and its shareholders guilty on multiple violations and fined them over time.[27][28][29] The SECP has recently refused AKD Group registration for businesses due to lack of compliance with regulations [30][31]

News Reports have also claimed that AKD Group Chairman is under investigation by the Federal Bureau of Revenue (FBR) in tax fraud cases [32]

References[edit]

  1. ^ Mangi, Faseeh; Augustine Anthony (Nov 7, 2013). "AKD’s Dhedhi Sees Scope for Pakistan Stocks to Rise 50% by June". Bloomberg. Retrieved 14 February 2014. 
  2. ^ http://www.thenews.com.pk/Todays-News-13-23090-Dhedhi-five-others-not-allowed-to-go-abroad
  3. ^ http://in.reuters.com/article/2013/04/12/pakistan-stockmarket-corrected-update-1i-idINDEE93B04R20130412
  4. ^ http://www.thenews.com.pk/article-135461-Ogra-scam:-Nine-including-Aqeel-Karim-Dhedhi-put-on-ECL
  5. ^ http://www.brecorder.com/fuel-a-energy/193:pakistan/1147231:ogra-scam:-names-of-ssgcl-managing-director-others-put-on-ecl?date=2014-01-26
  6. ^ http://articles.chicagotribune.com/2013-04-11/news/sns-rt-us-pakistan-stockmarket-insightbre93813z-20130409_1_karachi-stock-exchange-kse-tax-net
  7. ^ http://www.thenews.com.pk/Todays-News-13-28338-Rs100-bn-Karachi-housing-project-hoodwinks-law
  8. ^ http://www.pakistantoday.com.pk/2013/09/21/national/jcl-land-scandal-becomes-controversial-after-seven-years/
  9. ^ http://www.thenews.com.pk/Todays-News-13-25549-Mining-leases-polluted-land-converted-into-housing-society
  10. ^ https://en.wikipedia.org/wiki/Environment_of_Karachi#Naya_Nazimabad_Contamination
  11. ^ http://www.thenews.com.pk/Todays-News-2-238778-Naya-Nazimabad-project-to-cost-nation-$6m-annually
  12. ^ http://pakobserver.net/detailnews.asp?id=229512
  13. ^ http://www.thenews.com.pk/Todays-News-13-28618-Naya-Nazimabad-infested-with-dangerous-wires
  14. ^ http://tribune.com.pk/story/696648/naya-nazimabad-construction-continues-despite-dangerous-report/
  15. ^ http://www.thenews.com.pk/Todays-News-13-24056-Two-million-Karachiites-face-cancer-threat
  16. ^ http://www.sugaronline.com/news/website_contents/view/1226325
  17. ^ http://www.thenews.com.pk/Todays-News-2-206123-Whos-watching-the-watchdog
  18. ^ http://www.thenews.com.pk/Todays-News-2-206360-Whos-watching-the-watchdog-Part-II
  19. ^ http://tribune.com.pk/story/615793/builder-allowed-to-build-creek-terraces-creek-view-at-own-risk/
  20. ^ http://www.thenews.com.pk/Todays-News-2-204479-SHC-restrains-DHA-from-launching-Arkadians-project
  21. ^ http://karachi.newspakistan.pk/2013/09/26/shc-restrains-dha-from-launching-arkadians-project/
  22. ^ http://news.paknology.com/2013/09/defence-housing-authority-dha.html
  23. ^ http://www.dawn.com/news/1024364
  24. ^ http://www.awaztoday.com/News_SECP-sees-AKD-Dawood-brokers-in-insider-trading_1_39539_Political-News.aspx
  25. ^ http://www.brecorder.com/general-news/172/1186329/
  26. ^ http://tribune.com.pk/story/533626/pakistans-booming-market-no-black-and-white-matter/
  27. ^ http://www.secp.gov.pk/orders/pdf/Orders_05/Oct_04_AKD_Securities.pdf
  28. ^ http://www.secp.gov.pk/orders/pdf/orders_2014/117_Order_UsmanAKD_20141125.pdf
  29. ^ http://www.secp.gov.pk/Reports/2013/3_Investigation-Report_ChenabLtd.pdf
  30. ^ http://epaper.brecorder.com/m/2015/02/17/26-page/486971-news.html
  31. ^ http://www.secp.gov.pk/orders/pdf/Orders_2015/39_Order_AqeelKarimDhedhi_20150213.PDF
  32. ^ http://www.pakistantoday.com.pk/2014/10/31/business/fbr-after-tax-cheats/

External links[edit]