AKD Group

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AKD Group, also called AKD Securities, is a financial institution in Pakistan. In 2013, Reuters described it as "one of Pakistan's largest domestic conglomerates" and The Independent described it as one of Pakistan's largest corporations.[1][2] In 2018, Dawn described it as a "capital market giant,"[3] while that same year the UK's Daily Express described it as "leading Pakistani securities firm."[4] The group operates in real estate, brokerage and financial services, infrastructure, natural resources and telecom sectors. Its chairman is Aqeel Karim Dhedhi.[5]

History[edit]

ADK Group was founded in 1947 by Abdul Karim Dhedhi, father of the current chairman.[6] AKD Capital which operates under AKD Group was among the first two companies in Pakistan to have been awarded Real Estate Investment Trust (REIT s) license.[7] AKD Group founded TMT Ventures,[8] the country’s first institutionalized technology venture capital fund back in 2000. It has been funding start-ups in technology, media and telecom sectors.

In 2013, AKD Group came under scrutiny under allegations of insider trading when it, along with other traders, invested in the Sui Southern Gas Co. owned by the Pakistan government just before the gas company's prices went up.[1]

In 2017, three of the company's top officials, including chairman Dhedhi, were arrested during a raid of the company for investigation into possible fraud related to the Employees Old-Age Benefit Institution.[9][10] In August 2018, AKD was cleared for lack of evidence, with a federal report titled "False implication of AKD Securities in EOBI scandal."[3] During the investigation, the three officials remained jailed for months.

In March 2018, The National Assembly of Pakistan Standing Committee on Housing and Works praised the leadership of Dhedhi and the supervision of the AKD Group's CEO Ayesha Dhedhi in the quality construction of government accommodations to National Assembly members in the ARKADIANS.[11]

References[edit]

  1. ^ a b Houreld, Katharine (2013-04-10). "Insight: Pakistan's booming market no black and white matter". Reuters. Retrieved 2018-12-12.
  2. ^ Buncombe, Andrew (2013-10-04). "Is 'black money' fuelling the rise of Karachi's stocks". The Independent. Retrieved 2018-12-12.
  3. ^ a b Ayub, Imran (2018-08-18). "No evidence found against AKD in EOBI case: FIA". DAWN.COM. Retrieved 2018-12-12.
  4. ^ Whitfield, Kate (2018-07-19). "Pakistan election 2018 polls: Will any party win a majority? Could Imran Khan win?". Express.co.uk. Retrieved 2018-12-12.
  5. ^ Mangi, Faseeh; Augustine Anthony (Nov 8, 2013). "AKD's Dhedhi Sees Scope for Pakistan Stocks to Rise 50% by June". Bloomberg. Retrieved 14 February 2014.
  6. ^ "AKD Securities". www.akdsecurities.net. Retrieved 2018-12-12.
  7. ^ "About AKD Group".
  8. ^ Venture Capital. "TMT Ventures".
  9. ^ "Three top AKD group officials sent to jail in EOBI fraud case". Pakistan Herald. 12 January 2016. Retrieved 2018-12-12.
  10. ^ "EOBI scam: FIA raids AKD office, detains 3 directors". The Express Tribune. 2016-01-04. Retrieved 2018-12-12.
  11. ^ Pakistan Press International (20 March 2018). "All NA employees entitled to government accommodation, committee told | Pakistan Today". www.pakistantoday.com.pk. Retrieved 2018-12-12.

External links[edit]