The Axact Story: Industrial Espionage, Conspiracy or a Reality?

Pakistani’s greatest commercial achievement would have been witnessed by the world many years ago, if Bank of Credit and Commerce International (BCCI) was not targeted by U.S. in 1991. Bank of Credit and Commerce International (BCCI) was found accused of money laundering case for Colombian drug traffickers. Mr. Robert Mazur the US customs undercover agent has confessed this after many years in an interview with Express Tribune (the same paper that carried two pager story on Axact this morning) over phone from London: “I am now convinced that all foreign banks were doing the same thing and that they should have faced a similar fate”.

BCCI was the seventh largest private bank in the world when it was shut globally on July 5, 1991, by the US and UK regulators, in what till this day remains the only multinational financial institution to be shut down for such behavior. The bank importantly was founded by Agha Hasan Abedi– a Pakistani in 1972 and run mostly by the South Asians.

For more details about Mazur’s interview please visit: The Express Tribune

[pull_quote_center]“When I debriefed BCCI executives after the operation, they didn’t understand what was happening with them. They used to say they hadn’t done anything which other banks weren’t doing. At that time I thought they were lying. But now I am 100% sure that they were being honest. Many other banks laundered money too. They still do. I completely agree that all many other banks, which have been found to be involved in money laundering, should have been shut just like BCCI. But I really feel ashamed that government of my country lets these bankers go scot-free.”[/pull_quote_center]

The Axact Group case seems quite similar to the BCCI one, if read in the true context. It is being accused of making money through fake degree etc. Before going into the merit of the story- I asked if there is no fake university in the US, UK or the EU for that matter offering degree without education- one just has to Google and will be surprised to know of the thousands of such companies that exist. Two wrongs don’t make one right so all of this if true needs to stop. Now let’s look at the other characters that make this whole story even more hazy and most comes from looking at the press coverage that also went viral on social media.

[pull_quote_left]“Axact condemns this story as baseless, substandard, maligning, and defamatory and based on false accusations and merely a figment of imagination published without taking the company’s point of view. Axact will be pursuing strict legal action against the publications and those involved.”[/pull_quote_left]

We see prominently and on cover two pager story of fake or scam degree award on papers run that also run electronic media, an unprecedented coverage that otherwise would hardly make a two column story on some inside page.  This surely add weight to Axact claim of bias since most of them are potential competitors for their upcoming channel BOL.

The IT company based in Pakistan was sometime back accused of promoting pornographic content that also did not find any grounds for it illegality or wrong doing. The IT Company boost its revenue from the products that it sell globally and ranges from ERP, CRM, Content, HRM, Finance, Payroll and quite a few others including education. It would have made a lot of sense if NYT and others would have investigated the authenticity of these products that doesn’t fare well in their investigative report.

The company also claimed the reporter Declan Walsh of NYT, was actually expelled from Pakistan as Persona non-grata by Pakistan Interior Ministry allegedly due to his efforts in damaging Pakistan’s national interests.

[pull_quote_center]“NYT in Pakistan is partnered with Express Media Group in Pakistan and receive earnings from the group. Express was under a restraining order and contempt of court proceedings by Sind High Court for publishing a defamatory news item and publishing anything further detrimental to Axact’s reputation. Express Media Group to circumvent the court order has got this story published via its partner NYT in collaboration with some reporter called Declan Walsh.”[/pull_quote_center]

The public at large needs objective reporting and information and in current era where anything can easily be made to believe something that could be far from reality. More importantly it could lead to serious and deeper consequences.


  1. Mir Shakil ur Rehman, founder of Jung group is the man behind this drama being played against AXACT group. And of course with the blessings and full support of MNS Government in aid to thwart launching of BOL channel.

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