Aqeel Karim Dhedhi

Aqeel Karim Dhedhi
Personal details
Born Aqeel Karim Dhedhi
1957
Karachi
Children Four Daughters
Religion Islam

Aqeel Karim Dhedhi (born 1957) is a Pakistani business tycoon who is the Chairman of the AKD Group.[1] The range of services is financial services, telecom, infrastructure, manufacturing and natural resources.[2]

Early life and career

Dhedhi's father was Haji Abdul Karim Dhedhi. Dhedhi completed his schooling at Karachi. Dhedhi initiated his career by taking part in export business with his brother. He started cotton business projects when he was in seventh class. He started trading at Karachi Stock Exchange (KSE) in 1976. in 1984, he built his own office in Karachi Stock Exchange.

Karachi Stock Exchange

Dhedhi has been a stockbroker at the KSE since 1986. Prior to this, he spent 13 years managing his father’s brokerage commercial projects. He was on the board of the KSE in 1996, 1997, 1999 and 2001. Dhedhi is also a member of the Lahore Stock Exchange.[3]

Awards

Dhedhi was awarded the "Sitara-e-Esaar" by then president Gen. Pervez Musharraf for his services during the devastating earthquake that hit the northern areas of Pakistan in October 2005. He has also been awarded honorary PhD (Honoris Cause) degrees by private institutes like Biztek Institute of Higher Education and the Indus Institute of Higher Education.

Charity work

Dhedhi is involved with groups including community based assistance, health services, leadership development of deserving younger generation, and women empowerment.[4] He is a trustee and member of the Board of Directors of The Shaukat Khanum Cancer Hospital; The Indus Hospital; World Memon Organization and the Resource Development Committee of Agha Khan University Hospital. He also takes interest in health services, women empowerment, leadership development of young generation and community based assistance.

OGRA investigation

In 2011, Dhedhi came under investigation when the Policy Board of the Securities and Exchange Commission of Pakistan (SECP) launched an evaluation of suspicious trading patterns of gas utilities companies SSGCL and SNGPL.[5][6] In January 2014 as part of the investigation Dhedhi was along with other suspects placed on the "Exit Control List" for Pakistan denying him permission to leave the country.[7] Aqueel Karim Dhedhi was already on the Exit Control List for his 1.6 billion rupee default to the Pakistan Telecom Authority.[8] Later that month, the Sindh High Court instructed the National Accountability Bureau not to tamper with Dhedhi's records after Dhedhi filed complaint that no evidence had been presented against him in spite of two years of investigation and that his name was not mentioned in its report.[9]

Insider trading at KSE

NAB Committee’s report confirmed that 120 billion rupees in stock brokers Aqeel Karim Dhedhi and Daud. Insiders were involved in trading. The AKD and Dawood brokers have already rejected the charges against them as baseless, stating they would challenge the allegation in a court of law.[10]

2016

AKD securities CEO and two other directors were arrested by FIA, Federal Investigation Agency. [11] High Court canceled the bail application of the staff members. [12]

References

  1. ↑ Asif, Haseeb (11 September 2016). "The outsider: The life of business tycoon Aqeel Karim Dhedhi". Dawn. Retrieved 11 September 2016.
  2. ↑ "AKD Securities". AKD Securities. 2012-11-28. Retrieved 2014-03-04.
  3. ↑ "Aqeel Karim Dhedhi". Daily Times (Pakistan). Retrieved 2014-03-04.
  4. ↑ https://web.archive.org/web/20131211221747/http://www.dailytimes.com.pk/default.asp?page=2009/04/26/story_26-4-2009_pg15_3. Archived from the original on December 11, 2013. Retrieved December 8, 2013. Missing or empty |title= (help)
  5. ↑ "SECP's revised inquiry confirms regulatory capture by stock market tycoons: Aqeel Karim Dhedhi, JSCL objections rejected". Thenews.com.pk. Retrieved 2014-03-04.
  6. ↑ Abassi, Obaid (5 February 2014). "Ogra case: Court summons ex-PMs Gilani, Ashraf". The Express Tribune. Retrieved 10 February 2014.
  7. ↑ "Nine Including Aqeel Karim Dhedhi Put on ECL". Geo.tv. 25 January 2014. Retrieved 10 February 2014.
  8. ↑ http://www.thenews.com.pk/Todays-News-13-23090-Dhedhi-five-others-not-allowed-to-go-abroad
  9. ↑ "Ogra scam: NAB told not to tamper with Dhedhi's record". Express Tribune. 24 January 2014. Retrieved 10 February 2014.
  10. ↑ "SECP sees AKD, Dawood brokers in insider trading | PAKISTAN". geo.tv. Retrieved 2014-03-04.
  11. ↑ Ayub, Imran (2016-01-05). "FIA arrests chief executive of AKD Securities". www.dawn.com. Retrieved 2016-03-26.
  12. ↑ "EOBI scam: SHC rejects bail pleas of AKD Securities officials - The Express Tribune". The Express Tribune. Retrieved 2016-03-26.
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