Since the verdict of the Court has been announced exonerating AKDS
from having committed any of the alleged violations of the Code of Conduct for brokers, we therefore wish to put the record straight for our stakeholders and especially for our valued clients.
KARACHI -- The Federal Investigation Agency's (FIA) probe into a multi-million rupees scam involving the Employees' Old-Age Benefits Institution (EOBI) and AKD Securities has suffered a major blow as after spending over two years on the exercise the FIA has admitted in a report that it could not find any evidence against the capital market giant, it emerged on Friday.
In their final report titled 'False implication of AKD Securities in EOBI scandal' submitted to the FIA Sindh director, senior officials of the agency have come up with the conclusion that further efforts to establish the role of AKD Securities in the multi-million rupees scam would be a 'futile exercise'.
In their findings, they mentioned an order of the Sindh High Court which had allowed an appeal of AKD Securities against the FIA action.
The final report, which has been prepared by the FIA committee comprising its additional director corporate crime circle and additional director law, while referring to the ruling of the high court in favour of AKD Securities, has reached the conclusion that there is no use of reinvestigating the role of the brokerage house offices of which were raided more than two years ago to round up its senior management.
In January 2016, the FIA initiated an investigation against AKD Securities for allegedly causing a loss of more than Rs250 million to the national exchequer by allegedly manoeuvring with the EOBI.
However, more than two years after the FIA action during which senior members of the AKD Securities' management remained behind bars for months until they were awarded bails, the federal agency has finally come to the conclusion that the brokerage house had nothing to do with the infamous scam.