AKD Group

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AKD Group is a Pakistani financial conglomerate based in Karachi, 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]

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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, including with its brokerage arm, investment house AKD Securities, which in 2002 launched the first online brokerage firm in Pakistan, AKD Trade. [5] [6] AKD Group's chairman is Aqeel Karim Dhedhi. [7]

History

AKD Group was founded in 1947 by Abdul Karim Dhedhi, father of the current chairman. [8] It began business in 1973 as a brokerage house before expanding into investment banking and mutual funds. [9] The group also sponsors sporting events as part of its Corporate Social Responsibility (CSR). In 2007, the group explored investing in four coal-fired power plants, but their initial offer was declined due to the fact that, though financial capacity was present, they lacked the technical ability to assure success. [10] In 2011, ADK Group was committed to the development of the Gwadar port and naval base, but was permitted to pull out of the arrangement alongside their partners, the Port of Singapore Authority and the National Logistics Cell because 584 acres at the mouth of the port necessary for the development were not surrendered as expected by the Pakistan Navy. [11]

In 2015, the company was among the first in Pakistan to create a real estate investment trust (REIT) management unit in response to easing of governmental regulations on investor ratios to create a trust to support the ongoing construction of the Arkadians. [12] Arkadians is a 43-acre high-rise residential property that the ADK Group had been developing on behalf of the Defense Housing Authority at least since 2012. [13] 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 project. [14]

The Group has experienced some controversy. 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 were arrested during a raid of the company for investigation into possible fraud related to the Employees Old-Age Benefit Institution. [15] [16] 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.

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References

  1. 1 2 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. Archived from the original on 2013-10-04. Retrieved 2018-12-12.
  3. 1 2 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. ↑ Staff (23 March 2016). "AKD Securities sweeps Asiamoney Brokers Poll 2015". Khaleej Times. Retrieved 2018-12-16.
  6. ↑ Pakistan Press International (2005). "International Finance Corporation, SECP Sign Accord". Economic Outlook. 38: 36.
  7. ↑ 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.
  8. ↑ "AKD Securities". www.akdsecurities.net. Retrieved 2018-12-12.
  9. ↑ Saluhuddin, Bisma (September–October 2012). "Golf Life Magazine | Face to Face with Aqeel Kareem Dedhi". www.publicitas.com.pk. Retrieved 2018-12-16.
  10. ↑ Archive, AAJ News. "AKD group proposal for coal fired power plants rejected". Aaj News. Retrieved 2018-12-16.
  11. ↑ India's national security : annual review 2012. Kumar, Satish. London. 2016-03-23. p. 64. ISBN   9781134931163. OCLC   945552721.{{cite book}}: CS1 maint: others (link)
  12. ↑ Magul Rind, Hina (14 May 2015). "Pakistan's first REIT expected to boost property market". Nikkei Asian Review. Retrieved 2018-12-16.
  13. ↑ Hasan, Saad (2012-01-26). "After success of one housing project, AKD opens the door on another". The Express Tribune. Retrieved 2018-12-16.
  14. ↑ 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.
  15. ↑ "Three top AKD group officials sent to jail in EOBI fraud case". Pakistan Herald. 12 January 2016. Retrieved 2018-12-12.
  16. ↑ "EOBI scam: FIA raids AKD office, detains 3 directors". The Express Tribune. 2016-01-04. Retrieved 2018-12-12.
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