AKD Group
{{infobox company
| name = AKD Group
| logo = AKD Pakistan logo.png
| caption =
| type = Corporate group
| traded_as = {{karse|AKDHL}}
{{karse|AKDSL}}
| foundation = {{start date and age|1947}}
| founder = Abdul Kareem Dedhi
| location_city = Karachi
| location_country = Pakistan
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| key_people = Aqeel Karim Dhedhi (CEO)
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AKD Group is a group of companies based in Karachi. It was founded in 1947 by Abdul Karim Dhedhi.
History
AKD Group was founded in 1947 by Abdul Karim Dhedhi, father of the current chairman.{{Cite web|url=http://www.akdsecurities.net/about-akd.aspx|title=AKD Securities |access-date=2018-12-12}} It began business in 1973 as a brokerage house before expanding into investment banking and mutual funds.{{Cite web|url=http://www.publicitas.com.pk/golflife/face_to_face_with_aqeeldaddy.html|title=Golf Life Magazine {{!}} Face to Face with Aqeel Kareem Dedhi|last=Saluhuddin|first=Bisma|date=September–October 2012|website=www.publicitas.com.pk|access-date=2018-12-16}} 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.{{Cite web|url=https://www.aaj.tv/2007/05/akd-group-proposal-for-coal-fired-power-plants-rejected/|title=AKD group proposal for coal fired power plants rejected|last=Archive|first=AAJ News|website=Aaj News|language=en-US|access-date=2018-12-16}} 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.{{Cite book|title=India's national security : annual review 2012|others=Kumar, Satish|isbn=9781134931163|location=London|pages=64|oclc=945552721|date = 2016-03-23}}
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.{{Cite news|url=https://www.reuters.com/article/us-pakistan-stockmarket-insight-idUSBRE93813Z20130410|title=Insight: Pakistan's booming market no black and white matter|last=Houreld|first=Katharine|date=2013-04-10|work=Reuters|access-date=2018-12-12|language=en}}{{Cite web|url=https://www.independent.co.uk/news/world/asia/is-black-money-fuelling-the-rise-of-karachis-stocks-8859804.html |archive-url=https://web.archive.org/web/20131004212429/http://www.independent.co.uk/news/world/asia/is-black-money-fuelling-the-rise-of-karachis-stocks-8859804.html |archive-date=2013-10-04 |url-access=limited |url-status=live|title=Is 'black money' fuelling the rise of Karachi's stocks|last=Buncombe|first=Andrew|date=2013-10-04|website=The Independent|language=en|access-date=2018-12-12}} In the same year, 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. 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.{{Cite web|url=http://www.pakistanherald.com/news/9087/12-january-2016/three-top-akd-group-officials-sent-to-jail-in-eobi-fraud-case|title=Three top AKD group officials sent to jail in EOBI fraud case|date=12 January 2016|website=Pakistan Herald|access-date=2018-12-12}}{{Cite web|url=https://tribune.com.pk/story/1022030/eobi-scam-fia-raids-akd-office-detains-3-directors/|title=EOBI scam: FIA raids AKD office, detains 3 directors|date=2016-01-04|website=The Express Tribune|language=en-US|access-date=2018-12-12}} In August 2018, AKD was cleared for lack of evidence, with a federal report titled "False implication of AKD Securities in EOBI scandal." During the investigation, the three officials remained jailed for months.
In 2015, AKD 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.{{Cite web|url=https://asia.nikkei.com/Business/Markets/Commodities/Pakistan-s-first-REIT-expected-to-boost-property-market|title=Pakistan's first REIT expected to boost property market|last=Magul Rind|first=Hina|date=14 May 2015|website=Nikkei Asian Review|language=en-GB|access-date=2018-12-16}} 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.{{Cite web|url=https://tribune.com.pk/story/327169/after-success-of-one-housing-project-akd-opens-the-door-on-another/|title=After success of one housing project, AKD opens the door on another|last=Hasan|first=Saad|date=2012-01-26|website=The Express Tribune|language=en-US|access-date=2018-12-16}} 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.{{Cite web|url=https://www.pakistantoday.com.pk/2018/03/20/all-na-employees-entitled-to-government-accommodation-committee-told/|title=All NA employees entitled to government accommodation, committee told {{!}} Pakistan Today|last=Pakistan Press International|date=20 March 2018|website=www.pakistantoday.com.pk|access-date=2018-12-12}}
In 2018, Dawn described it as a "capital market giant,"{{Cite web|url=https://www.dawn.com/news/1427725|title=No evidence found against AKD in EOBI case: FIA|last=Ayub|first=Imran|date=2018-08-18|website=DAWN.COM|language=en|access-date=2018-12-12}} while that same year the UK's Daily Express described it as "leading Pakistani securities firm."{{Cite web|url=https://www.express.co.uk/news/world/991159/pakistan-election-2018-polls-party-majority-imran-khan-who-will-win|title=Pakistan election 2018 polls: Will any party win a majority? Could Imran Khan win?|last=Whitfield|first=Kate|date=2018-07-19|website=Express.co.uk|language=en|access-date=2018-12-12}} 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.{{Cite web|url=https://www.khaleejtimes.com/international/pakistan/akd-securities-sweeps-asiamoney-brokers-poll-2015|title=AKD Securities sweeps Asiamoney Brokers Poll 2015|last=Staff|date=23 March 2016|website=Khaleej Times|access-date=2018-12-16}}{{Cite journal|last=Pakistan Press International|date=2005|title=International Finance Corporation, SECP Sign Accord|journal=Economic Outlook|volume=38|pages=36}} AKD Group's chairman is Aqeel Karim Dhedhi.{{cite news|url=https://www.bloomberg.com/news/2013-11-08/akd-s-dhedhi-sees-scope-for-pakistan-stocks-to-rise-50-by-june.html|title=AKD's Dhedhi Sees Scope for Pakistan Stocks to Rise 50% by June|last=Mangi|first=Faseeh|date=Nov 8, 2013|work=Bloomberg|access-date=14 February 2014|author2=Augustine Anthony}}
Listed companies
References
{{reflist}}
External links
- {{Official website|http://www.akdsecurities.net/}}
Category:Conglomerate companies of Pakistan
Category:1947 establishments in Pakistan