Pakistani businessmen Shaheryar Arshad Chishty and Sameer Arshad Chishty have acquired the controversial Pakistani media outlet, BOL TV, whose founder and former owner, Shoaib Shaikh, is a fugitive on the United States’ “most wanted” list.
The acquisition of BOL TV, a network with a tainted history of money laundering, fake degree scandals, and involvement in the pornography industry, has raised significant questions and concerns.
Shaheryar Arshad Chishty, a key player in this transaction, has confirmed the purchase of BOL TV and announced significant changes in the network’s management, including the removal of many previous executives.
However, this acquisition has come under intense scrutiny due to the Chishty brothers’ involvement in multiple legal battles, raising questions about their motives and financial resources.
Chishty brother, Cayman Islands lawsuit
One of the ongoing legal disputes involving the Chishty brothers is a lawsuit filed by Ernst & Young in the Cayman Islands Grand Court, alleging the unlawful removal of a board member to obstruct a vote by an EY representative appointed by Mashreq Bank. Additionally, Shaheryar Chishty is facing a lawsuit from Transcience Investments Ltd., based in the British Virgin Islands, accusing him of breaching duties and conducting oppressive and discriminatory actions. Several lawsuits from Aljomaih Group of Saudi Arabia and NIG Group of Kuwait related to Karachi Electric have also been filed against Chishty. Moreover, Chishty’s history includes defaults with World Bank/IFC, further raising concerns about his financial credibility.
Shoaib Shaikh wanted fugitive figure in US, UK, Europe and Middle East since 2016
BOL TV’s former owner, Shoaib Shaikh, has been a wanted figure in the USA, UK, Europe, and Middle Eastern countries since 2016 when his company, Axact, was exposed for selling fake degrees, money laundering, and wire fraud operations. The New York Times (NYT) and other international media outlets uncovered these criminal activities, leading to criminal charges against Shaikh, including money laundering, false representation, and wire fraud in the USA.
The acquisition of BOL TV by the Chishty brothers also raises questions about the network’s past affiliations. Originally launched in 2014 with support from Pakistan’s Inter-Services Intelligence (ISI), BOL TV was poised to become a platform for the military to assert its editorial control, targeting critics and liberal voices in Pakistan.
Despite facing legal troubles and widespread allegations of criminal conduct, Shoaib Shaikh managed to regain control of the network after his release on bail. The network continued its controversial practices, including hiring retired military officers and issuing death sentences against human rights activists and critics of the military.
This acquisition by the Chishty brothers has prompted further investigation into the motives behind their involvement and the potential rebranding of BOL TV, which remains notorious for its involvement in criminal activities. The move is seen by many as an attempt to reshape Pakistan’s media landscape, possibly in preparation for upcoming national elections, while leaving lingering questions about the origins of the funds and the backers behind this acquisition. As the story unfolds, it is likely to continue garnering attention and raising concerns both domestically and internationally