Owner of Pakistani cola company returns home five days after ‘kidnapping’ – lawyer

In this screengrab, taken from a video posted by ‘Off The School’ YouTube channel on April, 28, 2023, prominent Pakistani businessman Zulfiqar Ahmed speaks about successful business policies during a podcast. (Screengrab/YouTube/@Off-The-School)
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Updated 29 July 2024
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Owner of Pakistani cola company returns home five days after ‘kidnapping’ – lawyer

  • Zulfiqar Ahmed was allegedly abducted by armed men in Karachi on July 23
  • Whereabouts of two of his staffers associated with Cola Next still unknown

KARACHI: A prominent Pakistani businessman, owner of a local cola company among other businesses, returned home in the eastern Pakistani city of Lahore on Sunday, his lawyer said, five days after his “kidnapping” in Karachi in the country’s south.

Zulfiqar Ahmed, the owner of Next Cola, was kidnapped on July 23 after he left his office in Karachi, according to his family.

The vehicle of Ahmed, who is also the managing director of Paracha Textile Mills and Mezan Group, was intercepted by eight armed men in Karachi’s Mauripur area, who abducted him and one of his friends before allowing the latter to go after a while.

Ahmed’s family and his company’s management submitted an application at the Kalri police station in Karachi on the same day, but the police refused to register a complaint, making them go to the Sindh High Court. The court ordered the police to lodge the case on Friday.

Police, however, denied it had refused to register the complaint.

“The family just confirmed to me that Zulfiqar Ahmed has returned home,” Mian Ali Ashfaq, the counsel representing Ahmed and his family, told Arab News on Sunday night.

He said Ahmed returned home to his extended family in Lahore and that he would be in a position to share more details once he spoke with his client.

Asad Raza, deputy inspector-general (DIG) of police in Karachi’s South district where the incident occurred, said Ahmed’s family had confirmed to him that he had returned home safely.

“This is all what could be shared at the moment,” Raza said, when asked further about the case.

The news of Ahmed’s abduction was widely shared by Pakistanis on social media platforms, who demanded authorities take steps for his release.

However, the case was further complicated after two senior staff members associated with Cola Next were also picked up from Lahore and Kasur on Friday, according to Ahmed’s lawyer. The two staffers included Hassan Nawaz, deputy general manager of finance at Meezan Beverage, and Danial Afzal Khan, general manager at Meezan Beverage.

Ahmed’s lawyer, Ashfaq, said since the owner of Cola Next had returned home, his two employees should also be set free soon.

Launched in 2016, Cola Next has gained more visibility in Pakistan amid calls to boycott Coca-Cola for its alleged ties to Israel,  including funding military operations in Palestine. 


Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

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Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

  • Binance delegation led by CEO Richard Teng meets Pakistan’s prime minister, army chief in Islamabad
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s government has signaled its “strong commitment” to digital asset regulation as the country’s senior officials met the leadership of Binance, one of the world’s most prominent global cryptocurrency exchanges, the Prime Minister’s Office (PMO) said on Saturday. 

The Binance team, led by its Chief Executive Officer Richard Teng, is in Pakistan and has held meetings with Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib and senior Pakistani bank officials this week. 

Pakistan has been attempting to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight and encouraging innovation in blockchain-based financial services.

“Binance senior leadership visits Pakistan as government signals strong commitment to digital asset regulation,” the PMO said. 

A Binance delegation led by Teng met Chief of Army Staff and Chief of Defense Forces Field Marshal Syed Asim Munir in Islamabad. 

Saqib also attended the meeting and gave the Binance team a briefing about his organization.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.

In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.