ISLAMABAD – Malik Riaz has become shadow of the person he used to be a couple of years back, being among top untouchable elites. UAE-based property tycoon’s oranisation lately laid off over 40 employees from his digital media platform, Nukta, citing a severe financial crunch.
Sources say the sudden move has sent waves of anxiety throughout the company, as many employees were reportedly drawing lavish salaries. The layoffs were officially communicated by Nukta president Kamran Khan during a meeting.
In a statement, the organisation said they do not take such decisions lightly, but stressed securing long-term sustainability while continuing to pursue its vision of building a leading regional digital media platform. The statement expressed heartfelt gratitude to the dismissed employees and expressed hope of bringing them back in the future, while continuing operations from both Dubai and Pakistan.
What’s behind the collapse?
Tensions behind the scenes appear to be escalating due to a rift between Malik Riaz and media pioneer Kamran Khan over Nukta’s collapse.
As per available information, the Malik family, including his son Ali, is reportedly holding Kamran Khan responsible for the venture’s failure. Ali Riaz had initially been skeptical about appointing Khan as the head of the project.
Some insiders even allege that Kamran Khan even used Nukta to secure golden visas for his family, raising eyebrows about his motives.
On the other hand, Federal Minister for Information and Broadcasting Attaullah Tarar announced that the affected Nukta employees would be offered new jobs within 48 hours, promising a rapid solution to the crisis.
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