KARACHI: The Bol Media Group on Thursday has announced to ‘suspend’ its operations because of “acute liquidity crunch and continued victimisation by the government”, Dawn reported today.
“However, due to the acute liquidity crunch and continued victimisation by the government, we regret to announce that the Bol Management is being forced to temporarily suspend its operations from October 1, 2015,” said a statement issued by the group.
“The Bol management stands committed to pay all the arrears of its employees up to September 30, 2015 in line with the company policy and best corporate practices as soon as we get justice from the courts.
“None of the Bol employees is being sacked. They will be asked to rejoin the company as soon as it is in a position to resume operations.”
It said the Bol Media Group and its management had been the target of an unprecedented victimisation campaign by various government agencies for the past several months. In a recent ‘illegal’ move, it added, the Pakistan Electronic Media Regulatory Authority suspended licences of the Bol News and Bol Entertainment in an attempt to stifle the group.
“Earlier, chairman and CEO of Bol Media Group Shoaib Ahmed Shaikh and its co-founder Viqas Atiq were arrested by the FIA on false charges,” said the statement.
“The FIA also froze bank accounts of Bol management that had made our operations, including payment of salaries to our employees, impossible for the past five months.”
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