Wateen is Under Serious Financial Crisis

Wateen has been hit by financial crisis, lately, as told by sources with-in and close to company. WiMAX provider has reached its lower limit in terms of cash in hand, and undergoing large scale financial issues.

Reportedly, work force is also suffering due to this, as some employees are still waiting for their salaries this month, at the time of filing of this report. As per company sources, salaries were not given as per usual routine, instead work force was divided into three segments,

1 – Those with below Rs. 30,000 Salary
2 – Those with below Rs. 75,000 Salary
3 – Those with above Rs. 75,000 Salary

We are told that category one and two were given late salaries, while category three employees are yet to be paid.

We have reported earlier that Wateen has been looking for funds injection, while it has failed doing so in its recent talks with couple of foreign companies.

It is extremely important, as well crucial for management to arrange for something before company hit another calendar month.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK


  • A.N.I

    That’s what you get when you start doing business without planning and you start hiring people who have no sense and direction of what they have been hired for. Classic case study of a mismanaged organization who had a lot of money and they burned it on unnecessary things

    • milkywayer

      Agreed ^,
      Warid/Wateen (specifically) have hired a bunch of monkeys and goons in their franchises. Based on my experience when i tried to get their Wimax 2 times, they failed miserably to do anything right. and really left a bad impression on me. I stopped 3,4 friends from getting their Wimax Connections and some even returned the Piece of @#$# devices as soon as they got DSL.

      There’s no hope or future for a company that has such an imcompetitve workforce.

      RIP wateen.

  • orkut scraps

    One of the reason for this financial crises is that most of the users are using one username and password for multiple accounts.

  • KKK

    Wateen SuckSSSSSSS…..

  • Cyberdera

    wateen was supposed to fail after its very weird policies .. like the prepaid policy of paying bill if you are 10 days late even on a prepaid connection and even when u r not getting the internet you would only get 20 days of service as the 10 days when ur net was off .. they will charge you for it :O … extremely stupid and lame company

  • Kamran Mahmood

    Yes its true, even their outlets in different city areas are vanishing and recently they launched a campaign where they were asking to return the device and claim the security deposits.

  • WHATEVER

    bund he kar dain yeh loggg…
    Fazoooolll Service.

  • Muhammad Ali

    multiple usage should block for one account to get more customers…may be it can help wateen to revive

  • NH

    Well guys , It finally happened .. the sheikhs said NO to more Equity , the banks said no to a bad investment ( and no apparent profitable business plan ) … so a saga of poor management and open corruption is coming to a justified closure. I just wish that the poor people of Pakistan dont get ripped of by these Con Artists by their newly hatched IPO scheme … I am sure there are Millions of suckers out there that will invest . It would be grea to see those who looted this company , be taken on !!

    Wateen could have been a great company if they hired the right people who were good and honest , instead its one merry go round of those are in a race to stuff their own pockets. Kudos to the Sheikhs who finally see whats going on … or do they ??

    BTW … Wateen has already defaulted on payments to Motorola who is their primary vendor for Wimax equipment. If I recall the figure is close to $8.2 Million.
    Those who are signing long term contracts with Wateen in the residential and corporate sector … BUYER BEWARE!
    The future may be green but its definitely not Wateen !!
    NH

  • Rabia Azfar

    Main problem in wateen is Friends & Family cluture. CEO Tariq Mali has his relatives in wateen as contractor like Mian sb

  • عبدالقدوس

    wateen should be closed as they are not anymore in mood of business. it was a time when i said they are doing great now i must say they are sucks. no customer support and even though they dont have any SOP their CSR are totally doing Tokas n non technical answers in response of any technical issue.

  • Well wisher

    I know about 20 people joined Wateen last months then how come we can believe such kind of rumors. There must be some exaggeration I believe…

  • Think Positive

    The demise of Wateen shall be sad and unfortunate. Future investors shall use this case to shy away from investment in Pakistan. One can’t blame the Shiekhs for wrong hiring or mismanagement. They placed all their trust and faith but “we” did what we are known for “rip off”. This has also shattered the trust of partners / vendors i.e Motorolla. Who will they trust in future.
    In west such companies are investigated since this fall under “White Collar” crimes. We have examples of Enron; MCI, CA, etc whose CEO/ Senior Management either died in prison or serving long term jail sentences.

    If we ought to save our reputation as “investor friendly” country; Govt must jump in and save WATEEN and clean the “mess”.

  • Haseeb Khan

    i Think!
    Wateen just intoduce Packages like PTCL Unlimited and Student iam sure they Rocks!

  • Usman

    Where is our friend Zubair…. He said Sat TV and other stuff would be coming. He did not mention cheating employees out of salary

  • Arsalan Shahid

    With a dismal quality of service, poor choice of billing practices and a less than mediocre customer support, this was bound to happen. Never have I dealt with a service provider who were less interested in keeping a customer. They ripped me off for a couple of thousand of rupees and then treated me like a fraud, kept me waiting on customer service atleast 20 minutes everytime I called and then told me that it was my fault that my account was closed and was going in negative and that they were sorry. I gave up on them after spending a 2 hours of holding for customer services and switched my provider.
    They deserved this and I am glad that they are going down.

  • Aysha Munair

    The main reason for this situation is non professional higher managemnet, friend and family and different selling channels just to make money by this way.

  • Rehan Jafry

    Sad news…….

    Wateen got so many bags of money when they were first formed in Jan 2006. They have invested and created an excellent MPLS backbone + Fiber long haul and the very first access network which is now a days known as Wimax. During the time of formation, CEO of Wateen hired incompetent people with huge salaries and perks. Most of them were senior managers and in their profile things were written like 20 years of IT & Telecom experience bla bla… One could imgaine what the hell these guys were doing when Telephone and Telegraph was the only Telecom and IT was just introduced in late 90’s.

    This bunch of senior managers and General managers hired managers, AM, Team leads without thinking of merit and qualification and just hire them on FnF basis. They have state of art network and quality technical engineers but the Senior managers and GM’s and their focus and business strategies, planning, long term potentional resource finding ….all have gone nuts…and now RESULT is coming.

    Still best wishes for Wateen and its sincere employees.

  • DeeJay

    As put by a WARID employee..’our company is a ‘friends and family’ company’. So Dhabi group is plagued by this problem. It was destined to happen! Arabs relied too much on Pervez A Shahid and such people…and they are simply looting and using Arab’s resources for their own gains like Al-razi Healthcare, and a new Sugar Mill being set up!

  • ff

    warid and wateen both suck.their customer service sucked.go to any of their outlet and be prepared to deal with poor customer service.

  • kk

    AOA,

    Phano tay paioo its good one but they have to pay back which they charge customers due to wrong system generated report by thier system.

    Regards
    KK

  • Truth-Teller

    The Political, Economical and Law&Order Situation in Pakistan is the reason that the The Investors are trying to minimize their Finance Flow.
    The Government should try to get rid of these problems as soon as possible.

  • rIZ

    Lol! Wateen first introduced a “new” way of paying bills, post-dated cheques scene = failed
    Yeah i purchased the device, went with this weird policy and returned the device in 2 months (device wasn’t getting signals lol)

    Then it came up with pre-paid policy = failed
    People aren’t in a mood here to pre-pay “anything” except sim operators

    Before launching any scheme, company does research to answer questions like are people ready to accept this scheme? is there any culture already of this sort or our company has to create it(high risk) etc etc…

    i guess Wateen missed this point! :s