A list of senior managers, managers and area managers has been prepared for lay-off at Wateen Telecom, told us highly reliable source in the company.
Reportedly, termination letters were to be served last Friday, however for some reasons it got delayed and now the judgment day is destined this week, by Friday at most, according to the source.
When we spoke with a Wateen official, who wanted to remain unnamed said that this news is somewhat correct. He said, “no salary yet, fuel cards blocked since months, bonus not yet transferred, we are in big problem”
Another source in the company gave us similar confirmation.
Reportedly lay-off count is around 120-150, including senior managers, managers and some area managers.
On other hands, General Manager HR at Wateen has denied any such plans, he said there is absolutely no chance for said lay offs.
It merits mentioning here that Wateen had fired some 550 employees in August 2009 before it went public in April 2010.
Wateen Telecom’s share is being traded at Rs. 6.50 today at Karachi Stock Exchange, well below the par value.
Update: We have reports, from sources inside the company, that around 80 employees were served termination letters in the evening today.
