Recent rumours on social media suggested that real estate mogul Malik Riaz was about to declare bankruptcy.
The Supreme Court’s 2019 fine of Rs. 460 billion on Malik Riaz’s Bahria Town was the impetus for the bankruptcy rumours.
The reports further stated that following the alleged bankruptcy filing, real estate values in every Bahria town in the nation will drastically decline.
However, Bahria Town has officially come forward, pacifying the nerves of concerned Bahria Town residents.
Taking to X, Bahria Town rejected the rumours and termed them ‘malicious propaganda.’
“Bahria Town is a highly esteemed real estate brand in Asia, deeply ingrained in its dedication to advancing and bolstering the economy of Pakistan,” the company declared.
“We persist in our dedication to serving the nation and delivering world-class projects, despite facing malicious campaigns and unwarranted criticism from a misguided faction of the media,” the statement continued.
We have persevered through hardships in the past, and our commitment to improving Pakistan is strong. This pledge will stand, insha’Allah,” the statement said in its conclusion.
