Sources have confirmed that the financial mess caused at Capital TV is a combination of a lot of reasons which directly or indirectly are related to the heavy blackmailing and corruption within the media industry.
According to insiders, Capital TV had been suffering an intense fight to get the money owed by two major advertisers namely Midas and AdCom group since April for playing political campaigns of PML-N and PPP up to the tune of PKR 350 million. Both groups have apparently left the country; this is the major reason of delays in salary as the management was purely relying on cash flows from agencies to pay the dues in time. However, sources claim that other reasons of financial delays are mostly attributed to the ‘Gurus’ of media themselves as they decided to leave their existing jobs to get lucrative packages at Capital TV.
Fahad Hussain, the Chief Operation Officer (COO) of Capital TV at a exuberant package was working at PKR 2.5 millions/per month plus a BMW car, he managed to get his core lieutenants to Capital TV at 5 times their packages from previous institutions, once such example is of a news desk person who was hired at a price of PKR 400,000 whereas he was earning meagerly PKR 50,000 in his previous assignment.
Another department namely “Planning and Research Department” which was created within Capital TV that led to such a financial crisis was a brain child of Fahad Hussain that employed over 15 employees at PKR 100,000+ each with head of the group earning over PKR 500,000 a month. All have been now asked to leave the institution as the group was famous for doing nothing except to do ‘planning of their personal lives’, sources claim.
Though employees within the institution are not happy over delays however they claim that if groups like these were not created on the first place, things would have been better for this channel. Insiders however claim that Fahad Hussain got an exuberant golden-handshake of PKR 20 million before leaving Express TV for a package of PKR 500,000 per month only.
Sources within the group claim that undisclosed sources have confirmed a capital injection of PKR 500 million recently secured by the management, however, cash is yet to be injected and full plan is being made to streamline the organization before cash would be disbursed.
