Introduction:
In a recent development, Lahore Electric Supply Company (LESCO) disconnected electricity supply to Bahria Town due to unpaid bills, shedding light on the financial challenges faced by the real estate giant.
Bahria Town, founded by Malik Riaz, has long been a prominent player in the real estate market. However, recent controversies and legal battles have tarnished its reputation. The National Accountability Bureau (NAB) has issued notices to Malik Riaz in the past, and the Supreme Court of Pakistan has declared him culpable of corruption.
Current Situation:
LESCO revealed that Bahria Town Lahore owes a substantial amount, estimated to be between 70 to 80 crore, in unpaid electricity bills. As a consequence of non-payment, LESCO took the drastic step of disconnecting electricity supply to Bahria Town Lahore, signaling financial strain within the organization.
Implications:
The electricity disconnection underscores financial instability within Bahria Town Lahore. It raises concerns about the company’s ability to manage its financial obligations and meet its commitments to stakeholders, including residents and investors.
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