The year was 2007, and Pakistan was already slipping into economic turbulence. The aftershocks of political instability, the rumblings of the global financial crisis, and the uncertainty of Musharraf's rule had begun to chip away at the confidence of markets. For the Dewan Group, however, the crisis was not just economic—it was also one of image, credibility, and reputation.
The Dewan brothers, who had built an empire stretching from automobiles to textiles, banking, and real estate, suddenly found themselves cornered by a force they had underestimated: the media.
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The First Sparks
The first blow came when Dawn ran a front-page story titled: "Questions Over Dewan Group's Financial Health." The article, authored by investigative journalist Khurram Husain, pointed to discrepancies in the company's banking obligations and its failure to meet deadlines on loan repayments.
In his Karachi office on Sharea Faisal, Dewan Mohammad Yousuf Farooqui held the newspaper in his hands, his expression tightening with every line. The mahogany-paneled office, usually a symbol of authority and calm, suddenly felt suffocating.
"Who planted this story?" he asked sharply, tossing the paper onto the polished desk.
Sitting across from him was his younger brother, Dewan Salman. "Yousuf bhai, this is Khurram's style—he digs where others fear to tread. But someone must have fed him the numbers."
"And who has those numbers?" Yousuf's voice grew louder. "Only the banks. This smells of conspiracy. Either Habib Bank or National Bank. They've been tightening the noose for months."
Before Salman could respond, the intercom buzzed. The secretary's voice was tense. "Sir, there are reporters outside. They say they want an official statement about our loan defaults."
Yousuf slammed his palm on the table. "Defaults? They dare use that word? We are restructuring, not defaulting!"
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Damage Control
A hastily convened meeting was held in the Dewan Group's conference room later that day. Present were Yousuf, Salman, their cousin Dewan Mushtaq, and the group's public relations consultant, Nadeem Ahmed.
Nadeem, a former journalist turned PR specialist, began cautiously. "Gentlemen, the narrative is slipping away from us. Right now, the banks and the media are painting you as reckless borrowers who expanded too aggressively. We need to respond—clearly and decisively."
Salman leaned forward. "How? By admitting our problems? That will only fuel the fire."
Nadeem adjusted his glasses. "Not admitting problems—clarifying them. We need to shift the narrative. Highlight your contribution to the economy. Remind them that Dewan Motors brought Hyundai and Kia to Pakistan. Remind them of the textile exports that supported the national exchequer. Remind them of the jobs created—tens of thousands of families dependent on this empire."
Yousuf interrupted. "Fine words, Nadeem, but will they silence the banks? Will they stop The News or Business Recorder from publishing their poison?"
Nadeem sighed. "They won't stop. But we can drown them out with our version of the story. A full-page advertisement campaign. Press conferences. Interviews. You need to be visible—not defensive."
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The Banks Push Back
Two days later, the matter escalated when the State Bank of Pakistan (SBP), under Dr. Shamshad Akhtar, announced a review of "over-leveraged conglomerates," with the Dewan Group topping the list.
At a private meeting at the Marriott Hotel in Karachi, Yousuf confronted the bankers. Present were senior executives from Habib Bank Limited (HBL), National Bank of Pakistan (NBP), and United Bank Limited (UBL).
Yousuf began with his trademark bravado. "Gentlemen, I did not build this empire by running away from obligations. Dewan Group has always honored its commitments, and we will continue to do so. But your leaking of half-baked figures to the press is unacceptable."
HBL's executive, Atif Bajwa, leaned back in his chair. "Mr. Dewan, with due respect, the figures are not half-baked. Your group's exposure exceeds Rs. 40 billion. Your auto plant is running at less than 30% capacity. Textile orders are drying up. These are facts."
Yousuf's eyes narrowed. "Facts, or excuses to clip our wings? You bankers are happy to pour billions into the Ittefaq Group or the Saigols, but when it comes to us, suddenly every rupee is a problem."
NBP's president, Ali Raza, responded coldly. "This is not about favoritism. It's about risk. The market perception is turning against you, and perception, as you know, drives policy."
Salman interjected, his voice tinged with frustration. "Perception is being manufactured! We know some of you have ties to rival groups. The Saigols, the Hashwanis, even the Nishats—they all benefit when Dewan Group stumbles."
The room fell silent. The bankers exchanged wary glances but said nothing.
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The Media Storm
As if on cue, the very next day The News ran another damaging piece, this time focusing on Dewan's auto division. The article claimed that Dewan Motors had exaggerated its sales figures and failed to deliver thousands of pre-booked Kia cars, causing losses to consumers.
At Dewan House, the PR war room was activated. Nadeem spread the newspapers across the table. "This is coordinated. First the financial press, now consumer stories. They are framing you as cheats—not just struggling businessmen."
Mushtaq fumed. "We should sue them for defamation!"
Nadeem shook his head. "Litigation will only drag this into the courts and make headlines for months. We need a counter-story. Something emotional. Human. Perhaps an ad campaign featuring your workers—families that depend on Dewan jobs. Show the human cost if the group collapses."
Yousuf rubbed his temples. "And what about television? Geo, ARY—they are circling like vultures. If one anchor decides to do a 'special show' on us, we're finished."
Nadeem smiled thinly. "Then we make sure they don't. We line up interviews. Offer exclusive access. Control the airtime. If Kamran Khan or Shahzeb Khanzada want ratings, give them your side of the story before the rivals feed them theirs."
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Behind Closed Doors
But while the Dewans scrambled to protect their image, the whispers in Islamabad grew louder. In the corridors of the Ministry of Finance, bureaucrats spoke of the Dewan Group as "too big to fail—but too reckless to save."
One evening in Islamabad, a private dinner was hosted at Serena Hotel. Among the attendees were Finance Minister Shaukat Tarin, State Bank governor Shamshad Akhtar, and a few influential business tycoons, including Mian Mansha of Nishat Group.
Over dessert, Mansha quipped, "Shaukat sahib, it seems our friend Yousuf Dewan has bitten off more than he can chew. Too many loans, too little cash flow."
Tarin chuckled softly. "You're not wrong. The problem with Yousuf is that he believed scale alone would protect him. But the numbers don't lie."
Shamshad added, "And neither does the media. The narrative is against him now. If confidence collapses, no restructuring plan will save the group."
Mansha leaned back, a faint smile playing on his lips. "Well, one man's fall is another man's opportunity. The auto sector could use a reshuffling."
It was a veiled reference, but the message was clear: rivals were circling, and the government was not going to extend a shield.
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The Public Relations Nightmare
Within weeks, the Dewan Group became a punching bag for television talk shows. On Geo's Capital Talk, Hamid Mir posed a provocative question:
"Why should banks write off billions for Dewan while ordinary farmers and small traders are crushed under debt? Is this justice?"
The panelists, including economists and rival industrialists, tore into the Dewans' reputation. Viewers across the country watched as their name became synonymous with excess, greed, and failure.
The final blow came when protestors gathered outside Dewan Motors' showroom in Karachi, waving placards that read: "Refund Our Money!" and "Down With Corporate Cheats!"
Inside the office, Salman stared out the window, watching the crowd grow. His voice was low but heavy with despair. "Bhai, they've turned the people against us. This is no longer about bankers or rivals. This is about survival."
Yousuf, usually unshakable, looked pale. "A public relations nightmare," he muttered. "That's what this is. And nightmares… are hard to wake up from."
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Closing Reflection
For the Dewan Group, the battle was no longer just about numbers on balance sheets. It was about perception, narrative, and trust—intangibles that no loan restructuring could buy.
The empire, once hailed as unstoppable, now stood at the mercy of headlines, whispers, and images splashed across TV screens.
And in Pakistan, where reputations rise and fall overnight, even the mightiest tycoons could be undone not in boardrooms, but in the court of public opinion.