The year 2010 dawned with a gloom that hung over Pakistan's business community. The stock market was still reeling from the 2008 crash, foreign investors had fled, and the energy crisis paralyzed industries. In Karachi, factories operated at half capacity, while in Islamabad, the government faced fiscal hemorrhaging. For most industrialists, survival was a matter of trimming costs and waiting for the storm to pass.
But for Dewan Yousuf Farooqui, once hailed as the "Titan of Sindh's industry," there was no waiting left. The storm had already swallowed him whole. His cement plants lay idle, his car assembly lines stood abandoned, his textile mills silent. Banks hounded him, regulators branded him a defaulter, and rivals circled like vultures.
It was the twilight of an empire, and everyone knew it.
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Scene 1: At Dewan House
The morning newspapers arrived with grim headlines:
> "Banks Move to Auction Dewan Cement Plant"
"NAB Expands Probe into Willful Defaults"
"Investors Abandon Dewan Group Stocks"
In the marble foyer of Dewan House, Yousuf sat in his armchair, the papers spread across the table. His brother, Dewan Salman, entered, his face drawn.
Salman (quietly):
"They've published the auction notice. Pak Arab Refinery is also mentioned. If they move on that, it will be finished."
Yousuf (grimly, without looking up):
"They want humiliation, not recovery. This is not business—it is punishment."
Salman (hesitant):
"Should we… approach Mansha? Perhaps propose a joint venture before the banks hand everything to him?"
Yousuf's head snapped up, eyes flashing.
Yousuf (angrily):
"Mian Mansha built his empire on favoritism. He thrives because the State props him up. I will not crawl to him. We built this empire on our own sweat, not by begging bureaucrats."
But even as he spoke, a flicker of doubt passed across his face.
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Scene 2: The Bankers' Ultimatum
At Habib Bank's headquarters in Karachi, a tense meeting was convened between the consortium of lenders: Habib Bank, MCB, United Bank, and National Bank.
Shahid Kardar (then Governor-designate of SBP, attending as an observer) leaned forward.
Kardar:
"The group's total exposure exceeds Rs. 45 billion. This cannot remain unresolved. If the Dewans cannot pay, the assets must be transferred to parties who can run them."
Habib Bank Executive:
"We've already marked Dewan Cement for auction. Lucky Cement has expressed interest. Mansha's people want the auto plant. But Dewan refuses to cooperate."
Kardar (coldly):
"Then compel him. This is not about sentiment. It's about stability of the financial system."
The bankers nodded. The decision was made: the Dewans would be dismantled piece by piece, whether Yousuf agreed or not.
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Scene 3: A Visit from NAB
That evening, two black SUVs pulled up outside Dewan House. NAB officers in plain clothes stepped out, their presence sending a chill through the household.
NAB Officer (to Yousuf, handing him papers):
"Mr. Dewan, the Accountability Bureau has expanded its reference. You are accused of misusing bank loans and diverting funds. You are required to appear in Islamabad within a week."
Yousuf (snatching the papers, voice rising):
"This is harassment! Every rupee is in the plants. Show me a villa abroad, show me a Swiss account—there is nothing!"
NAB Officer (coldly):
"Tell it to the court, sir."
As they left, Salman muttered:
Salman:
"They want to drag you in handcuffs. That's the headline they're waiting for."
Yousuf said nothing. His silence was louder than words.
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Scene 4: Rivals Rejoice
At Nishat House in Lahore, Mian Mansha received the news of the auction.
Advisor:
"Sir, Lucky Cement will take the Karachi plant. We are positioning to acquire the auto division. By year's end, Dewan will be out of the market entirely."
Mansha (smiling faintly):
"It was inevitable. He expanded too fast, without political cover. In this country, growth without protection is suicide."
Advisor (cautious):
"Do you fear being targeted the same way?"
Mansha (confidently):
"No. I know which side of the river to stand on. That was Dewan's mistake—he thought size alone was protection."
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Scene 5: The SECP Hearing
At the SECP headquarters in Islamabad, a formal hearing was convened. Chairman Razi-ur-Rehman Khan presided. Dewan's lawyers faced an aggressive panel.
SECP Commissioner:
"Your listed companies have failed to issue annual reports. Minority shareholders have been left in the dark. This is a blatant violation of the Companies Ordinance."
Dewan's Lawyer (defensive):
"The delay is due to ongoing restructuring. The group is not hiding information, merely consolidating it."
Razi-ur-Rehman (cutting in):
"Consolidation or concealment, the result is the same: market manipulation. We are freezing your right to issue further shares until compliance is met."
Yousuf sat silently in the back, his jaw clenched. Every door was closing.
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Scene 6: The Family Fractures
At home, tensions boiled. His sons argued late into the night.
Son 1:
"Father, sell something before they strip it all away. Cement, auto, anything—just save the core."
Son 2 (angrily):
"And become beggars in our own house? That's what you want?"
Yousuf slammed his hand on the table.
Yousuf (furious):
"Enough! Do you think I don't know what is at stake? I will not go down selling our name for scraps!"
His wife, quietly, from the corner:
Wife:
"Sometimes survival is more honorable than pride."
The words cut deeper than any banker's notice.
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Scene 7: The Final Blow
By mid-2010, the State Bank issued a circular formally classifying Dewan Group companies as "willful defaulters." This single act shattered any remaining credibility. Banks froze accounts, suppliers withdrew credit, and media headlines declared the group finished.
At a crowded press conference in Karachi, a reporter asked bluntly:
Journalist:
"Mr. Dewan, are you finished?"
Yousuf, standing at the podium, his voice hoarse but steady, replied:
Yousuf:
"Finished? No. They can take plants, they can seize accounts, but they cannot erase what we built. History will remember who created industries and who destroyed them."
But even as he spoke, he knew the empire was gone.
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Scene 8: The Auction Floor
The day of the cement plant auction arrived. At a hotel ballroom in Karachi, representatives of banks, investors, and rival groups gathered. The atmosphere was electric.
Auctioneer:
"Lot One: Dewan Cement Karachi Plant. Starting bid: Rs. 6 billion."
Hands shot up. Lucky Cement's representatives dominated the bidding. Within minutes, the plant was theirs. Applause broke out.
In the corner, Yousuf sat quietly, watching the empire he built pass into the hands of rivals. His face betrayed no emotion, but his hands trembled slightly.
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Scene 9: A Visit to the Graveyard of Machines
Days later, Yousuf drove to the abandoned auto assembly plant in Sujawal. The factory floor was covered in dust, silent except for the crows perched on rusting machinery.
He walked slowly, touching the cold metal of an idle assembly line.
Yousuf (whispering to himself):
"Once, this floor gave birth to dreams. Now it is a graveyard."
A former worker, spotting him, approached hesitantly.
Worker (respectfully):
"Sahib, we still remember the days of pride. When we built cars with our own hands. It was your vision."
Yousuf (smiling sadly):
"Vision is nothing without power to protect it. Remember that."
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Scene 10: Reflection
By the close of 2010, the Dewan Group was a shadow of its former self. Banks had seized assets, regulators had branded them defaulters, and rivals had absorbed their markets.
In his private study, Yousuf wrote in his diary:
> "I was called Titan, but a Titan without allies is merely a man. I built industries when others doubted Pakistan's potential. I fell because I believed size could protect me. I was wrong. In this country, power protects, not vision. Still, I regret nothing. They will remember the name Dewan, not for its fall, but for its rise."
He closed the diary, placed his pen down, and leaned back in his chair. Outside, Karachi bustled as always, indifferent to the fall of one more giant.
The empire was gone. The Titan had fallen. But the legend remained.
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