On the 1st of March this year, Talal Ahmad Gondal resigned as the CEO of Pakistani fintech startup TAG. The resignation was not a peaceful one. Behind it was a dicey series of events that began with TAG trying to buy a bank, and ended with an explosion of a tampered document, childhood friendships gone wrong, a cloak-and-dagger environment within the startup’s upper management, and the SBP suspending further expansion of TAG’s pilot operations.
How did Talal Ahmad Gondal, whose initials gave the company the name ‘TAG,’ find himself in this situation? Ask him and he will tell you that his co-founder used a serious oversight on his part to orchestrate a coup against him.
Ask Ahsan Khan, Talal’s former childhood friend and the co-founder of TAG, who is now up in arms against him, and he will tell you that Talal was directly involved in forging official documents that were then sent to the SBP, and that his actions were singlehandedly running the entire company to the ground.
The truth is somewhere in between. Yes, there was a doctored document. It was a letter that said TAG had entered into a partnership with a Hong Kong based investment firm which had promised $45 million to help TAG buy Samba Bank. It has now been discovered that the Hong Kong firm only expressed interest in joining TAG in buying Samba and never mentioned the $45 million, which is where the tampering is supposed to have happened. Talal has admitted that the document was sent by TAG and that it was his...
Read Full Story: https://profit.pakistantoday.com.pk/2022/07/23/in-its-ambition-to-buy-a-bank-is-pakistans-fintech-poster-child-about-to-shut-down/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
