fstcap

The Bangladesh Security Exchange Commission and the Financial Institutions Division will begin the process within the next month, Adviser Sakhawat said

Highlights

• BSEC, FID to take initiative to sell the shares
• Some Tk500-600 crore will be needed to clear the wages
• Investigation to be launched into Beximco’s Tk28,544 crore loans taken against 16 factories

The government will arrange the sale of Beximco’s mortgaged shares in Beximco Pharmaceuticals and Shinepukur Ceramics to clear dues of workers from laid-off factories by February, said Labour Adviser Brig Gen (retd) M Sakhawat Hossain.

“The Finance Division will take necessary steps in this matter. The funds generated from this sale will be used to pay workers’ gratuity, service benefits, and any other legally required payments,” said Sakhawat, also convener of the Advisory Council Committee formed to review the labour and business situation at Beximco Industrial Park.

Speaking to journalists after a meeting of the committee at the Secretariat on Tuesday (28 January), he said a meeting will be held next Sunday with the Bangladesh Securities and Exchange Commission, the Finance Division, and the banks concerned to arrange for the sale of mortgaged shares of Beximco Pharma and Shinepukur Ceramics.

The Textiles and Apparels Division of Beximco – owned by ousted prime minister Sheikh Hasina’s adviser Salman F Rahman – has borrowed Tk28,544.14 crore from 12 banks and financial institutions, he said.

A forensic investigation will be conducted to assess how these loans were disbursed, and actions will be taken against those involved, he added.

An analysis of the shareholding information of three companies listed on the capital market, submitted by the Dhaka Stock Exchange, reveals that the value of shares held by Beximco Limited and Beximco Group owners and institutions is approximately Tk4,392 crore.

Beximco Group owners and institutions with their interest own 50% of Shinepukur Ceramics’ total shares and 30.13% of Beximco Pharma’s total shares. However, the extent of the shares that have been mortgaged remains unconfirmed.

Beximco Ltd owns 50% shares of Shinepukur Ceramics. At the current market price of Tk12 per share, these shares are valued at Tk88 crore.

In Beximco Pharmaceuticals, Beximco Ltd holds 31.90 lakh shares, valued at Tk24.43 crore. Beximco Group owners and their subsidiaries collectively own 30.13% of Beximco Pharma, with shares worth Tk1,029 crore.

At the press conference, Sakhawat Hossain said, “Tk550 to Tk600 crore is needed. Whether this money comes from the sale of shares or other sources, we will ensure it is paid. If necessary, we will raise funds from the Finance Division.”

In response to a question, the adviser stated, “These two institutions are sufficient to collect the workers’ dues.”

Sakhawat also revealed that Beximco has borrowed Tk12,000 crore against 16 non-existent institutions and has accumulated a total debt exceeding Tk40,000 crore. “We will ask the banks about the nature of these loans,” he added.

Furthermore, he confirmed that Beximco has taken a loan of Tk28,544.14 crore from 12 banks.

Beximco Textiles and Apparels has borrowed significant amounts from various banks and financial institutions, including Tk1,424 crore from Sonali Bank, Tk420 crore from Agrani Bank, Tk986 crore from Rupali Bank, Tk23,285 crore from Janata Bank, Tk315 crore from National Bank, Tk333 crore from UCB, Tk983 crore from AB Bank, Tk497 crore from Exim Bank, Tk60 crore from Global Islami Bank, Tk93 crore from Dutch Bangla Bank, Tk78 crore from IFIC Bank, and Tk86 crore from Bangladesh Infrastructure Finance Fund Limited.

The adviser said, “We will inquire with the banks to determine whether these loans are bad. An investigation will be conducted into how the money was obtained. From what we can see, this appears to be a larger scam than the theft of nearly $1 billion from the Bangladesh Bank reserves. This money belongs to the people – taxpayers who entrusted it to the banks, only for it to be embezzled.”

“The bank loan incidents will be investigated by February, and no one involved will be spared. All banks and financial institutions will undergo an audit to examine the documentation behind their loan disbursements, with departmental and legal action to follow.”

Sakhawat said Beximco’s laid-off companies will be closed, adding, “An order has been issued to dismiss the receiver for failing to implement the closure decision, and departmental action will be taken. The Financial Institutions Division will handle this, with the Bangladesh Bank leading the initiative to appoint a new receiver.”

The labour adviser also mentioned that it will be determined later whether one or two Beximco companies can be sold.

He added that the government’s advisory council committee found no trace of 16 out of 32 Beximco Limited companies in the industrial park, while the remaining 12 companies have been laid off.

The government has arranged to pay three months’ salary arrears to the workers and employees of Beximco Industrial Park and has also provided interest-free loans to address the emergency situation, totalling Tk223 crore from various sources.    https://www.tbsnews.net