Beximco Group’s Shinepukur Ceramics has shut down operations due to acute liquidity crunch and non-payment of dues to workers. With this, the total number of closed factories of the group stood at 24.
The factories of this industrial group have had to stop production since last August as the LC could not be opened for importing raw materials.
Recently, workers of Beximco Industrial Park took to the streets in Gazipur for the fifth consecutive day, causing long traffic jams on the Chandra-Navinagar highway, and the matter of the factory shutdown came into focus.
Beximco Group came under fire after the arrest of Beximco Group’s Vice Chairman and former Prime Minister Sheikh Hasina’s private sector advisor Salman F. Rahman.
Earlier, 23 garment and textile manufacturing plants of Beximco Industrial Park in Gazipur were shut down after the political change in August last year due to failure to open LCs for import of raw materials.
Beximco has a loan of Tk 23 thousand crore in Janata Bank. Of this, Tk. 19 thousand crores of loans have been defaulted in the July-September quarter, according to senior officials of the bank.
According to the Bank Companies Act, banks cannot lend more than 25 percent of their paid-up capital (10 percent funded and 15 percent non-funded) to any single institution.
