The amount was disbursed by the finance division of the finance ministry after revising an earlier decision

Source of funds yet to be finalised

The government will sell shares of Beximco Group’s two running companies to pay the salaries of 13 laid-off companies owned by the conglomerate.

Police are yet to reveal the names and identities of the arrestees

Considering the sheer volume of Beximco’s debt, the government does not think it’s feasible to reopen the textile and garment factories that were taken out of production by the group, Labour Adviser Brig Gen (retd) M Sakhawat Hussain said yesterday.

Thousands of workers held a mass rally yesterday in Gazipur, demanding the reopening of all 16 factories which were shut down within the Beximco Industrial Park.

The 40,000 laid-off workers and officials of the 16 textile and garment units of Beximco Group want the factories to remain operational so that they can be reinstated.

The Beximco Group has laid off nearly 40,000 workers across its 15 apparel units, citing a lack of work orders for its export-oriented garment and textile factories in Dhaka’s outskirts of Gazipur.

State-run Janata Bank has been partly exempted from the Bank Companies Act-1991 so that it can lend money to Beximco Group, a loan defaulter. 

The Appellate Division of the Supreme Court yesterday stayed a part of the High Court order that instructed Bangladesh Bank to appoint a receiver to manage Beximco Pharmaceuticals Limited.

Bangladesh Bank Executive Director Md Ruhul Amin will manage the financial affairs and assets of the group

The Criminal Investigation Department has filed 17 cases against 28 persons including Salman F Rahman, vice-chairman of Beximco Group, over laundering about Tk 1,000 crore ($83 million) abroad under the guise of export trade.

What is the purpose of a single borrower exposure limit? It is to ensure that a bank’s fortune is not tied to the ebb and flow of a conglomerate’s business.

The government has given the nod to Beximco Group, one of the largest conglomerates in Bangladesh, to set up 500 LPG (liquefied petroleum gas) refuelling stations across the country in the next two years.