Beximco Group has declared the lay-off of workers and the suspension of production at four of its factory units, exacerbating an already precarious situation surrounding the conglomerate.
According to disclosures published on the Dhaka Stock Exchange (DSE) website, the company’s management issued the announcement on 4 February.
As per DSE records, the affected units are located within the Beximco Industrial Park in Kashimpur, Gazipur, and include the Yarn Unit-2, as well as the Textile, Denim, and Knitting divisions.
However, operations at other divisions, such as Yarn Unit-1 in Rupganj, will continue uninterrupted.
Following the ousting of Sheikh Hasina’s government on 5 August, Beximco Group’s factory operations have been mired in complications.
Several units have already been placed under lay-off, prompting workers to stage protests demanding their reopening.
The situation deteriorated to such an extent that the government was compelled to form a special committee to oversee the conglomerate’s industrial management.
Brigadier General (Retd.) M Sakhawat Hossain, a key member of the government-formed committee and adviser on labour and employment affairs, has accused Beximco Group of orchestrating a financial scandal of greater magnitude than the Bangladesh Bank reserve heist.
According to Hossain, Beximco’s textile and apparel-related companies have collectively amassed Tk 28,544 crore in loans, with 16 of its 32 listed subsidiaries being non-existent entities.
These phantom companies are reportedly linked to Tk 12,000 crore in liabilities.
Brigadier General (Retd.) M Sakhawat Hossain further stated that an investigation is underway to determine how Beximco’s textile and apparel subsidiaries managed to secure such colossal bank loans.
He assured that those involved would face legal consequences and that the probe would conclude within February.
In recent months, the government had already taken steps to permanently close 12 of Beximco Industrial Park’s dormant entities.
Additionally, it was decided that pledged shares of Beximco Pharma and Shinepukur Ceramics would be liquidated. Authorities also affirmed that back pay for workers from shuttered factories would be settled within February.
Against this backdrop, Beximco’s management proceeded with the latest round of closures yesterday, marking another significant setback for one of Bangladesh’s largest conglomerates.
