RAK Ceramics (Bangladesh) has topped the bill defaulter list with over Tk600 crore arrears, according to the latest figures from Titas Gas Transmission and Distribution Company.
As of February 2025, RAK Ceramics owed over Tk591.7 crore to Titas, placing it at the top of the defaulter list outside the power sector.
While several electricity companies lead in overall unpaid bills, RAK Ceramics occupies the unenviable top spot among non-power sector debtors.
Repeated warnings from Titas have failed to prompt payment.
Whenever enforcement action was considered, RAK Ceramics' Managing Director Syed A K Ekramuzzaman reportedly used political influence to avoid consequences.
A joint venture with Middle Eastern conglomerate Ras Al Khaimah Group, RAK Ceramics (BD) Limited was listed on the Dhaka Stock Exchange in 2010. The company has an authorised capital of Tk600 crore and a paid-up capital of Tk427.97 crore.
Despite chronic default, the company continues to operate unabated—allegedly through calculated collusion with top bureaucrats and political actors. Its arrears have consistently hovered above Tk500 crore, while the MD, Ekramuzzaman, has maintained ties with whichever political party holds power.
Though publicly known as an adviser to the BNP chairperson, he reportedly enjoyed deep ties with senior Awami League leaders during their tenure in office.
While many BNP-affiliated business figures struggled under Awami League rule, Ekramuzzaman was busy launching new ventures under the government's tacit approval.
This covert affiliation became explicit following the 2024 general election, when he contested as an independent candidate and then formally joined the Awami League.
However, with the Awami League’s departure from power, Ekramuzzaman swiftly attempted to realign with the BNP.
In September 2024, he allegedly donated Tk1 million to the BNP's central relief fund to regain favour, but the party claimed to have returned the money after the matter became public.
Despite political rejection, Ekramuzzaman remains undeterred. While other former Awami League MPs have retreated from public view, he continues to exert influence, ignoring Titas Gas and maintaining his company’s arrears through various manoeuvres.
According to his 2024 election affidavit, he had the highest debt among all parliamentary candidates, totalling Tk2,537 crore.
Efforts to reach Ekramuzzaman for comment proved unsuccessful.
As per the company’s latest financial report, RAK Ceramics’ Net Asset Value per share (NAVPS) stood at Tk17.23 as of 31 December 2024. For the same fiscal year, it posted a consolidated loss per share of Tk0.06, compared to an earnings per share (EPS) of Tk1.44 the previous year.
RAK Ceramics has 427,968,701 shares outstanding, with sponsors and directors holding 72.08%, institutional investors 16.80%, foreign investors 0.18%, and general investors 10.95%.
Globally, RAK Ceramics is one of the largest ceramic manufacturers, listed on the Abu Dhabi Securities Exchange and operating in over 150 countries, with a reported annual turnover of approximately $1 billion.
Shahnewaz Parvez, managing director of Titas Gas, said robust measures were being taken to recover the arrears.
“Many clients try to pull strings instead of paying,” he remarked. “My message is clear—show sincerity by paying something first. Only then will discussions follow.”
