In an effort to address outstanding payments for laid-off workers, the government has announced plans to sell mortgaged shares held by Beximco Pharmaceuticals and Shinepukur Ceramics. Labour Adviser Brig Gen (retd) M Sakhawat Hossain confirmed that the sale is expected to be completed by February.
During a press briefing following a meeting of the Advisory Council Committee, Sakhawat outlined that the Finance Division will facilitate this sale, with proceeds earmarked for paying workers’ gratuities, service benefits, and other legally required payments. A meeting with the Bangladesh Securities and Exchange Commission, the Finance Division, and relevant banks is scheduled for next Sunday to coordinate the sale process.
Beximco, owned by Salman F Rahman, a close aide of ousted Prime Minister Sheikh Hasina, has reportedly borrowed over Taka 28,544 crore from 12 banks and financial institutions. A forensic investigation will be initiated to scrutinize the disbursement of these loans, with accountability measures planned for those found culpable.
An analysis of shareholding data indicates that Beximco Limited and its affiliates control shares valued at approximately Taka 4,392 crore across three listed companies. Specifically, Beximco Ltd owns 50% of Shinepukur Ceramics and 30.13 per cent of Beximco Pharmaceuticals. The exact number of mortgaged shares remains unverified, though their potential sale is anticipated to raise between Taka 550 to Taka 600 crore, which is deemed sufficient to cover the workers’ dues.
Sakhawat emphasised the urgency of the situation, stating, “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.” He also revealed troubling details about Beximco’s financial practices, including Taka 12,000 crore in loans linked to 16 non-existent institutions and a total debt exceeding Taka 40,000 crore.
The adviser expressed concerns that the scale of mismanagement could rival the notorious theft of nearly US $ 1 billion from the Bangladesh Bank reserves. He assured that an investigation into these loans will be conducted by February, asserting that no individuals involved would evade scrutiny.
The Government has already arranged for the payment of three months’ salary arrears for affected workers and has provided Taka 223 crore in interest-free loans to mitigate the ongoing crisis. As Beximco’s laid-off companies are set to close, the government will ascertain whether one or two of the remaining companies can be sold, as it seeks to stabilize the situation in the industrial park.
