The government is set to sell mortgaged shares of Beximco Pharmaceuticals and Shinepukur Ceramics to pay overdue wages of workers from 16 shuttered factories by February, according to Labour Adviser Brig Gen (retd) M Sakhawat Hossain reportedly.
Following a meeting at the Secretariat on January 28, Hossain announced that a crucial discussion will take place on Sunday with the Bangladesh Securities and Exchange Commission (BSEC), the Finance Division, and involved banks to facilitate the share sale.
Beximco’s Textiles and Apparels Division – owned by Sheikh Hasina’s adviser Salman F Rahman – has reportedly taken loans amounting to Tk28,544.14 crore from 12 banks and financial institutions, Hossain revealed.
A forensic investigation is set to probe how these massive loans were granted, and authorities have vowed to take action against those responsible.
According to Dhaka Stock Exchange (DSE) data, Beximco Limited and its affiliated entities hold shares in multiple publicly traded companies, with their total market value estimated at Tk4,392 crore.
- Shinepukur Ceramics: Beximco Ltd owns 50% of its total shares. At a market price of Tk12 per share, this stake is valued at Tk88 crore.
- Beximco Pharmaceuticals: Beximco Ltd holds 31.90 lakh shares worth Tk24.43 crore, while Beximco Group’s 30.13% ownership is valued at approximately Tk1,029 crore.
Despite these holdings, the exact portion of mortgaged shares remains uncertain.
With Tk500-600 crore required to clear worker wages, the government is considering additional funding sources if the share sale falls short.
Read more: Govt. Reportedly To Plan For The Laid Workers of 16 Beximco Factories Up For Sale
Hossain also disclosed a shocking revelation – Beximco allegedly borrowed Tk12,000 crore against 16 non-existent companies, with its total debt surpassing Tk40,000 crore.
Beximco’s borrowings from 12 banks include:
- Sonali Bank – Tk1,424 crore
- Agrani Bank – Tk420 crore
- Rupali Bank – Tk986 crore
- Janata Bank – Tk23,285 crore
- National Bank – Tk315 crore
- UCB – Tk333 crore
- AB Bank – Tk983 crore
- Exim Bank – Tk497 crore
- Global Islami Bank – Tk60 crore
- Dutch-Bangla Bank – Tk93 crore
- IFIC Bank – Tk78 crore
- Bangladesh Infrastructure Finance Fund Ltd – Tk86 crore
The scale of Beximco’s alleged financial mismanagement raises alarms, with officials hinting that it may even surpass the infamous Bangladesh Bank cyber heist, in which nearly $1 billion was stolen.
As part of an emergency intervention, the government has arranged to pay three months’ worth of salaries for workers and employees at Beximco Industrial Park, alongside interest-free loans totaling Tk223 crore from various sources.
Additionally, an advisory council committee found that 16 out of 32 companies in Beximco’s Industrial Park do not exist, while the remaining 12 have been shut down.
Authorities will determine later whether selling one or more Beximco companies is a necessary step to recover funds.
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