The interim government has decided to sell the pledged shares of Beximco Pharmaceuticals and Shinepukur Ceramics, which are connected to Salman F Rahman and his associates.
Adviser for Labour and Employment, M Sakhawat Hossain, said at a press briefing on Tuesday that the government had made this decision to clear unpaid wages for workers at Beximco’s 12 factories.
The government has instructed the Bangladesh Securities and Exchange Commission (BSEC), the Financial Institutions Division, and the Bangladesh Bank to develop plans for implementing this decision by next month.
The advisory council committee on Beximco Industrial Park, formed to review the labour and business conditions of the industrial park, made this decision during a meeting to ensure workers’ arrears are cleared by next February, in accordance with the Labour Act.
The adviser stated, “About Tk 500–600 crore will be needed to clear the arrears and other dues of the employees.”
He added that 16 factories under Beximco’s Textile and Apparel Division had taken loans amounting to Tk 28,544.14 crore from various banks.
“There will be an investigation into how these loans were disbursed. If any irregularities are found, no one involved will be spared,” the adviser said, adding that the investigation would also be completed by February.
“This loan scandal by Beximco Limited has surpassed even the Bangladesh Bank’s one billion-dollar reserve heist,” he remarked.
He further warned that action would be taken against the receiver appointed in Beximco Limited for failing to implement the decisions taken by the advisory council or treating them with due importance.
Sakhawat also announced that the advisory council committee on Beximco Industrial Park would not hold any further meetings regarding this issue.
According to an official from the BSEC, the government might sell the shares outside the stock exchanges to avoid a significant drop in share prices.
The Dhaka Stock Exchange (DSE) website shows that sponsors and directors hold 30.13% of Beximco Pharmaceuticals’ shares and 50% of Shinepukur Ceramics’ shares.
On Tuesday, the closing price of Beximco Pharmaceuticals shares on the DSE was Tk 76.6 each, while Shinepukur Ceramics shares closed at Tk 12 each.
The companies have 446,112,089 and 146,966,055 outstanding shares, respectively.
Earlier, on January 23, the labour adviser stated that the government had paid Tk 163.43 crore in workers’ salaries up to December and that plans were in place to pay January’s salaries in line with the committee’s decision.
To address the crisis, the Finance Department has provided Tk 50 crore in interest-free loans, along with Tk 10 crore from the government’s central fund.
On January 21, workers of Beximco Industrial Park gathered at the Sreepur Mayanagar ground in Gazipur to demand the withdrawal of layoffs and the reopening of factories.
They announced plans to initiate a shutdown, including blocking the Dhaka-Tangail Highway, if their demands were not met by January 22.
However, the adviser criticised their actions, accusing the workers of resorting to arson.