No, Beximco Did Not Take Unfair Advantage from the Bangladesh Bank
Beximco did not take unfair advantages
Beximco Group is one of the leading companies in Bangladesh. It is pioneer of many business ventures, it created corporate culture, it ensured huge employment, and it contributed immensely to the economy. But no, it did not take any unfair advantages from the Bangladesh Bank by any means. The company is doing business according to the book.
Transparency International Bangladesh (TIB)’s Executive Director Iftekharuzzaman recently claimed that a group of plunderers are becoming lawmakers in Bangladesh, and that Beximco Group took unfair advantage of the Bangladesh Bank’s loan rescheduling facility. Beximco Group’s Vice-Chairman Salman F Rahman, noted as one of the most prominent businessmen on Bangladesh, is currently an MP (from Dhaka-1 constituency). It is definite that Iftekharuzzaman’s remarks were directed at Salman F Rahman.
The TIB Executive Director Iftekharuzzaman’s comments are in all means slanderous and disrespectful. He made his comments without knowing the facts and figures. But in the process, he insulted over 60,000 workers of Beximco Group and the lawmakers.
Though Beximco Group is considered as one of the largest companies of Bangladesh and has a number of achievements under its belt, the journey was difficult and complex.
Beximco faced immense hostility and discriminatory behavior during the BNP regime (2001 – 2006) and during the caretaker government regime ( 2007 -2008). Company’s Vice-Chairman Salman F Rahman was arrested at a point. The administrations took steps to damage and obliterate the company. A huge amount of extortion was taken by high-end officials. The company, at the end, fall into a financial ruin due and was unable to make payments of its previous loans to the banks on time.
TIB’s Executive Director Iftekharuzzaman surely did not take these in account while making the comment. He also did not take into the fact in account that an auditor recommended that the company would need 12 years to repay the loans. Bangladesh Bank had rescheduled the loans in recommendation of the auditor’s report and instructed the company to repay the working capital loan within six years.
Due to a liquidity crisis, the company is not in a position to repay now and requested the Bangladesh Bank for a rescheduling. After considering the situation and request of Beximco Group and other borrowers, the board of the central bank decided to reschedule the loans.
Nothing unfair has happened here. This is not something unprecedented. In developed and developing countries, loan rescheduling facility is offered to companies those, in long run, contribute to national economy.
Beximco group at the moment is steeping into the fast gears. It is expanding business in various fronts. That is one reason why it is in a liquidity crisis. Even then, in the last ten years, the company paid over 6,000 crores of its loans to several banks of the country. Bank accounts of the company are at the moment regular and unclassified.
These defamatory and disrespectful comments came from the TIB Executive Director Iftekharuzzaman in a time when the economy is turning around, when Beximco group is turning around. In no means, the company took unfair advantage of the Bangladesh Bank’s loan rescheduling facility.