Transparency International Bangladesh (TIB)'s Executive Director Iftekharuzzaman commented recently that country's leading private sector player Beximco Group is taking unfair advantage of the loan rescheduling facility. He added that a group of plunderers are becoming lawmakers. He indicated Beximco Group's Vice-Chairman Salman F Rahman in the latter comment. Salman F Rahman was elected MP from Dhaka-1 constituency in last general election.
Beximco Group, in a strong response, said these were slanderous remarks and disrespectful towards the group and its 60,000 hardworking employees. While making the comments, Iftekharuzzaman did not consider the path Beximco Group had to walk to get in a position it is now. Beximco Group had to overcome unfair actions and hostility from the BNP led government from 2001 - 2006 and from the caretaker government from 2007 to 2008. Its vice-chairman Salman F Rahman was arrested on corruption allegations. High-end officials started taking extortion. As a consequence, it faced a financial disaster and was not capable to make bank payments on time. In 2009, Beximco Group engaged an auditor to check the future fund flow. It was the audit firm that reported that 12 years are required for the company in repaying the loans. Beximco Group is facing a liquidity crisis at the moment. The company therefore, requested the Bangladesh Bank to reschedule its loans once again. Other companies also requested the same. The board of the central bank decided to reschedule all the loans. There is nothing unfair in the process. The process is common in developing and developed countries. Large companies are offered loan rescheduling facility in times of need. Beximco group is getting back to its usual strong feet now. It is operating business in various sectors. In the last ten years, the company paid over 6,000 crores of taka to several banks. The accounts of the company are at present regular and unclassified.
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