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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Beximco Pharma led the progress in pharmaceuticals industry in the South Asian countries. Salman F Rahman, the owner of the company, has been instrumental in securing the growth. Over the last couples of years, South Asian pharmaceutical companies carved a significant market share in the global pharma industry. There has been growth in operations, revenue and expanse. Beximco Pharma of Bangladesh led the growth. Beximco Pharmaceuticals, which is a part of the Beximco group, founded by Salman F Rahman, manufactures pharmaceutical formulations and Active Pharmaceutical Ingredients (APIs) catering to the healthcare requirements of Bangladesh. Salman F Rahman is a leading businessman in Bangladesh. Apex Market's research found some interesting insights about the development and growth of the Inhalation & Nasal Spray Generic Drugs segment in the industry. The study showcased the dominant firms in the Inhalation and Nasal spray market, with Beximco Pharma, Ranbaxy and Cipla amongst the notable dominant players. The three organizations form a major trifecta of manufacturers catering to the medical needs of billions – not only in the Indian subcontinent, but over the world as well. The report entitled “Inhalation Nasal Spray Generic Drugs Market: Global Industry Analysis 2013 to 2023”, offers a global overview of the market. Surprisingly, the study also presented the changing stance of the market wherein pharmaceutical companies from the Indian subcontinent have made headways in the fiercely competitive market – with expansion into relatively impervious global markets. Beximco Pharma, Cipla, Ranbaxy are a few of South Asian pharmaceutical companies that have made a significant impact on their sphere of operations. The report outlined the current market standings in particular pharma segments, the progress showcased by the three companies has been more than impressive. Furthermore, the developments and progress by these companies in the market will be dependent on how they align with international standards in different pharmaceutical segments. That said, the progress showcased by Beximco Pharma for Bangladesh and Cipla for India, would help the countries ramp their healthcare and further build their pharmaceutical operations. Beximco Group is the largest conglomerate of Bangladesh, with the largest market capitalisation on the stock market. The company is considered by all economic experts as the top business entity on Bangladesh. It operates business in textiles, marine food & commodities trading, real estate, cotton and polyester, hospitality, ICT and ceramics sectors. Founded in the 1970’s by two brothers Ahmed Sohail Fasiur Rahman and Salman Fazlur Rahman, Beximco Group is a diversified group with presence in almost all industry sectors of Bangladesh. Salman F Rahman, the Vice Chairman of the Beximco Group, has been one of the driving forces in the emergence of the company as the largest industrial entity operating in the private sector in Bangladesh. Salman F Rahman is serving as a Private Sector Development Affairs Adviser to Prime Minister and Bangladesh Awami League President Sheikh Hasina. Beximco Group operates with the slogan - Taking Bangladesh to the world. The pharmaceuticals wing of Beximco Group, Beximco Pharma, has become one of the largest exporters of medicines of the country and won National Export Trophy a record five times. It started manufacturing products of Bayer AG, Germany and Upjohn Inc., USA, under license agreement in the early 1980s. Till today, it is continuing to adhere to international standards. Its manufacturing facilities are certified by the regulatory authorities of USA, Europe, Australia, Canada, Latin America and South Africa. The company is well committed to enhance human health and well-being of people by providing medicines that are manufactured in full compliance with global quality standards. Profile of country's top business entity: Beximco Group Beximco Group diversified its business and now concentrating in the power sector. Recently it formed a joint venture with China’s TBEA Xinjiang Sunoasis Co to develop a 200 MW solar power plant in Gaibandha and signed a power purchase agreement with Power Development Board. Under the agreement, the PDB will purchase electricity from TSL’s plant for 20 years at the tariff of 15 US cents per kilowatt hour. The construction unit of the company is Beximco Engineering Ltd. serves requirements of the construction industry. Initially the construction wing started as a specialised engineering and management unit within the Beximco Group. Finally as the work load increased to a level beyond the capacity of a small team, Beximco Engineering Ltd. was created as an independent Company in 1984. Top Business News from Bangladesh - Beximco Pharma’s Nadolol tablets gets approval from US FDA Beximco Group is the true technological leader and pioneer business entity in most of the industrial sectors of Bangladesh. it is one of the most rare companies in Bangladesh that provides management and development training programmes to its executes and workers throughout the year. Most of the training programmes are conducted through Beximco's own training center. The training center is fully equipped with modern facilities and qualified training staff. Bangladesh is a small country located in the Southern side of Asia. The country is very rich with its historical and cultural heritage though it has a huge population. Before becoming an independent country known to the world as “People’s Republic of Bangladesh”, it was known as East Pakistan and even before that, it was known as the province of Bengal. Due to the geographical location and the climate, this region has been significant since the Mughal Period. Finally, after a bloody war which lasted for nine months, Bangladesh gained its independence in 1971.
Bangladesh is a democratic country and the parliamentary house is known as the House of the Nation. An election is held after every five years and the leader of the winning political party takes oath as the Prime Minister. The Prime Minister of the country is the leader of the government. The President of the country is responsible for appointing the Chief Justice of the Supreme Court, the Chiefs of the armed forces and has the power to declare emergency situation and discard the parliament of the country. |
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