Japan鈥揃angladeshi ethical fashion and sustainability venture Revival and US-based platform Ecomilli urged the government and the Janata Bank authority to reconsider the decision of selling Beximco鈥檚 assests in the interests of workers and the rights of shareholders.
They also said that this auction process would result in a major loss of investment opportunity for Bangladesh.
Recently, the聽state-owned Janata Bank issued an auction notice to sell the factories, land, and head office of Beximco to recover over Tk1,322 crore in defaulted loans, despite the government鈥檚 pursuit of an international leasing arrangement to revive the troubled conglomerate鈥檚 textile operations.
According to the auction notice, assets up for sale include 3,527 decimals of land and factories in Gazipur, 146.65 decimals in Ashulia, and 440 decimals in Narayanganj. The bank has also moved to auction the company鈥檚 15-storey corporate headquarters, BEL Tower, located in Dhanmondi.
While discussions over a lease were underway, Revival and Ecomilli expressed shock at the sudden decision to sell the factory鈥檚 immovable assets and machinery in a statement on Tuesday.
鈥楢t a time when global expatriate Bangladeshis have shown interest in contributing knowledge, expertise, and investment to this project, such a decision may discourage future foreign investment and restrict opportunities for expatriate Bangladeshis to bring back their experience and capital to the country,鈥� the statement added.
Earlier, on November 16, the Revival stated that聽it would restart the long-closed Beximco Textile Division, as a tripartite deal could be signed soon with Revival Group, Beximco, and Janata Bank, paving the way for about 25,000 workers to regain their jobs.
According to a statement from the Revival, the draft 鈥楾ripartite Agreement鈥� among Revival, Beximco, and Janata Bank was already signed and submitted on October 8.
鈥楯anata Bank鈥檚 Board is set to review it in their upcoming meeting, with all parties expecting a signing within the month,鈥� the statement added.
The meeting was scheduled for November 18 but rescheduled to November 20. Then, the bank published advertisements in several newspapers announcing the auction of Beximco鈥檚 mortgaged assets to settle the outstanding loans, including accrued interest calculated up to 31 October.聽Interested bidders have been asked to submit their offers by 10 December.
鈥楤eximco Textile is not a privately owned company; it is a national asset built by thousands of聽shareholders and decades of hard work,鈥� the statement added, saying that the factory was forced to shut down due to a debt crisis.
Revival and Ecomilli said that a sustainable, transparent, and research-driven business structure could align worker welfare, their rights, and the country鈥檚 industrial development into a unified framework.
To achieve this goal, Revival and Ecomilli began working closely with the Ministry of Labour, Bangladesh Bank, the Ministry of Finance, the Financial Institutions Division, and the Bangladesh Investment Development Authority, it added, saying that once reopened, the factory would enable 40,000 workers, employees, and officials to regain their livelihoods.
鈥楬owever, one of the parties involved in the process, Janata Bank, suddenly announced plans to sell certain machinery and immovable assets of Beximco Textile. The announcement has surprised and alarmed concerned groups both at home and abroad,鈥� he added.
Revival and Ecomilli said that if the government, the bank, workers, shareholders, expatriate Bangladeshi experts, and all industry stakeholders work together, Beximco Textile could once again become a strong pillar of Bangladesh鈥檚 industrial growth.
Earlier on January 28, the government decided to close 12 companies within Beximco Industrial Park and paid the entire legal dues to the affected workers between February and March.
Since the political change in August last year, a number of factories in the Beximco group have been facing challenges due to mounting debt, labour unrest, and a lack of orders.