All factories under BEXIMCO Textiles have been shut down, and all workers have been laid off as of 28 February, following a decision by the Advisory Council Committee on Reviewing the Labor and Business Situation of Industrial Establishments in BEXIMCO Industrial Park. The meeting was chaired by Labor and Employment Adviser Brig Gen (retired) M Sakhawat Hossain.
According to a BEXIMCO notice, worker dues will be paid in phases starting 9th March, with funds provided by the ministries of finance and labor. The notice, signed by Managing Director Osman Kaiser Chowdhury, states that 14 establishments, including BEXIMCO Limited (excluding Yarn Unit-1), were closed due to a lack of work and resources.
BEXIMCO Textiles estimates that Tk 550-600 crore is needed to settle worker wages. The company had requested Tk 400 crore in assistance, but neither the government nor Janata Bank responded.
The shutdown follows financial troubles linked to Salman F Rahman, owner of BEXIMCO Group, who has been in jail since 13 August 2024. The Bangladesh Financial Intelligence Unit (BFIU) froze the bank accounts of Rahman and his family on 29 August. The CID filed 17 cases against 28 BEXIMCO officials for laundering Tk 1,000 crore abroad under the guise of export trade.
Following the fall of the Hasina-led government, 16 out of 31 BEXIMCO Industrial Park companies have shut down, with Tk 28,000 crore in accumulated loans. Despite its Textiles and Apparel Division being a top exporter, the company faced funding shortages and an inability to open letters of credit for raw material imports.
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