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Amid a severe liquidity crunch, Beximco Group has halted operations at Shinepukur Ceramics, marking its 24th closed venture. Since August 2024, the conglomerate has been unable to open letters of credit (LCs) for raw material imports, leading to the shutdown of 23 ready-made garment and textile factories at its Gazipur industrial park. This has left 40,000 workers unpaid for October, despite earlier payments for July to September. With a monthly salary bill of Tk 80 crore and typical textile exports worth $30 million, the group’s financial stability has deteriorated following the political changeover in August and the arrest of its vice-chairman.
The group, burdened with Tk 23,000 crore in loans, of which Tk 19,000 crore turned non-performing in the third quarter, faces criticism for financial mismanagement. Industry leaders urged Beximco to resolve wage disputes independently, while foreign buyers expressed concerns over recent developments, potentially impacting export performance.
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