Beximco Secures Tk 60 Crore Govt Loan Amid Labor Unrest

The Bangladesh Securities and Exchange Commission (BSEC) has frozen 117 beneficiary owner (BO) accounts allegedly linked to Beximco Ltd’s owners following a request from the Bangladesh Financial Intelligence Unit (BFIU). On November 14, the BSEC instructed the Chittagong Stock Exchange to gather KYC forms and portfolio statements of these accounts within three days.

The S Alam Group, led by its founder and chairman, has warned Bangladesh Bank's governor of potential international arbitration following allegations of siphoning off Tk 1.2 trillion ($10 billion) from Bangladeshi banks during the previous regime. The group’s lawyers, in a letter dated November 19, accused the governor of making "false and defamatory" statements that amount to an intimidation campaign against the conglomerate, which employs 200,000 people in Bangladesh.

GPH Ispat, a major Bangladeshi steelmaker, achieved a profit of Tk 6.59 crore in the first quarter of the current financial year, recovering from a Tk 16.46 crore loss in the same period last year. The earnings per share (EPS) improved to Tk 0.14 from a loss per share of Tk 0.34, driven by an 82.57% reduction in exchange losses on foreign currency transactions.

Three troubled banks have secured Tk 2.65 billion in liquidity support under a central bank-backed guarantee scheme to address acute financial stress. First Security Islami Bank received Tk 500 million, National Bank Tk 650 million, and Exim Bank Tk 1.50 billion from Dutch-Bangla Bank, City Bank, Pubali Bank, and Eastern Bank. Earlier, on November 14, Exim Bank obtained Tk 2.0 billion under a similar arrangement.