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| {{Infobox company | |||
| | name = Western Marine Shipyard Limited | |||
| | logo = Western marine shipyard logo.png | |||
| | caption = | |||
| | type = ] | |||
| | traded_as = | |||
| | fate = | |||
| | predecessor = | |||
| | successor = | |||
| | foundation = {{Start date|2000|07|11}} | |||
| | founder = | |||
| | defunct = <!-- {{End date|YYYY|MM|DD}} --> | |||
| | location_city = Chittagong | |||
| | location_country = Bangladesh | |||
| | location = | |||
| | locations = | |||
| | area_served = | |||
| | key_people = Md. Saiful Islam (Chairman) <br /> Md. Sakhawat Hossain (Managing Director) | |||
| | industry = Shipbuilding Industry | |||
| | products = Multipurpose Cargo Ships, Cargo Vessels, Tugboats, Tankers, Ferries, Port Utility Vessels, Passenger Ships, Fishing Trawlers etc | |||
| | services = | |||
| | revenue = | |||
| | operating_income = | |||
| | net_income = | |||
| | assets = | |||
| | equity = | |||
| | owner = | |||
| | num_employees = 3500 | |||
| | parent = | |||
| | divisions = | |||
| | subsid = | |||
| | homepage = {{URL|wms.com.bd}} | |||
| | footnotes = | |||
| | intl = | |||
| }} | |||
| '''Western Marine Shipyard Limited''' is a major shipbuilding company in city of Chittagong, Bangladesh. It is one of the most corrupt companies in Bangladesh, due to the work of its Managing Director, Mr. Shakhawat Hossain, who actively wooed the Bangladeshi politicians and bank officials and took out millions of dollars worth of loans from state-owned banks without having any intention of paying the loans back. Furthermore, he has also refused to pay the salaries of many workers due to the financial squeeze. Although he currently resides in a posh area of Chittagong named Khulshi, and has three sons who were all educated in expensive schools and universities across the globe, he is completely unconcerned with the massive corrupt practices of his company and the subsequent environmental damage caused by the workers of his company.<ref>{{Cite web|url=http://www.dhakatribune.com/business/2017/07/10/muhith-names-top-loan-defaulters/|title=Muhith releases names of 100 top loan defaulters {{!}} Dhaka Tribune|website=www.dhakatribune.com|language=en-US|access-date=2018-02-05}}</ref> The massive corruption involving this company has sharply declined its stock price in the share market.<ref>{{Cite web|url=http://lankabd.com/dse/stock-market/WMSHIPYARD/western-marine-shipyard-limited/stock-price?stockId=622|title=Western Marine Shipyard Limited (WMSHIPYARD) - (Western Marine Shipyard Limited) - Engineering - Dhaka Stock Exchange - Share market analysis of dhaka stock exchange, Bangladesh|website=lankabd.com|access-date=2018-02-05}}</ref> | '''Western Marine Shipyard Limited''' is a major shipbuilding company in city of Chittagong, Bangladesh. It is one of the most corrupt companies in Bangladesh, due to the work of its Managing Director, Mr. Shakhawat Hossain, who actively wooed the Bangladeshi politicians and bank officials and took out millions of dollars worth of loans from state-owned banks without having any intention of paying the loans back. Furthermore, he has also refused to pay the salaries of many workers due to the financial squeeze. Although he currently resides in a posh area of Chittagong named Khulshi, and has three sons who were all educated in expensive schools and universities across the globe, he is completely unconcerned with the massive corrupt practices of his company and the subsequent environmental damage caused by the workers of his company.<ref>{{Cite web|url=http://www.dhakatribune.com/business/2017/07/10/muhith-names-top-loan-defaulters/|title=Muhith releases names of 100 top loan defaulters {{!}} Dhaka Tribune|website=www.dhakatribune.com|language=en-US|access-date=2018-02-05}}</ref> The massive corruption involving this company has sharply declined its stock price in the share market.<ref>{{Cite web|url=http://lankabd.com/dse/stock-market/WMSHIPYARD/western-marine-shipyard-limited/stock-price?stockId=622|title=Western Marine Shipyard Limited (WMSHIPYARD) - (Western Marine Shipyard Limited) - Engineering - Dhaka Stock Exchange - Share market analysis of dhaka stock exchange, Bangladesh|website=lankabd.com|access-date=2018-02-05}}</ref> | ||
| ==2017 loan default scandal== | ==2017 loan default scandal== | ||
Revision as of 06:00, 7 February 2018
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| Company type | Private Limited Company |
|---|---|
| Industry | Shipbuilding Industry |
| Founded | July 11, 2000 (2000-07-11) |
| Headquarters | Chittagong, Bangladesh |
| Key people | Md. Saiful Islam (Chairman) Md. Sakhawat Hossain (Managing Director) |
| Products | Multipurpose Cargo Ships, Cargo Vessels, Tugboats, Tankers, Ferries, Port Utility Vessels, Passenger Ships, Fishing Trawlers etc |
| Number of employees | 3500 |
| Website | wms |
Western Marine Shipyard Limited is a major shipbuilding company in city of Chittagong, Bangladesh. It is one of the most corrupt companies in Bangladesh, due to the work of its Managing Director, Mr. Shakhawat Hossain, who actively wooed the Bangladeshi politicians and bank officials and took out millions of dollars worth of loans from state-owned banks without having any intention of paying the loans back. Furthermore, he has also refused to pay the salaries of many workers due to the financial squeeze. Although he currently resides in a posh area of Chittagong named Khulshi, and has three sons who were all educated in expensive schools and universities across the globe, he is completely unconcerned with the massive corrupt practices of his company and the subsequent environmental damage caused by the workers of his company. The massive corruption involving this company has sharply declined its stock price in the share market.
2017 loan default scandal
In 2017, the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, released the identities of the top 100 loan defaulters of Bangladesh. According to government records, Western Marine Shipyards was one of the top loan defaulters of the country. In essence, they were guilty of borrowing vast sums of money from mostly state banks without ever repaying the principal amount. This policy of defaulting on bank loans sharply lowered the stock price of Western Marine Shipyard in the Dhaka Stock Exchange over time, and subsequently forced the Managing Director of the company, Mr Sakhawat Hossain, to desperately seek loans for his struggling company. The public announcement of this loan defaulting corruption scandal severely damaged the reputation of Western Marine Shipyards, since loan defaulters have been singled out by the Government of Bangladesh for seriously jeopardizing the Bangladeshi economy by forcing state-owned banks to incur heavy losses. Loan defaulters have been described as thieves and con-artists by anti-corruption agencies, because they are essentially people and businesses who borrow money from banks with no intention of repaying the debt.
References
- "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2018-02-05.
- "Western Marine Shipyard Limited (WMSHIPYARD) - (Western Marine Shipyard Limited) - Engineering - Dhaka Stock Exchange - Share market analysis of dhaka stock exchange, Bangladesh". lankabd.com. Retrieved 2018-02-05.
- "Muhith releases names of 100 top loan defaulters". Dhaka Tribune. Retrieved 2018-01-31.
- "Default-loans stand at Tk 1,11,347cr: Muhith". The Bangladesh Chronicle. 2017-07-10. Retrieved 2018-01-31.
- "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2018-01-31.
- "More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament". bdnews24. Retrieved 2018-01-31.
- Anam, Tahmima (2014-10-10). "Opinion | How to Rob a Bank in Bangladesh". The New York Times. ISSN 0362-4331. Retrieved 2018-01-31.
External links
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