| Revision as of 02:59, 1 February 2018 editTacyarg (talk | contribs)Autopatrolled, Extended confirmed users, New page reviewers, Pending changes reviewers65,246 edits marked npov← Previous edit | Revision as of 06:38, 1 February 2018 edit undoJdmbet (talk | contribs)56 edits Included details regarding the widespread corruption that plagued this company. WMS company staff are actively deleting my edits in order to protect their reputation. However, TRUTH WILL PREVAIL! This company is a THIEF, so BEWARE!Tag: Visual editNext edit → | ||
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| '''Western Marine Shipyard Limited''' is a major shipbuilding company in city of Chittagong, Bangladesh that has been found guilty of widespread corruption. This is because the company purposely took massive amounts of loans from state-owned banks in Bangladesh without any intention of paying them back. In 2017, the corrupt practices of this company became public when both government officials and various reliable news media outlets publicized the massive corruption of Western Marine Shipyard and its Managing Director, MD Sakhawat Hossain.<ref>{{Cite news|url=http://www.thedailystar.net/country/default-loan-now-tk-111347-crore-finance-minister-muhith-tells-bangladesh-parliament-1431115|title=Default loan now Tk 1,11,347cr, top defaulters’ list published|date=2017-07-10|work=The Daily Star|access-date=2018-02-01|language=en}}</ref> Due to its corrupt practices, the company has managed to become one of the biggest shipbuilders in Bangladesh.<ref>{{Cite web|url=http://www.wms.com.bd/about-us/|title=About us {{!}} WMS|website=www.wms.com.bd|language=en-US|access-date=2018-02-01}}</ref> | |||
| '''Western Marine Shipyard Limited''' Bangladesh has built 143 Vessels for local & foreign clients & new building of more than 30 ships are in progress which includes deep sea fishing trawlers, port utility vessels, tugs, inland container ships, inland tankers, & passenger ships. | |||
| Western Marine Shipyard Limited has exported 31ships to the countries, Germany, Denmark, Finland, New Zealand, Ecuador, Tanzania, Gambia, Uganda, Kenya, Pakistan, UAE-Dubai & India. The annual market value of the local ship buildings in Bangladesh annual market value is about $1 billion whereas Western Marine Shipyard has built 112 of ships for the country till today and has been playing an important role in meeting the local demand as well. | |||
| Recently they have exported an Offshore Patrol Vessel (OPV) to Kenya for their Ministry of Fisheries (MOF). The 35 nautical miles speed (70km) OPV bagged the WorkBoat World best large patrol builder award 2017. It is the most capable OPV boat in the Kenyan MOF and is being used to patrol the Kenyan Exclusive Economic Zone, keeping an eye on illegal fishing and unauthorized attempts to access Kenyan natural recourses as well as responding to natural disasters along the coast and islands. A high-tech fishing trawler of 3,300 DWT, named Norwegian Fishing Trawler (NFT), is being built by the WMSL for Norway. It is supposed to be the largest NFT and it will be handed over by 2019. Moreover, they have exported 2 units of 8,000DWT Mini Bulk Carrier for Jindal Steel Works, India, the biggest Ships Ever Built in Bangladesh and 01 unit of 65m Landing Craft, exported to UAE last year. | |||
| ==2017 loan default scandal== | ==2017 loan default scandal== | ||
Revision as of 06:38, 1 February 2018
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Western Marine Shipyard Limited is a major shipbuilding company in city of Chittagong, Bangladesh that has been found guilty of widespread corruption. This is because the company purposely took massive amounts of loans from state-owned banks in Bangladesh without any intention of paying them back. In 2017, the corrupt practices of this company became public when both government officials and various reliable news media outlets publicized the massive corruption of Western Marine Shipyard and its Managing Director, MD Sakhawat Hossain. Due to its corrupt practices, the company has managed to become one of the biggest shipbuilders in Bangladesh.
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
- "Default loan now Tk 1,11,347cr, top defaulters' list published". The Daily Star. 2017-07-10. Retrieved 2018-02-01.
- "About us | WMS". www.wms.com.bd. Retrieved 2018-02-01.
- "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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