| Revision as of 06:38, 1 February 2018 editJdmbet (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 edit← Previous edit | Revision as of 03:53, 2 February 2018 edit undoMajid.cscm (talk | contribs)15 edits Wrong infoTags: section blanking Mobile edit Mobile web 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''' 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> | ||
| ==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.<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 |newspaper=Dhaka Tribune |language=en-US|access-date=2018-01-31}}</ref> According to government records, Western Marine Shipyards was one of the top loan defaulters of the country.<ref>{{Cite news|url=http://bangladeshchronicle.net/2017/07/default-loans-stand-at-tk-111347cr-muhith/|title=Default-loans stand at Tk 1,11,347cr: Muhith|date=2017-07-10|work=The Bangladesh Chronicle|access-date=2018-01-31|language=en-US}}</ref> 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.<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=2018-01-31}}</ref> 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.<ref>{{Cite web|url=http://bdnews24.com/economy/2017/06/20/more-than-200000-loan-defaulters-in-bangladesh-muhith-tells-parliament |title=More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament|website=bdnews24 |access-date=2018-01-31}}</ref> 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.<ref>{{Cite news|url=https://www.nytimes.com/2014/10/11/opinion/tahmima-anam-how-to-rob-a-bank-in-bangladesh.html|title=Opinion {{!}} How to Rob a Bank in Bangladesh|last=Anam|first=Tahmima|date=2014-10-10|work=The New York Times|access-date=2018-01-31|language=en-US|issn=0362-4331}}</ref> | |||
| ==References== | ==References== | ||
| <references /> | <references /> | ||
Revision as of 03:53, 2 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.
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.
External links
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