Misplaced Pages

Western Marine Shipyard

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.

This is an old revision of this page, as edited by Jdmbet (talk | contribs) at 15:56, 5 February 2018 (Undid revision 824087906 by 103.4.67.125 (talk)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Revision as of 15:56, 5 February 2018 by Jdmbet (talk | contribs) (Undid revision 824087906 by 103.4.67.125 (talk))(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)
The neutrality of this article is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. (February 2018) (Learn how and when to remove this message)

Western Marine Shipyard Limited is a major shipbuilding company in city of Chittagong, 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

  1. "Muhith releases names of 100 top loan defaulters". Dhaka Tribune. Retrieved 2018-01-31.
  2. "Default-loans stand at Tk 1,11,347cr: Muhith". The Bangladesh Chronicle. 2017-07-10. Retrieved 2018-01-31.
  3. "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2018-01-31.
  4. "More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament". bdnews24. Retrieved 2018-01-31.
  5. Anam, Tahmima (2014-10-10). "Opinion | How to Rob a Bank in Bangladesh". The New York Times. ISSN 0362-4331. Retrieved 2018-01-31.

http://www.thedailystar.net/business/western-marine-hands-over-18m-vessel-built-kenya-1448206

External links


Stub icon

This article about a Bangladeshi organisation is a stub. You can help Misplaced Pages by expanding it.

Categories: