BTMA warns of action against members involved in loan scams

Staff Correspondent | Published: 00:05, Feb 07,2018

 
 

Mohammad Ali Khokon, acting president of Bangladesh Textile Mills Association, speaks at a press conference at the association office in the city on Tuesday. — New Age photo

Bangladesh Textile Mills Association on Tuesday said that it would take action against its members who were involved in loan scams as the real businesses of the sector were facing trouble in getting loans due to the scams by dishonest businesses.
‘It is unexpected that the businesses, who have been running their business for 20-30 years, are not getting required fund from the banks whereas a businessman who is running business only four years is getting Tk 5,000 crore from the bank,’ Mohammad Ali Khokon, acting BTMA president on Tuesday said at a press conference at the Association office in the city.
The press conference was organised ahead of the 15th edition of a four day Dhaka International Textile and Garment Machinery Exhibition 2018 to begin on Thursday at Bangabandhu International Conference Centre.
The acting BTMA president said ambiguity of laws caused suffering for the honest businesses as banks provide interest waiver to the defaulters and mount various pressures on the businesses that are making their payments regularly.
‘In the next board meeting we will propose to blacklist the name of the members and cancelation of their membership who, are involved with loan scams,’ Khokon said.
He said that due to the plunder of bank money by a section of dishonest businessmen had been forced to pay high rate of interest of their loans which is hampering business growth.
Khokhon, however, blamed crises of gas and electricity and shortage of land for holding back the textile sector.
Despite having a stable political situation, there is no desired investment in the country’s primary textile sector due to crisis of gas and electricity and shortage of land, he said.
‘The government assured that there will be no gas crisis from next April as a result of its move to import of Liquefied Natural Gas but we do not know what will be the prices of Liquefied Natural Gas. The government should make sure that the gas price will remain at a tolerable level,’ Khokon said.
He requested the government to allocate eight to ten economic zones for primary textile sector out of the proposed 110.
The BTMA leader, however, said that DTG-2018 would help to establish a strong backward linkage industry for country’s apparel and clothing sector.
A total of 1,100 textile and garment machinery companies from 36 countries including China, Denmark, France, Germany, Hong Kong, India, Italy, Japan and Korea are expected to display their latest products and technologies in about 1200 booths in the event, he said. 

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