Home Business Defaulter textile millers to be blacklisted

Defaulter textile millers to be blacklisted

The textile millers who took bank loans through illegal means and defaulted on repayment will be blacklisted, the trade body that represents the millers said yesterday.“We will discuss the names of the blacklisted members at the next board meeting and propose cancellation of their membership,” said Mohammad Ali Khokon, acting president of the Bangladesh Textile Mills Association (BTMA).“Once such mills are blacklisted, it will be difficult for them to do business in the country.”Over the loan scandal of AnonTex Group, he said: “It should be investigated how a textile company gets more than Tk 5,000 crore in bank loans in just six years of operation.”“I could not manage loans over Tk 200 crore despite being involved in the textile business for the last 22 years. Some big fishes might be involved in such fraudulent activities. Entrepreneurs like us are suffering because of such incident,” said Khokon.He spoke at a press meet at BTMA office in Dhaka to announce the 15th Dhaka International Textile and Garment Machinery Exhibition (DTG).The association will organise the four-day exhibition jointly with Yorkers Trade and Marketing Service Co Ltd at the Bangabandhu International Conference Centre in the capital.Khokon said they would not postpone the trade fair over the possibilities of a political unrest, as the event’s opening coincides with the date of announcement of the verdict of Zia Orphanage Trust corruption case tomorrow.“We can’t postpone the fair as representatives from 36 countries have already arrived in Bangladesh. The entire country is worried about February 8, but we are accustomed to such political uncertainty. Hopefully, we will face no problem.”About 1,100 exhibitors from countries such as Bangladesh, Austria, Brazil, China, France, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the UK, the US, and Vietnam will occupy more than 1,200 booths in 19 halls at the fair.Companies such as Mayer & Cie, Karl Mayer, Pai Lung, Santoni, Shima Seiki, Stoll, Rieter, Saurer, Schlafhorst, Truetzschler, Murata, Dornier, Toyota, Picanol and Uster will showcase the latest textiles and garments technologies, machinery and parts at the show. The textile sector has helped build a backward linkage industry for the garment sector, the highest export earner in the country. Over 15 lakh people are involved in the textile sector, which is currently suffering from electricity and gas crisis, Khokon said. “The problems should be solved to help the sector as well as the country grow further.”Last year, participating companies of the DTG received $250 million worth of spot orders, he said. “We believe the amount will increase this year.”The DTG is Bangladesh’s one of the leading trade fairs with the best growth momentum, said Judy Wang, president of Yorkers Trade and Marketing Service Co Ltd. Since the event’s inception, the number of exhibitors has increased seven times in the last 15 years, Wang said.“This significant growth in exhibitors indicates the promising future of Bangladesh’s textile and garment industry,” she said.“We are proud to build this true sourcing platform for all the industry players to seek innovative products, collect latest market information and develop more business opportunities and partnerships.”A seminar will also take place on sustainable technologies and processes on the first day of the fair.

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