Home Business Govt takes back 2 privatised textile and jute mills

Govt takes back 2 privatised textile and jute mills

The Textiles and Jute Ministry has taken back two privatised textile and jute mills for violation of the terms and conditions of privatisation.The two mills—AR Hawlader Jute Mills Limited in Madaripur and Eagle Textile Mills Limited in Chittagong—have been taken back for violating the terms and conditions of handover for privatisation, the ministry said in a press release on Friday.The press release said the government has taken back AR Hawlader Jute Mills as the company, which earlier took over the managerial responsibility of the mill, has violated the terms of the contract.As per the contract, the company was bound to repay all the dues and loans of the mill to various financial institutions.But the mill authority violated the terms of the contract by selling/handing over movable and immovable properties, including machinery without the government’s consent before paying the dues.The authorities even hadn’t paid receivables by the government despite repeated reminders, according to the press release.The ministry said the mill will remain under the control of Bangladesh Jute Mills Corporation (BJMC) until further notice.The Eagle Textile Mills Limited has also been taken back by the government for violation of the handover agreement.The ministry said the mill authority violated the terms of the contract as they hadn’t paid the debts and failed to reopen the mill.  The mill authorities also sold off 6.43 acres land of the mill without approval from the government.The mill will remain under the control of BTMC until further notice, said the press release.