Revival, Ecomilli urge authorities to halt Janata Bank’s auction of Beximco assets

Japan–Bangladeshi ethical fashion and sustainability venture Revival and US-based platform Ecomilli have urged the government and the Janata Bank authorities to reconsider the decision to auction off Beximco’s assets, citing potential risks to workers’ welfare, shareholder rights, and future foreign investment.

Recently, state-owned Janata Bank issued an auction notice to recover over Tk 1,322 crore in defaulted loans by selling Beximco’s factories, land, and corporate headquarters. The assets listed include 3,527 decimals of land and factories in Gazipur, 146.65 decimals in Ashulia, 440 decimals in Narayanganj, and the 15-storey BEL Tower in Dhanmondi.

Revival and Ecomilli expressed shock at the announcement, noting that discussions were already underway regarding an international leasing arrangement aimed at reviving Beximco’s textile operations. According to them, such a sudden move may discourage global expatriate Bangladeshis who have shown interest in contributing investment, expertise, and knowledge to revive the project.

Earlier, Revival announced that it was preparing to restart the long-closed Beximco Textile Division, stating that a Tripartite Agreement involving Revival, Beximco, and Janata Bank was already drafted and submitted on October 8. The agreement was expected to be reviewed by Janata Bank’s board in its upcoming meeting, with all parties hopeful of signing within the month. The meeting, initially set for November 18 and later rescheduled for November 20, took a surprising turn when the bank instead published the auction notice.

Revival emphasized that Beximco Textile is not merely a privately owned enterprise but a national asset built through the contributions of thousands of shareholders and decades of effort. They stressed that the factory had shut down due to a severe debt crisis, not because of operational inefficiency.

The two organizations argued that a sustainable, transparent, research-driven business model could ensure worker welfare, safeguard rights, and strengthen the country’s industrial development. They have been working closely with the Ministry of Labour, Bangladesh Bank, the Ministry of Finance, the Financial Institutions Division, and BIDA to rebuild the structure needed to restart operations. Once reopened, the factory could restore the livelihoods of nearly 40,000 workers, employees, and officials, they added.

However, they noted that Janata Bank’s abrupt decision to sell machinery and immovable assets has caused concern among stakeholders both at home and abroad. Revival and Ecomilli believe that through coordinated efforts from the government, banks, workers, shareholders, expatriate professionals, and industry leaders, Beximco Textile could once again become a key pillar of Bangladesh’s industrial growth.

Earlier, on January 28, the government decided to close 12 companies within the Beximco Industrial Park and cleared all legal dues owed to affected workers between February and March. Since the political shift in August last year, several factories within the Beximco Group have been experiencing challenges stemming from mounting debts, labour unrest, and declining orders.