Govt appoints administrator at Nassa Group
After borrowing from 22 banks and one financial institution, Nassa Group has reportedly defaulted on loans worth Tk8,676 crore
The interim government has appointed Arif Ahmed Khan, an additional inspector general of the Department of Inspection for Factories and Establishments (DIFE), as the administrator of Nassa Group to oversee the payment of dues to its workers.
The Ministry of Labour and Employment issued a circular in this regard yesterday (8 October).
Wage payments to Nassa Group's employees have reportedly remained pending for several months, as the group is facing multiple problems -- one of which is that the company's chairman, Nazrul Islam Mazumder, is behind the bars at present.
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Nassa Group, one of the country's largest industrial conglomerates, employs around 30,000 workers across its textile and garment units, with additional investments in banking and real estate.
After borrowing from 22 banks and one financial institution, Nassa Group has reportedly defaulted on loans worth Tk8,676 crore.
Nazrul, who has been in jail since October 2024, on 20 September signed a power of attorney authorising the sale of his assets to pay overdue worker wages and settle the company's defaulted bank loans. Worker protests have continued in recent weeks.
The assets listed for sale include Plot-6 on Gulshan Road 7, a seven-storey building and five bighas of land in Ashulia's Tayyabpur mouza, 10 bighas of land in Narayanganj's Char Chengakandi mouza, Rajuk plots, and shares worth about Tk86 crore.
Labour and Employment Secretary Sanowar Jahan Bhuiyan 30 September also said that Nassa Group will clear outstanding dues of its factory workers in line with a tripartite settlement agreement signed earlier that month.
The agreement, reached on 23 September among workers, owners, and representatives of various government agencies, was intended to resolve existing disputes and labour unrest within Nassa Group.
