BASE Textiles owners flee, Tk328cr loan recovery uncertain | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
BASE Textiles owners flee, Tk328cr loan recovery uncertain

Industry

Omar Faruque
08 February, 2025, 08:05 am
Last modified: 08 February, 2025, 08:06 am

Related News

  • Two RMG factories get LEED certificates
  • Indian textile stocks surge as US slaps 35% tariff on Bangladesh exports
  • Extending loan repayment deadline could save 500-600 factories: BGMEA chief
  • Amid tariff deadline, Bangladesh urges fairer deal with USTR
  • Gas supply to industries increased, to keep improving: Energy adviser

BASE Textiles owners flee, Tk328cr loan recovery uncertain

Omar Faruque
08 February, 2025, 08:05 am
Last modified: 08 February, 2025, 08:06 am
BASE Textiles owners flee, Tk328cr loan recovery uncertain

BASE Textiles Limited has defaulted on Tk328 crore in loans to three banks, and with the owners fleeing, loan recovery prospects have become uncertain.  

According to creditors, the Chattogram-based ready-made garment exporter has defaulted on Tk222 crore from One Bank, Tk68 crore from City Bank, and Tk38 crore from Social Islami Bank.  

AM Saleh Uddin Kutubi, executive vice president and Agrabad branch manager of Social Islami Bank, told The Business Standard, "We have sought approval from our head office to initiate legal action against the company's owners. BASE Textiles secured the loan from Social Islami Bank in 2015."  

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Speaking to TBS, Zahed Iqbal, manager of One Bank's Agrabad branch in the port city, said BASE Textiles began operations and secured loans from the branch in 2004.  

"While the first generation ran a successful business, the factory's exports ceased entirely in 2022-23. Four cheque bounce cases have been filed against the company's owners for loan defaults, and the court has issued arrest warrants for the defendants," he added.  

Established in 1996, BASE Textiles was once a leading exporter. According to the National Board of Revenue, it exported RMG worth $14 million in fiscal 2004-05. The factory's last recorded shipment was to Turkey in February 2023.  

The factory's founding chairman was Shahadat Hossain, and its founding managing director was SM Nurul Huda Chowdhury Jahangir, both entrepreneurs from Chattogram. After their deaths about a decade ago, ownership passed to the second generation, triggering disputes. 

Following the Covid-19 pandemic, exports declined, worker unrest grew, and financial troubles deepened. Eventually, the factory shut down, and some of its owners either fled abroad or went into hiding.

Meanwhile, the company has filed a case, alleging the theft of equipment worth Tk100 crore from the factory. However, police, creditor bank officials, and other stakeholders claim the factory authorities staged the theft to evade loan repayments.  

Officials suspect the owners themselves are stealing valuable equipment to avoid repaying bank loans. Creditor bank representatives said the removal of key assets – including machinery, gas generators, and air conditioners – has jeopardised loan recovery efforts.  

Meanwhile, Hasan Shibli, managing director of the company, and his wife, Director Israt Jahan, are in the UAE, while Director SM Jamal Uddin is in New Zealand. The banks, however, have no information on the whereabouts of Chairman Sidratul Muntaha.  

Contacted over phone regarding the allegations, Hasan Shibli told TBS, "I... appreciate your effort for fact findings. I think you need to dig down a little bit more to get closer to the true picture. I cannot blame you for this outcome since the market rumours are not in favour of the truth."

According to creditor banks, loans were secured by Tk274.57 crore in collateral, including stock, accounts receivable, plant, machinery, and other fixed and floating assets (Pari-Passu). Additionally, land and factory assets worth Tk312.79 crore were mortgaged, with 298 acres of land valued at Tk47.53 crore.  

A City Bank official, speaking on condition of anonymity, told TBS that apart from the mortgaged land, all other assets have been stolen. The land's estimated value is at most Tk50 crore, putting the recovery of the loans at significant risk.  

Theft case  

On 6 November, a case was filed with Chandgaon police station over the alleged theft of assets from BASE Textile in the Chandgaon industrial area.  

The lawsuit, filed by a factory official, states that the RMG unit of BASE Textiles shut down in June 2022 due to heavy financial losses caused by the Covid-19 pandemic and the Russia-Ukraine war.  

The textile unit later ceased operations in June 2023 due to worker unrest and financial irregularities. As a result, the factory's closure made it difficult to properly supervise the contractual security guards.  

Between May and November 5 last year, valuable assets – including foreign machinery, gas generators, and air conditioners – were stolen from the factory, allegedly without the guards noticing. The estimated loss is Tk100 crore.  

However, the complaint does not name any specific accused individuals or even list anonymous suspects.  

Earlier, on 30 September, a general diary (GD) was filed with Chandgaon Police Station on behalf of Base Textile. In the GD, factory manager Faiz Ahmed stated that after the change of government after 5 August, petty thefts began increasing, taking advantage of the instability.  

He also noted a rise in the presence of miscreants near the factory, who had assaulted security guard Zahirul Islam. However, no theft charges were filed at the time.  

Mir Manjir Ahsan, the plaintiff in the case and former Manager of Sales and Marketing at Base Textile, told TBS that the thefts continued despite filing the case. Initially occurring at night, the thefts have now been happening both day and night for the past one and a half months, leaving nothing but the factory walls.  

He added that due to financial constraints, the company could not implement adequate security measures. Despite repeatedly informing the creditor bank and the police, they have received no cooperation. He also stated that the company will handle the bank's debts and lawsuits through legal means.  

Cite visit  

A mystery has emerged surrounding the theft of machinery.  

During a visit on Saturday, the main entrance of BASE Textile was found locked. Inside, iron structures lay scattered, with broken glass, bricks, and debris strewn across the premises.  

Small and medium-sized machinery had been dismantled, the paved floor had been removed, and large machinery, including generators, had been cut with gas cutters.  

The administrative building next to the factory was stripped of air-conditioning units, televisions, and other electrical equipment – even the window grilles had been removed.  

Md Harun, a security guard inside the gate, said 10-15 people are constantly stealing factory assets, sometimes in groups and sometimes individually. He admitted they were powerless to stop the thefts, as the intruders often took them hostage. 

 

Top News

Base Textiles / owners / industry / textile

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Dr CR Abrar. Illustration: TBS
    No intention to resign: Education Adviser CR Abrar in face of students’ demand
  • Representational image. File Photo: Rajib Dhar/TBS
    Postponed HSC exams of 22 and 24 July to be held same day, date yet to be announced
  • Volunteers collect and gather parts of the wrecked plane from the Milestone School and College grounds on Tuesday, a day after the devastating aircraft crash. Photo: Mehedi Hasan/TBS
    Milestone jet crash: Health directorate revises down death toll to 29

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Why Bangladesh's capital market is poised for a bull run
    Why Bangladesh's capital market is poised for a bull run
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Exim Bank's former chairman Nazrul Islam Majumder being taken to court on 22 July 2025. Photo: Collected
    Will repay all money if granted bail, won’t run away, ex-Exim Bank chair Nazrul tells court

Related News

  • Two RMG factories get LEED certificates
  • Indian textile stocks surge as US slaps 35% tariff on Bangladesh exports
  • Extending loan repayment deadline could save 500-600 factories: BGMEA chief
  • Amid tariff deadline, Bangladesh urges fairer deal with USTR
  • Gas supply to industries increased, to keep improving: Energy adviser

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

23h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

17h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

Education Ministry dispute leads to delay in postponing exams

Education Ministry dispute leads to delay in postponing exams

45m | TBS Today
Trump announces massive trade deal with Japan

Trump announces massive trade deal with Japan

2h | TBS World
Six unidentified bodies are yet to be identified

Six unidentified bodies are yet to be identified

3h | TBS Today
32 killed in warplane crash in Milestone, live from Burn Institute

32 killed in warplane crash in Milestone, live from Burn Institute

5h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net