BGMEA alleges hostile takeover bid after reform demand amid turmoil


FE REPORT | Published: August 09, 2024 00:08:14


BGMEA alleges hostile takeover bid after reform demand amid turmoil


The tumult stemming from the government change after more than 15 years has reached the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), an organisation of garment-sector entrepreneurs involved in generating most of the country's export earnings.
Claiming that the incumbent leadership had not performed its duties "properly" amid the current situation, a group of entrepreneurs on Wednesday demanded "reform" of the BGMEA board and elections with a "corrected" voter list.
Describing the demands for reforms beyond established norms as "unacceptable," BGMEA members on Thursday expressed concerns about the security of the trade body and industry.
At a meeting at the BGMEA in Dhaka, the apex apparel body also alleged a "hostile takeover attempt" of the current BGMEA board. BGMEA Acting President Khandoker Rafiqul Islam chaired the meeting, attended by more than 150 members.
Earlier on Wednesday, a group of BGMEA members led by former vice president Faisal Samad submitted a memorandum to the existing board, seeking its immediate resignation and dissolution.
They called for the appointment of an interim board composed of honest, efficient and non-political members.
The group expressed no confidence in the existing board of directors due to their "controversial roles" during the recent student-led quota reform movement.
BGMEA said in a statement Wednesday night that an attempt to forcibly take over the current BGMEA board was made around 2:30 pm by a group of members from the FORUM Panel and unidentified individuals during the most vulnerable time for the country, as the economy undergoes massive reforms with unstable law and order.
"This horrific event has further tarnished the international credibility of the country's largest foreign currency earner," the statement said, adding that the incident occurred while board members were addressing current difficulties and developing a roadmap.
"Preparators" were seen engaging in violent behaviour, including toppling the security gate, fighting and unlawfully demanding the takeover of the current board, the statement said.
At Thursday's meeting, the BGMEA paid tribute to students, common people and administrative staff who lost their lives or were injured in the recent anti-discrimination student movement.
The trade body issued a separate statement on Thursday, in which general members strongly condemned the recent "unintended incident" at the BGMEA head office in Dhaka's Uttara on Wednesday.
Talking with The Financial Express, BGMEA Director Md Shahidullah Azim said that despite differing opinions, demands for reforms beyond established norms are "unacceptable."
He said BGMEA, regardless of any political affiliation, always works to improve the industry and the country's economy.
The meeting raised concerns about BGMEA's security, noting that repeated incidents could negatively impact foreign buyers' perceptions of the industry and the association, Mr Azim added.
The meeting also discussed the industry's current challenges, including a bank liquidity crisis and its impact on timely wage payments to workers, according to the statement.
The apparel entrepreneurs also discussed how to maintain safe factory operations amid potential vandalism risks, the statement said, adding that the situation at Chittagong port and the safety of industrial goods vehicles on the Dhaka-Chittagong highway were also discussed.
BGMEA First Vice President Syed Nazrul Islam, Vice Presidents Arshad Jamal (Dipu), Md Nasir Uddin and Abdullah Hill Rakib, among other directors and entrepreneurs, attended the meeting.

munni_fe@yahoo.com

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