The Ministry of Labour and Employment has directed the insist-owned Nationwide Tea Company (NTC) to valid now auction 22 lakh kilograms of tea to duvet unpaid wages for its workers and workers.
Additionally, the company has been urged to put up a proposal to the Finance Division, throughout the Bangladesh Bank, to enlarge its single-borrower exposure limit with Bangladesh Krishi Bank. This accelerate goals to present the company with better earn entry to to financial sources, helping stabilise operations and sort obvious smartly timed wage payments.
The option used to be made right through a meeting, chaired by Labour and Employment Adviser Brigadier Classic (retd) M Sakhawat Hossain on the secretariat on 28 November.
Following the meeting’s option, the company will promptly auction 22 lakh kilograms of tea. Once the sale is carried out, the company is required to story assist to the ministry by 16 December.
Additionally, the company must take steps to enlarge the authorities’s stake within the company right throughout the next three months.
On Tuesday, the company’s portion designate closed at Tk200.5 on the Dhaka Stock Change.
Syed Mahmood Hasan, managing director (to blame) of Nationwide Tea Company, educated TBS that the manufacturing facility is within the intervening time closed attributable to worker unrest over unpaid wages. Tea gross sales were disrupted attributable to the unrest.
Pointing out that the wage arena is anticipated to be resolved this week, he said, “We hope to receive an NOC from the central financial institution on Wednesday [4 December] to trusty Tk8 crore from Krishi Bank. If we receive the funds, we are able to be ready to pay the wages on Thursday,” he said.
Mahmood added that the manufacturing facility also can reopen subsequent week nonetheless clarified, “It’s no longer imaginable to settle on all due payments presently. Nonetheless, we’re working to this stop.”
NTC officers, on situation of anonymity, said the company has 11,273 workers and 350 workers, with prominent dues totalling Tk16.50 crore. Nonetheless, Krishi Bank is anticipated to present entirely Tk8 crore, leaving the final amount unpaid.
One first rate alleged that the hot administration lacks an understanding of the company’s operations and has time and again shunned addressing the wage arena right through board meetings, main to the hot crisis.
A wide stock of tea has been unsold for spherical two months, risking a decline in quality and the chance of fetching decrease prices within the auction market, he added.
Team in dire straits
In Sylhet, workers on the Nationwide Tea Gardens, including these on the Daldali and Lakkatura tea estates, are going through a excessive financial crisis as wages remain unpaid.
Subal Nayek, a worker on the estate, said, “I procure not got money to buy rice. I’ll presumably perhaps not buy any vegetables within the past month because of I did not procure the money. And I procure not eaten fish for a extremely long time.”
Even if the tea backyard authorities present some flour every week, it is miles barely ample to lend a hand families, Subal said.
BSEC committee formed
Earlier in October, the Bangladesh Securities and Change Commission (BSEC) formed a three-member inquiry committee to overview different considerations touching on the placement shares and financial dealings of the NTC.
The investigation specializes within the company’s placement portion issuance, authorities shareholding, fund utilisation, and total financial administration to sort obvious regulatory compliance.
The BSEC also determined to lengthen the subscription period for Nationwide Tea Company’s placement shares till 31 March 2025. The extension is counting on the authorities holding on the very least a 51% portion within the company and would possibly presumably well entirely be allowed to utilise the funds if this situation is met, the regulator said.
