Home ›› 25 May 2023 ›› Front
The workers of Ring Shine Textiles Ltd (RSTL) held a strike at their workplace throughout Wednesday, demanding payment of outstanding dues to the tune of nearly Tk 40 crore, left unpaid by the previous management.
Insiders say the protest was sparked by the appointment of new managing director Brig Gen AHM Mokbul Hossain (retd), and workers blocked his entry into the office premises as part of their protest demonstration.
Speaking to The Business Post on condition of anonymity, a RSTL worker said, “The previous management was responsible for clearing their dues. When news of money laundering surfaced, they sought assistance from Bangladesh Export Processing Zone Authority (BEPZA).
“Assured by BEPZA, we were informed that the new management would take care of the pending wages. However, this new management requested a two-month timeframe to settle the dues, leading to discontent among the workers.”
Echoing the same, another worker said, “Our salaries and bonuses remain unpaid. Our dues must be settled first if the new MD wants to enter his office.”
In response to the workers’ demands, the new management has assured them that their dues would be paid within two months, and requested them to resume work the following day. The workers then agreed to rejoin the factory.
On Tuesday, the Bangladesh Police – following a request from the Bangladesh Securities and Exchange Commission (BSEC) – banned Ring Shine Textiles Ltd’s former managing director Sung Wey Min from travelling abroad.
In an investigation titled “Ring Shine Textiles’ Tale of Tk 2,000 Crore Laundering” conducted by The Business Post, significant financial irregularities were exposed at RSTL.
The inquiry committee and a special auditor appointed by BSEC discovered extensive money laundering activities at Ring Shine. Between 1998 and 2020, the management of RSTL engaged in money laundering, transferring approximately Tk 1,242 crore ($124 million) through telegraphic transfers to overseas accounts belonging to the managing director, sponsor directors, and unidentified parties.
