Asiatic Cotton Mill taken back under govt management
Asiatic Cotton Mill, privatised in 1982, was taken back under government management yesterday as the private owners failed to live up to the terms of agreement.
The mill was brought under official management following an order signed on April 29 by Aftabuddin Talukder, deputy secretary of Textiles and Jute Ministry.
Following the order, Motahar Hossain, senior assistant commissioner, and Julhas Mia, general manager of Amin Textiles Limited, went to the
mill at Sholoshahar in the port city and took over all its assets and liabilities.
The government handed over the mill on December 5, 1982 under an agreement which asked the then private management to keep the mill operational, to pay loans worth Tk 13.84 crore taken from Pubali Bank and pay another amount of Tk 22 crore for due salaries and allowances of 1,500 workers and employees.
“The government has decided to take back the mill as its private management failed to comply with the conditions of the deal,” said an official source about the re-nationalisation of the industrial unit.
Aftabuddin Talukder told the news agency that efforts would be made for reopening the mill under official management “soon”.
He further informed that the credits owed to the Pubali Bank had already been paid off by the government.
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