The factory authorities said that after the political change of August 5, the group's business and banking activities faced major crises. Since the necessary financing was not available from banks, it was not possible to open new letters of credit (LCs) and import raw materials. As a result, it became impossible to continue production activities.
The factory's deputy general manager Rafiqul Islam said that since production has completely stopped, officials and employees have been instructed to leave their workplaces on their own responsibility.
A senior official of the human resources department said that even amid the banking crisis over the past almost two years, efforts were made to keep production running by paying workers' salaries regularly. However, at present the group has no effective financial capability or cash liquidity left in the banking sector. Moreover, since the import of raw materials has completely stopped, it is no longer possible to run such a large industrial establishment.
The sudden news of factory closure and job loss has spread widespread anxiety and discontent among workers. Tension prevails in the area over the situation.
