Dragon Group: Difference between revisions
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==History== |
==History== |
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Cheung Hing Sweater was the first Dragon Group sweater factory to be established. It was founded in the 1980s with 50 Chinese technicians, about 300 machines and about 600 employees. |
Cheung Hing Sweater was the first Dragon Group sweater factory to be established. It was founded in the 1980s with 50 Chinese technicians, about 300 machines and about 600 employees. |
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In 2008, 21 directors of Rupali Insurance were fined by the [[Bangladesh Securities and Exchange Commission|Bangladesh Securities and Exchange Commission (BSEC)]] for violation of securities law in connection with the company's financial statements for the 2006 business year.<ref>{{Cite news|url=https://www.thedailystar.net/news-detail-58617|title=30 directors of 3 listed firms fined Tk60 lakh|last=|first=|newspaper=The Daily Star|date=2008-10-14|access-date=2020-11-22}}</ref> In 2015, an inspection of Garment factories including Dragon Sweater found major electrical and structural flaws. Those included cables directly laid on floors without proper safety, insufficient exit capacity through exit doors and the absence of sprinklers.<ref>{{Cite news|url=https://www.thedailystar.net/major-flaws-in-10-garment-factories-15164|title=Major flaws in 10 garment factories|last1=Mirdha|first1=Refayet Ullah|first2=Mohammed Fazlur|last2=Rahman|newspaper=The Daily Star|date=2015-12-08|access-date=2020-11-21}}</ref> |
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Dragon Sweater and Spinning's [[Initial public offering|IPO]] was approved in December 2015,<ref>{{Cite news|url=https://www.thedailystar.net/business/dragon-sweater-gets-go-ahead-ipo-183913|title=Dragon Sweater gets go-ahead for IPO|last=|first=|newspaper=The Daily Star|date=2015-12-08|access-date=2020-11-21}}</ref> and since the first quarter of 2016 it is listed at the Dhaka and Chittagong Stock Exchanges. A special audit by the BSEC later found that more than half of the money collected in this initial offering had been spent in violation of securities rules,<ref>{{Cite news|url=https://www.newagebd.net/article/17481/dragon-sweater-breaches-rules-in-ipo-fund-utilisation-spl-audit|title=Dragon Sweater breaches rules in IPO fund utilisation: spl audit|last=Murtuza|first=HM|newspaper=[[New Age (Bangladesh)|New Age]]|date=2017-06-11|access-date=2020-11-22}}</ref> for which the company was fined.<ref>{{Cite news|url=https://www.newagebd.net/article/32208/bsec-fines-dragon-sweater-tk-30-lakh-for-rules-breach|title= BSEC fines Dragon Sweater Tk 30 lakh for rules breach |last=|first=|newspaper=New Age|date=2018-01-09|access-date=2020-11-22}}</ref> |
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In 2018, the BSEC found that Dragon Sweater had violated securities rules for 2016 and 2017.<ref>{{Cite news|url=https://www.dhakatribune.com/business/2018/04/18/11-companies-attend-bsec-hearings-violations-five-seek-time-extension|title=11 companies attend BSEC hearings over violations, five seek time extension|last=Niaz|first=Mahmud|newspaper=[[Dhaka Tribune]]|date=2018-04-18|access-date=2020-11-22}}</ref> Later that year, trading of Dragon Sweater stocks was restricted due to abnormal price hikes.<ref>{{Cite news|url=https://www.thedailystar.net/news/business/regulator-suspends-trading-three-stocks-1622857|title=Regulator suspends trading of three stocks|last=|first=|newspaper=The Daily Star|date=2018-08-19|access-date=2020-11-22}}</ref> The restrictions were lifted after 24 days, with the BSEC saying corporate disclosure and other factors had improved.<ref>{{Cite news|url=https://www.thefinancialexpress.com.bd/stock/bangladesh/dragon-sweater-trading-resumes-in-public-market-today-1536466494|title= Dragon Sweater trading resumes in public market today |last=|first=|newspaper=The Financial Express|date=2018-09-09|access-date=2020-11-22}}</ref> |
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In 2019, Mostafa Qamrus Sobhan filed a petition asking for a six-months ban on activities of Nirapon, an alliance formed by international clothing companies to oversee building inspection on the lines of the [[Accord on Fire and Building Safety in Bangladesh|Bangladesh Accord]], at the [[High Court Division|Bangladesh High Court]].<ref>{{Cite news|url=https://www.dhakatribune.com/bangladesh/court/2019/10/23/foreign-rmg-brand-alliance-nirapon-banned-for-6-months|title=Foreign RMG brand alliance Nirapon banned for 6 months|last=|first=|newspaper=Dhaka Tribune|date=2019-10-23|access-date=2020-11-22}}</ref> According to the petition's lawyer, the aim was to include Nirapon under the common platform of the [[RMG Sustainability Council]].<ref>{{Cite news|url=https://www.newagebd.net/print/article/88460|title=High Court imposes ban on Nirapon for 6 months |last=|first=|newspaper=New Age|date=2019-10-24|access-date=2020-11-22}}</ref> With the ban on activities still active, Nirapon left Bangladesh in 2020, laying off most of its staff, and said it would continue its activities from North America.<ref>{{Cite news|url=https://tbsnews.net/economy/rmg/nirapon-leaving-bangladesh-90085|title=Nirapon is leaving Bangladesh|last=Karim|first=Rezaul|newspaper=The Business Standard|date=2020-06-07|access-date=2020-11-22}}</ref> |
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In February 2020, [[Bangladesh Bank|the central bank of Bangladesh]] found that [[Janata Bank]] had rescheduled Dragon Group loans without collateral payment, which violated banking regulations.<ref>{{Cite news|url=https://www.newagebd.net/article/99172/jb-asked-to-explain-legality-of-tk-1974cr-loan-rescheduling|title= JB asked to explain legality of Tk 1,974cr loan rescheduling |last=|first=|newspaper=New Age|date=2020-02-10|access-date=2020-11-22}}</ref> |
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Like [[COVID-19 pandemic in Bangladesh#Economy|other textile factories in Bangladesh]], Dragon Group was hit hard by the coronavirus pandemic.<ref>{{Cite news|url=https://www.thedailystar.net/business/news/bgmea-asks-members-consider-shutdown-factories-1886416|title=BGMEA asks members to consider shutdown of factories|last=Mirdha|first=Refayet Ullah|newspaper=The Daily Star|date=2020-03-27|access-date=2020-11-24}}</ref> However, by August, Dragon Sweater factories were again "fully booked until the end of september".<ref>{{Cite news|url=https://www.thedailystar.net/business/news/garment-export-orders-rolling-once-again-1941153|title=Garment export orders rolling in once again|last=Mirdha|first=Refayet Ullah|newspaper=The Daily Star|date=2020-08-07|access-date=2020-11-24}}</ref> Between March and May of that year, Dragon Sweater laid off around 500 of its workers. Many of those dismissed had earlier demonstrated for the payment of four months' due wages. Organised by the [[Bangladesh Garment Workers Trade Union Center]], they continued to demonstrate, leading to the signing of an agreement with Dragon Group to pay part of the due wages by November 7. The Group then broke that deal.<ref>{{Cite news|url=https://bdnews24.com/business/2020/11/20/sacked-workers-of-bangladeshs-dragon-sweater-gave-up-half-their-pay.-now-employers-breach-deal|title=Sacked workers of Bangladesh’s Dragon Sweater gave up half their pay. Now employers breach deal|website=[[Bdnews24.com|bdnews24.com]]|date=2020-11-20|access-date=2020-11-24}}</ref> |
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==References== |
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{{Reflist}} |
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[[Category:Clothing companies of Bangladesh]] |
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[[Category:1994 establishments in Bangladesh]] |
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Revision as of 17:48, 3 December 2020
| File:Dragon Sweater and Spinning Ltd Logo.png | |
| Company type | Corporate group |
|---|---|
| Industrie | Textile manufacturing |
| Gegründet | June 16, 1994 in Comilla, Bangladesh |
| Hauptsitz | Comilla , Bangladesch |
Area served | International |
Key people | Mostafa Quamrus Sobhan, Chairman Mostafa Golam Quddus, Managing Director Fauzia Quamrun Tania, Director |
| Produkte | Sweaters Socks Insurance policies Life insurances |
Number of employees | 12.500+[1][2] |
| Subsidiaries | Dragon Sweater and Spinning Dragon Sweater Bangladesh Imperial Sweater Bangladesh Perag Socks Industries Dragon Information Technology & Communication Apparel Asia Pty CD Spinning Mills CD Acrylic Bangladesh MountSky Rupali Insurance Company Sonali Life Insurance Company[3][4] |
| Website | www.dsslbd.com www.dragon-sweater.net |
Dragon Group is a group of garment factories and other companies in Bangladesh. The group produces mainly for the international market and exports to more than 30 countries, especially Germany.[5] Its subsidiary Dragon Sweater employs more than 12.000 workers and in 2018 was one of the 10 most-traded companies on the Dhaka Stock Exchange.[6]
Organisation
Mostafa Golam Quddus, a former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), is the group's chairman. His son, Mostafa Quamrus Sobhan, oversees the day-to-day operations as Managing Director. His daughter, Fauzia Quamrun Tania, is one of the group's directors.[7]
Dragon Sweater Bangladesh actively participates in various corporate social responsibilities such as Eye Camp for families of garment workers, education facilities for children of garments workers in remote villages, and accommodations of poor orphans and old women of garment workers. All these initiatives take place in Mia Bazaar, Comilla.
History
Cheung Hing Sweater was the first Dragon Group sweater factory to be established. It was founded in the 1980s with 50 Chinese technicians, about 300 machines and about 600 employees.
- ^ "About Us". Dragon Sweater Bangladesh. Retrieved 2020-11-22.
- ^ "Dragon Sweater and Spinning Ltd Annual Report 2019" (PDF). Dragon Sweater & Spinning Ltd. 2019-06-13. Retrieved 2020-11-21.
- ^ "Dragon Group of Companies". Dragon Sweater Bangladesh. Retrieved 2020-11-22.
- ^ "Group Companies". Dragon Sweater and Spinning. Retrieved 2020-11-22.
- ^ Mirdha, Refayet Ullah (2009-08-13). "Dragon to expand with new yarn unit". The Daily Star. Retrieved 2020-11-21.
- ^ "Dragon Sweater leads turnover, gainer charts". The Financial Express. 2019-01-17. Retrieved 2020-11-22.
- ^ "Dragon Group of Companies. Management". Dragon Sweater. Retrieved 2020-10-20.