Dandy Dyeing Limited is a dyeing company owned by the family of former prime minister of Bangladesh

Khaleda Zia Begum Khaleda Zia (born August–September 1945) is a Bangladeshi politician who served as the prime minister of Bangladesh from 1991 to 1996 and again from 2001 to 2006. She was the first female prime minister of Bangladesh and the second fema ...

. The company and former prime minister Khaleda Zia, her sons,

Tarique Rahman Tarique Rahman (born 20 November 1965), better known natively as Tarique Zia, is a Bangladeshi politician and businessman who has been the acting chairman of Bangladesh Nationalist Party (BNP) since February 2018. He is the eldest son of fo ...

, and

Arafat Rahman Arafat Rahman, nicknamed "Koko" (12 August 1969 – 24 January 2015) was a Bangladeshi cricket organizer and former chairman of the Development Committee of the Bangladesh Cricket Board. He was the younger son of former president of Bangladesh Zi ...

, were sued by Sonali Bank on charges of defaulting on a loan. According to Prime Minister

Sheikh Hasina Sheikh Hasina (''née'' Wazed; born 28 September 1947) is a Bangladeshi politician who served as the tenth prime minister of Bangladesh from June 1996 to July 2001 and again from January 2009 to August 2024. Premiership of Sheikh Hasina, Her ...

the company owed 400 million BDT to state-owned Sonali Bank.

History

Dandy Dyeing Limited was established in 1993 when the

Bangladesh Nationalist Party The Bangladesh Nationalist Party (), popularly abbreviated as BNP (), is a major List of political parties in Bangladesh, political party in Bangladesh. It was founded on 1 September 1978 by President of Bangladesh, President Ziaur Rahman, wit ...

was in power. It started with 30 million BDT in start-up capital. It was listed on the Dhaka Stock Exchange in 1995 and raised 31 million BDT from the market. It was a relatively successful company when Khaleda Zia was prime minister and the Bangladesh Nationalist Party was in power. On 14 September 1996, the Bureau of Anti-Corruption (predecessor to the Anti-Corruption Commission) sued Tarique Rahman, son of former prime minister Khaleda Zia, and four others over a loan taken by Dandy Dyeing Limited using false evaluation of assets. Judge Mohammad Rezaul Karim Khan fixed January 2005 as the start of the trial for the case. In the early 2000s, commercials by Dandy Dyeing Limited were seen in all television channels. This changed in 2006 when the Bangladesh Nationalist Party lost power. Directors of the company were either in jail, in exile, or dead. In 2009, Finance Minister

Abul Maal Abdul Muhith Abul Maal Abdul Muhith (25 January 1934 – 30 April 2022) was a Bangladeshi economist, writer, civil servant, secretary, diplomat and politician. He served as the finance minister of the government of Bangladesh from January 2009 until January ...

disclosed to the parliament that Dandy Dyeing Limited received 121.6 million BDT interest waiver after the Bangladesh Nationalist Party came to power in 2001. Dandy Dyeing Limited lost 148.8 million BDT in 2010 and had 66.2 million in net liabilities. In the early 2010s, Dandy Dyeing Limited was placed in the over-the-counter board. After the board was abolished in 2019, Dandy went to the alternative trading board. On 2 October 2010,

Sonali Bank Sonali Bank PLC (SBPLC) () is the biggest state-owned leading public commercial bank in Bangladesh. It is the largest bank in the country. Mohammad Muslim Chowdhury is the chairman of the Bank. History Sonali Bank was established in 1972 unde ...

filed a loan default case against Dandy Dyeing Limited and its ten directors with Artha Rin Adalat-1. The directors of Dandy Dyeing Limited are

, Arafat's wife Sharmila Rahman Sithi, Arafat's daughter Zafia Rahman, Arafat's another daughter Zahia Rahman,

Giasuddin Al Mamun Giasuddin Al Mamun is a Bangladeshi businessman. He is a friend and business partner of Tarique Rahman. Mamun owned the now-defunct television channel Channel 1. He was accused in more than 19 cases relating to extortion, corruption, illegal ar ...

, Mamun's wife Shahina Yasmine, Nasrin Iskander wife of Sayeed Iskander, Shafin Iskander, Shams Iskander, Kazi Galib Abdus Sattar and Sumaiya Iskander. The company had burrowed the money on 16 October 2001. Former prime minister

was also an accused in the case. Judge Md Rabiuzzaman appointment lawyers to settle the dispute between creditors and the directors of the company. Arafat Rahman died in Malaysia in 2010. In October 2013, the liabilities of the company were 455.9 million BDT. In February 2020,

Bangladesh Securities and Exchange Commission The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Mini ...

asked about the status of Dandy Dyeing Limited. In February 2016, the trial of loan default case against directors of Dandy Dyeing and former prime minister Khaleda Zia began in 2016 under Judge Fatema Ferdous in the Artha Rin Adalat-1.

References

{{reflist Organisations based in Dhaka 1993 establishments in Bangladesh Textile industry of Bangladesh Manufacturing companies of Bangladesh