31-523: IFIC may mean: IFIC Bank , a private commercial bank in Bangladesh Interim Forum for an Independence Convention, another term for Independence Convention , supporters of Scottish independence NDLC-IFIC Bank , Pakistan International Food Information Council International Federation of Infection Control International Feed-In Cooperation Instituto de Física Corpuscular ,
62-523: A joint venture with GS group . The owner of the provider is BEXIMCO via Beximco Communications Limited. The early years of the company were unstable due to technical and financial difficulties. RealVU DTH failed to capture the market, and postponed it services within a years. In 2017, GS group sold their share in Beximco Communications(holding company of RealVu and now Akash) but continued providing hardware and software for
93-553: A particle physics research center in Valencia, Spain. Investment Fund Institute of Canada A slogan for Beech-Nut chewing gum ; an abbreviation of " i t's f lavor- i fi c " An abbreviation of the Weeknd's 2016 song, " I Feel It Coming " Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title IFIC . If an internal link led you here, you may wish to change
124-473: A receiver to manage the company's operations and oversee all its assets. The High Court of Bangladesh appointed Ruhul Amin on , the Executive Director of Bangladesh Bank , as the receiver for Beximco Group. His role is to manage the company’s operations and assets, ensuring stability and continuity during this period of financial difficulty. Bangladesh Bank Governor Ahsan H Mansur emphasized that
155-587: A wide range of industries including pharmaceuticals, ceramics, renewable energy, textiles, LPG, food & beverage, satellite-to-home television, PPE, media, ICT, real estate, financial services, and travel & tourism. In 2005, Beximco Pharma became the first Bangladeshi company to be listed on the Alternative Investment Market of the London Stock Exchange . BEXIMCO also opened its first overseas retail outlet with
186-778: Is a Bangladeshi multinational conglomerate holding company , headquartered in Dhaka , Bangladesh. It was founded in the early 1970s. BEXIMCO is Bangladesh's largest conglomerate, with the largest market capitalisation on the country's stock market. BEXIMCO currently has operations and investments across a wide range of industries including textiles, pharmaceuticals, PPE, ceramics, real estate development, construction, trading, marine food, information and communication technologies, media, financial services, and energy. BEXIMCO's subsidiaries export products to 55 countries worldwide. It has retail outlets in South Asia and Eastern Europe. It
217-587: Is a first generation Bangladeshi private commercial bank. IFIC Bank PLC is a banking company incorporated in the People's Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and Sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions aboard. In 1983 when
248-472: Is located on the bank of the Teesta River. Its vice chairman Salman F Rahman was serving as a Private Sector Development Affairs Adviser to Prime Minister and Bangladesh Awami League President Sheikh Hasina, the former Prime Minister of Bangladesh, in the past and as Private Sector Industry and Investment Adviser at the moment. He's now currently arrested as they were attempting to flee by waterway from
279-657: Is one of the largest private sector employers in Bangladesh with over 70,000 people worldwide. BEXIMCO operates one of the largest integrated textile production businesses in Asia. Its main manufacturing base is the BEXIMCO Industrial Park in Gazipur , Bangladesh. Beximco Pharma , the group's pharmaceutical producer, was the first Bangladeshi company to be listed on the London Stock Exchange . The company
310-486: The Bangladesh Nationalist Party. He had violated Foreign Exchange Regulation Act and Money Laundering Prevention Act by purchasing shares under a Malaysia registered company, Bel Construction SDN BHD. The Malaysian company was owned by Falu, Enayetur Rahman, and Ekramul Haque. Falu and his partners owned 13.7 per cent of the shares and the government of Bangladesh owned 34.54 per cent shares. Of
341-521: The Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. The Government of the People's Republic of Bangladesh (including Directors) holds 32.75% of the share capital of the Bank and the rest is held by Institutions both Local & Foreign and General Shareholders. The Government is being represented by two nominated Directors on the Board of the Bank. Among them,
SECTION 10
#1732775850167372-654: The Sadarghat area of the capital on Tuesday, 13th August 2024. They are currently charged as instigators for murder of students during the student rising movement in Dhaka. In the wake of political turmoil following the fall of the Awami League government in August 2024, Salman F Rahman , the founder of Beximco Pharmaceuticals and former private industry and investment adviser to former Prime Minister Sheikh Hasina ,
403-478: The bank. In August 2004, IFIC Bank sued Beximco Holdings Ltd, a subsidiary of BEXIMCO, at the Dhaka Bankruptcy Court to recover 1.37 billion BDT from the company. Also accused in the case were A S F Rahman, Salman F Rahman, Iqbal Ahmed, and M A Qasem. In August 2007, Bangladesh Bank found irregularities with the purchase of IFIC Bank shares by Mosaddak Ali Falu, former member of parliament of
434-519: The board of directors of the bank. In May 2014, two officials of IFIC Bank to five year jail sentence for stealing from the bank 2.5 million taka in Chittagong along with three others. Bangladesh Bank ordered the removal of Mohammad Lutfar Rahman Badal from the board of directors of IFIC Bank in October 2015. He is the secretary of Bangladesh Nationalist Party vice-chairman Tareque Rahman and
465-566: The current Board of Directors are formed by Bangladesh Bank with four Independent Directors came from different sectors with vast knowledge and experience. The bank is ensuring cutting edge service with skilled workforce and revolutionary fintech support through more than 1400 modern business centers (Branches and Sub branches). It has extended its global corporate footprint in the form of Joint ventures and subsidiaries in Nepal, Oman and UK. International Finance Investment and Commerce Bank Limited
496-495: The formal and informal sectors for accidental deaths, treatment of injuries, incurable diseases, and also for the higher education of their children. In 2023, BEXIMCO Group inaugurated Teesta Solar Limited. However, the plant started supplying power to the national grid in December 2022. The plant has 520,000 solar panels at 600 acres of land at Tarapur Union. The plant has the capacity to produce 200MW of electricity. The plant
527-638: The launch of the Yellow clothing brand in Karachi , Pakistan. Yellow has since expanded to several Bangladeshi and Pakistani cities. In 2009, Shinepukur Ceramics opened a showroom in Moscow, Russia. In 2010, the company acquired stakes in several major Bangladeshi businesses, including IFIC Bank and Unique Hotels and Resorts. In October 2021 BEXIMCO with other two company, Robi and Meghna Petroleum , donated 6.93cr to Labour Welfare Fund support to workers in
558-446: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=IFIC&oldid=1218293237 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages IFIC Bank The International Finance Investment and Commerce Bank PLC. commonly known as IFIC Bank
589-565: The name to Akash Digital TV. In July 2024, Akash Digital TV partnered with Tata Play . The company got a fee waiver of ৳111.56M due to losses from May 2019 to 2020 on grounds of financial losses despite having a monopoly in the DTH market in Bangladesh. But a spectrum charge waiver over the next five years was denied. Customers of analog cable system were switching to digital cable system such as Bengal Digital, Jadoo Digital and DTH system such as Akash DTH for its superior picture quality. While
620-520: The prevailing uncertainty. Salman F. Rahman served as the vice chairman of BEXIMCO Group until his arrest on August 13, 2024. He is currently under investigation for several allegations, including foreign currency smuggling, bank loan embezzlement, illegal wealth accumulation, and share market fraud. On September 19, 2024, the High Court of Bangladesh instructed the Central Bank to appoint
651-981: The receiver is to protect the interests of the company’s employees and the country, ensuring proper management of all institutions under Beximco Group. The conglomerate compromises four public traded and eight privately held companies. Akash Digital TV or Akash DTH , formally incorporated as RealVU DTH , is the sole direct broadcast satellite television provider to households in Bangladesh , operated by Beximco Communications Limited, and owned by parent company BEXIMCO. It broadcasts multichannel TV services via satellite Bangabandhu-1 . It also offers personal video recording (PVR) capabilities, and HD support. Akash has monopoly in areas where cable providers can't reach. In 2014, Bangladesh government gave license to operate digital service to RealVu (Now Akash Digital TV or Akash DTH) and Bengal Digital. RealVU DTH began broadcasting in 2016 on ABS-2 at 75 degrees east as
SECTION 20
#1732775850167682-443: The receivership is not meant to stall Beximco but to keep it operational. The central bank’s approval came after several months of financial instability within the conglomerate, which led to unpaid wages and protests by workers. The High Court’s order also includes recovering funds obtained by Salman F Rahman , the founder of Beximco Pharmaceuticals, from different banks and bringing the money back to Bangladesh. Ruhul Amin’s role as
713-491: The remaining shares, AB Bank owned 18.31 per cent, Aga Yusuf family owned 3.56 per cent, and Islam Group owned 2.21 per cent. Justice Zubayer Rahman Chowdhury of Bangladesh High Court issued a sixth week stay order on the annual general meeting of the bank in July 2009. The order followed a petition by Monirul Alam, a shareholder of the bank, requesting a stay and challenging his disqualification from standing for election to
744-866: The requirements of BASEL-III. IFIC Bank announced plans to divest from Nepal Bangladesh Bank and sell its share, 40 per cent, in the bank to Nabil Bank in January 2022. It sold the shares for 4.39 billion BDT to Sarika Chaudhary wife of Binod Chaudhary . The bank issued five billion BDT worth of bonds in June. IFIC Bank PLC launched 'IFIC Islamic ,' a shariah-compliant full range of Islamic banking services, aiming to offer comprehensive Islamic financial solutions alongside its conventional banking services. BEXIMCO Bangladesh Export Import Company Limited ( Bangla transliteration : বাংলাদেশ এক্সপোর্ট ইমপোর্ট কোম্পানি লিমিটেড), commonly known by its trade name BEXIMCO ( Bangla : বেক্সিমকো) ( DSE : BEXIMCO CSE : BEXIMCO),
775-426: The resort owner M Nasser Rahman , son of former Finance Minister of Bangladesh M Saifur Rahman , was able to secure a stay order from the courts. In February 2019, Ahmed Shayan Fazlur Rahman, son of Salman F Rahman, became vice-chairman of IFIC Bank. In June 2021, IFIC Bank announced plans to raise 10 billion BDT from perpetual bonds, nine billion BDT from private placement, and one billion BDT by public offer to meet
806-417: The service. In 2019, they came back with a rebranded name Akash DTH. From 2019, Akash DTH has been providing television services to customers using Bangladeshi satellite Bangabandhu-1. The company broadcasts more than 120 television stations from around the world, along with exclusive Bangladeshi channels. In 2021, Akash DTH started offering its customers the first PVR in Bangladesh. They also rebranded
837-662: Was accused of being involved in opposition violence in Joydevpur in Gazipur District in August 2015. He was also co-owner of RTV and NTV along with Mosaddek Ali Falu . He had served as chairman of the board of directors from 2007 to 2008. Bangladesh Bank gave permission to IFIC Bank to move US$ 12.28 million to Nepal Bangladesh Bank in Nepal from Bangladesh in February 2017. In June 2018, IFIC Bank moved to auction DuSai Resort to recover loans given to resort but
868-540: Was established in 1976 as a joint venture between the Government of Bangladesh and private investors. IFIC Bank established a joint venture bank in Nepal, called the Nepal Bangladesh Bank , with 50 per cent ownership in 1994. Bangladesh Bank found evidence of fraud at IFIC Bank in January 1998 through fraudulent inland bills designed to siphon 1.55 billion BDT to companies, including BEXIMCO , linked to Salman F Rahman and Sohel F Rahman , directors of
899-476: Was founded by brothers A. S. F. Rahman and Salman F Rahman in 1972, right after the independence of Bangladesh. Their family was earlier engaged in the jute business. The jute factory was nationalized in the early 1970s. However, with free-market reforms in the late 1970s and 1980s, the family regained many of their businesses. Since the early 1970s, BEXIMCO has been a pioneer in industrial and business sectors. Currently, it has operations and investments across
930-490: Was imprisoned. The period of instability, marked by a student-led mass uprising in July and August 2024 , led to significant financial difficulties for Beximco Group. On September 5, 2024, the High Court of Bangladesh directed the appointment of a receiver to oversee all institutions of Beximco Group. This decision was made to manage the company’s financial issues and ensure the stability of its operations. This decision
961-531: Was upheld by the chamber judge of the Appellate Division on October 1, 2024, with a full hearing scheduled for October 28, 2024. During the hearing, the decision was deferred, and the case was adjourned until November 11, 2024 As the Supreme Court prepared to issue its decision on the receiver’s appointment, Beximco Pharmaceuticals requested a temporary suspension of trading in its shares due to