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Message: [QUOTE="Munyaradzi Mafaro, post: 46104, member: 636"] Labour and Employment Adviser Dr M Sakhawat Hossain told reporters that garment factories closed before last August 5. Many people wrongly believe these shutdowns happened after that date. Factory owners borrowed huge amounts from banks but failed to pay workers their wages on time. The adviser made these comments after attending a seminar at Bangladesh Public Administration Training Centre. Military officers from 24 countries participated at the Defence Services Command and Staff College event. Dr Sakhawat explained that garment factory owners borrowed between 200 crore and 300 crore taka from banks. Most of these business leaders became loan defaulters because they could not repay the money. Banks refused to give them additional loans due to their poor payment history. The financial institutions lost trust after repeated delays. Factory owners ran their businesses through political connections rather than sound financial practices. Most of these entrepreneurs have fled Bangladesh because of their financial troubles. Dr Sakhawat said they left the country to escape their debt problems. Their departure created serious difficulties for thousands of workers who lost their jobs. The closures affected many families who depended on factory wages. Workers from the recently closed Beximco Group have found new employment opportunities. Most former Beximco employees joined different factories across Bangladesh. Many relocated to Chattogram where textile manufacturing continues to grow. Dr Sakhawat confirmed that these workers successfully transitioned to new positions. The job market absorbed most displaced workers despite the factory closures. [/QUOTE]

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