Shaw Wallace Bangladesh Limited

Shaw Wallace Bangladesh Limited

Formation	1886
Headquarters	Chittagong, Bangladesh
Region served	Bangladesh
Official language	Bengali
Parent organization	AF Mujibur Rahman Foundation

Shaw Wallace Bangladesh Limited (Bengali:শ ওয়ালেস বাংলাদেশ লিমিটেড) is a Bangladeshi diversified conglomerate based in Chittagong.[1]

History

Shaw Wallace Bangladesh Limited was established in 1886 in Kolkata as Shaw Wallace & Company Limited by David Thomas Shaw and Charles William Wallace.[2] It produced chemicals, liquor, shipping lines, and tea.[2] In 1947, following the partition of India the company was also partitioned in two.[2] Shaw Wallace India Limited received liquor and chemicals business and Shaw Wallace Pakistan Limited received the tea and shipping business segments.[2] It was the agent of DDG Hansa in Chittagong.[3]

Following the Bangladesh Liberation War in 1971, the shipping business was nationalized in Bangladesh as Messers Shaw Wallace.[2] It was bought from the government by Rezaur Rahman, a chartered accountant, in 1979.[2][4] Rahman would use the profits from the company to establish International Leasing and Financial Services Limited and National Housing Finance and Investments Limited in the 1990s.[2] In 2002, Rahman purchased Shaw Wallace Bangladesh Limited.[2] He placed the company under AF Mujibur Rahman Foundation, named after his father A. F. Mujibur Rahman, which provides scholarships to college and university students.[2] He placed some shares of the International Leasing and Financial Services Limited and National Housing Finance and Investments Limited under Shaw Wallace Bangladesh Limited.[2]

The foundation used profits from Shaw Wallace Bangladesh to build AF Mujibur Rahman Mathematics Building of the University of Dhaka.[2] In 2008, Rezaur Rahman moved to England after falling sick and left the company to his brother Mizanur Rahman.[2][5] The same year Nurul Alam became managing director of the company. He sold seven tea gardens of Shaw Wallace Bangladesh Limited.[2] He closed the clearing and forwarding, shipping, and spice businesses of Shaw Wallace Bangladesh Limited.[2] International Leasing and Financial Services Limited fell victim to scams by P. K. Halder and lost 35 billion Bangladeshi taka.[2] The Anti-Corruption Commission began an investigation into Nurul Alam, suspecting links to Halder, following which Alam resigned from the company in 2019.[2][6] The commission also summoned Shaw Wallace Bangladesh directors Mizanur Rahman, Rezaur Rahman, and Syeada Ruhi Gaznabi.[6][7] The Commission froze the accounts of Nurul Alam.[8] These resulted in financial difficulties for the company and led to shares of International Leasing and Financial Services Limited and National Housing Finance and Investments Limited being sold.[2][9]

Business

• National Housing Finance and Investments Limited[10]
• International Leasing and Financial Services Limited
• SW Shipping Limited[11]

References

1. "প্রতিষ্ঠানের বিস্তারিত - কলকারখানা ও প্রতিষ্ঠান পরিদর্শন অধিদপ্তর". লেবার ইন্সপেকশন ম্যানেজমেন্ট অ্যাপ্লিকেশন (লিমা) (in Bengali). Retrieved 2024-12-24.
2. "The 136-year-old company on its last legs". The Business Standard. 2022-07-01. Retrieved 2024-12-24.
3. "Remembering Sana Ullah Chowdhury". Dhaka Tribune. Retrieved 2024-12-24.
4. "Rezaur donated throughout life". The Daily Star. 2015-08-15. Retrieved 2024-12-24.
5. "New execs of National Housing Finance". The Daily Star. 2009-03-20. Retrieved 2024-12-24.
6. "ACC summons PK Halder, 4 others over Tk3,500cr embezzlement". Business Mirror. 2020-08-05. Retrieved 2024-12-24.
7. "ACC summons 8 more over Tk3,500cr embezzled by PK Halder". The Business Standard. 2020-08-16. Retrieved 2024-12-24.
8. "ILFSL scam: SC upholds HC order freezing bank accounts, passports of top officials". The Financial Express. Retrieved 2024-12-24.
9. "Shaw Wallace to sell National Housing shares". The Business Standard. 2022-05-15. Retrieved 2024-12-24.
10. "Nat'l Housing Finance completes 25yrs of operation". The Daily Star. 2023-08-20. Retrieved 2024-12-24.
11. "Who we are – SW Shipping Limited". Retrieved 2024-12-24.