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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.


In 2008, 21 directors of Rupali Insurance were fined by the ] 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> In 2008, 21 directors of Rupali Insurance were fined by the ] 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>


Dragon Sweater and Spinning's ] 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. Dragon Sweater and Spinning's ] 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=]|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>


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, at the ].<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=]|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=]|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> 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=]|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>

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, at the ].<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>

In February 2020, ] found that ] 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>


===2020 Dragon Sweater layoffs=== ===2020 Dragon Sweater layoffs===

Revision as of 19:14, 22 November 2020

Garment company in Bangladesh
Dragon Group
File:Dragon Sweater and Spinning Ltd Logo.png
Company typeCorporate group
IndustryTextile manufacturing
FoundedJune 16, 1994; 30 years ago (1994-06-16) in Comilla, Bangladesh
HeadquartersComilla, Bangladesh
Area servedInternational
Key peopleMostafa Quamrus Sobhan, Chairman
Mostafa Golam Quddus, Managing Director
Fauzia Quamrun Tania, Director
ProductsSweaters
Socks
Insurance policies
Life insurances
Number of employees12.500+
SubsidiariesDragon 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
Websitewww.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. 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.

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 company's directors.

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.

In 2008, 21 directors of Rupali Insurance were fined by the Bangladesh Securities and Exchange Commission (BSEC) for violation of securities law in connection with the company's financial statements for the 2006 business year. 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.

Dragon Sweater and Spinning's IPO was approved in December 2015, 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, for which the company was fined.

In 2018, the BSEC found that Dragon Sweater had violated securities rules for 2016 and 2017. Later that year, trading of Dragon Sweater stocks was restricted due to abnormal price hikes. The restrictions were lifted after 24 days, with the BSEC saying corporate disclosure and other factors had improved.

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, at the Bangladesh High Court. According to the petition's lawyer, the aim was to include Nirapon under the common platform of the RMG Sustainability Council. 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.

In February 2020, the central bank of Bangladesh found that Janata Bank had rescheduled Dragon Group loans without collateral payment, which violated banking regulations.

2020 Dragon Sweater layoffs

See also: Bangladesh Garment Workers Trade Union Center § History

References

  1. "About Us". Dragon Sweater Bangladesh. Retrieved 2020-11-22.
  2. ^ "Dragon Sweater and Spinning Ltd Annual Report 2019" (PDF). Dragon Sweater & Spinning Ltd. 2019-06-13. Retrieved 2020-11-21.
  3. "Dragon Group of Companies". Dragon Sweater Bangladesh. Retrieved 2020-11-22.
  4. "Group Companies". Dragon Sweater and Spinning. Retrieved 2020-11-22.
  5. Mirdha, Refayet Ullah (2009-08-13). "Dragon to expand with new yarn unit". The Daily Star. Retrieved 2020-11-21.
  6. "Dragon Sweater leads turnover, gainer charts". The Financial Express. 2019-01-17. Retrieved 2020-11-22.
  7. "30 directors of 3 listed firms fined Tk60 lakh". The Daily Star. 2008-10-14. Retrieved 2020-11-22.
  8. Mirdha, Refayet Ullah; Rahman, Mohammed Fazlur (2015-12-08). "Major flaws in 10 garment factories". The Daily Star. Retrieved 2020-11-21.
  9. "Dragon Sweater gets go-ahead for IPO". The Daily Star. 2015-12-08. Retrieved 2020-11-21.
  10. Murtuza, HM (2017-06-11). "Dragon Sweater breaches rules in IPO fund utilisation: spl audit". New Age. Retrieved 2020-11-22.
  11. "BSEC fines Dragon Sweater Tk 30 lakh for rules breach". New Age. 2018-01-09. Retrieved 2020-11-22.
  12. Niaz, Mahmud (2018-04-18). "11 companies attend BSEC hearings over violations, five seek time extension". Dhaka Tribune. Retrieved 2020-11-22.
  13. "Regulator suspends trading of three stocks". The Daily Star. 2018-08-19. Retrieved 2020-11-22.
  14. "Dragon Sweater trading resumes in public market today". The Financial Express. 2018-09-09. Retrieved 2020-11-22.
  15. "Foreign RMG brand alliance Nirapon banned for 6 months". Dhaka Tribune. 2019-10-23. Retrieved 2020-11-22.
  16. "High Court imposes ban on Nirapon for 6 months". New Age. 2019-10-24. Retrieved 2020-11-22.
  17. Karim, Rezaul (2020-06-07). "Nirapon is leaving Bangladesh". The Business Standard. Retrieved 2020-11-22.
  18. "JB asked to explain legality of Tk 1,974cr loan rescheduling". New Age. 2020-02-10. Retrieved 2020-11-22.
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