Orion Group (Bangladesh) Explained

Orion Group
Type:Public
Location:Dhaka, Bangladesh
Revenue:US$ 1B (2019)
Num Employees:18000
Industry:pharmaceuticals, cosmetics & toiletries, infrastructure development, real estate, engineering, power, agribusiness, hospitality, textiles, aviation

Orion Group[1] is one of the largest Bangladeshi industrial conglomerates.[2] The industries under this conglomerate include Orion Pharma Ltd, chemicals, pharmaceuticals, infrastructure development, agribusiness, hospitality, textiles, aviation etc.[3] [4] Orion was established by Obaidul Karim, the chairman of the group, and Salman Obaidul Karim, his the managing director.[5] [6] It built the Mayor Hanif flyover in Dhaka.[7] The tallest building in Bangladesh, City Centre Dhaka is built by this group. The company is also the sole franchisee of Krispy Kreme and Fish & Co. restaurants in Bangladesh.

History

Orion Group was established in 1985 as a pharmaceutical company.[8] Orion Pharmaceuticals is listed on the Dhaka Stock Exchange.[9]

Orion Group bought the state owned Kohinoor Chemical Company (BD) Ltd, a deal made possible by the close friendship of the group chairman with Prime Minister Khaleda Zia, in 1993. He was also close to Bangladesh Nationalist Party politicians Tarique Rahman and Harris Chowdhury.

In 1994, Orion Infusion Ltd, also known by its brand name Mala Chemical Industries, listed on the stock exchange. The company inflated its share prices through false information leading Bangladesh Securities and Exchange Commission to file a case against it.

Orion Group established East West Airlines in 2003.[10] The group also operated the Bangladesh China Friendship Conference Centre. The group received the contract to build City Centre from Dhaka City Corporation through its subsidiary Belhasa Accom JV.

Bangladesh Bank had found the chairman had embezzled money from the group's bank, Oriental Bank Limited.

The anti-corruption taskforce asked for all accounts of 30 subsidiaries of Orion Group on 15 May 2007. The Anti Corruption Commission filed a case against the chairman of Orion Group, Obaidul Karim, with Gulshan Police Station. In June 2007, Karim was sentenced to 13 years for corruption. In December 2007, the chairman of Orion Group, Obaidul Karim, was sentenced to life imprisonment for embezzlement. On 12 August 2008, he was sentenced to five years imprisonment in a money laundering case.

In December 2011, Orion Group signed an agreement with Bangladesh Power Development Board to establish three coal powerplants.[11] They would be built in Khulna, Chittagong, and Munshiganj. The total cost of the three powerplant was US$1.4 billion. The plants would be the first to be built by private companies in Bangladesh. The government would buy electricity from them for 3.7 to 5.5 taka per KWh. The group established Khulna Royal Bengals for the Bangladesh Premier League.[12]

In September 2014, Orion Group sought permission from the government to borrow US$88 million from a Singapore-based company for Dutch-Bangla Power and Associates and Orion Power Meghnaghat.[13] Orion Footwear started operations on 29 December led by chief executive officer Ruhul Amin Molla.[14] [15]

The managing director of Orion Group, Salman Karim, said that their plan to establish a LPG plant was delayed by five months due to political instability in March 2015.

In May 2016, Orion Group signed an agreement with Bangladesh Power Development Board to establish a coal powerplant in Munshiganj by its subsidiary Orion Power Unit-2 Dhaka Limited. It will sell the power for 6.69 taka per KWh.[16] It held a public meeting to discuss the plant with stakeholders in Narayanganj near the site of Orion Power Meghnaghat Limited. Orion Group bought Krispy Kreme to Bangladesh as the official franchise. It also bought the Singapore-based Fish & Co. to Bangladesh.

In October 2020, Orion Group sought about one billion USD loan from the forex reserve of Bangladesh.[17]

On 24 May 2021, Justices M Enayetur Rahim and Sardar Md Rashed Jahangir halted an order of Bangladesh Bank to list the chairman of Orion Group as a loan defaulter for loans taken under Amar Desh Publications Limited, partly owned by Orion Group.[18]

Subsidiaries

See also

External links

Notes and References

  1. News: Orion moves to implement coal power project . 2016-10-14 . The Daily Star . 2016-10-29.
  2. News: Doing business getting tough . 2015-03-15 . The Daily Star . 2016-10-29.
  3. News: 4 major private power deals signed . 2011-12-21 . The Daily Star . 2016-10-29.
  4. News: Public meeting held for coal-based power plant in Munshiganj Dhaka Tribune . 2016-10-15 . Dhaka Tribune . en-US . 2016-10-29.
  5. News: 2008-08-13 . Scamster Obaidul Karim gets 5 years . The Daily Star . dead . 2016-10-29 . https://web.archive.org/web/20161108060426/http://www.thedailystar.net/news-detail-50256 . 8 November 2016.
  6. News: Orion Group Companies . 2022-10-27 . The Daily Star.
  7. News: PM pays toll for her motorcade using Dhaleshwari bridge, Mayor Hanif flyover . bdnews24.com . 2016-10-29.
  8. News: 2016-05-06 . Krispy Kreme opens doors tomorrow . 2022-10-27 . The Daily Star . en.
  9. News: Habib . Ahsan . 2022-09-21 . 3 Orion firms see unusual price hike of stocks . 2022-10-27 . The Daily Star . en.
  10. Web site: (East West Airlines) history from Bangladesh, Rest of World . 2022-10-27 . Airline History . en-GB.
  11. News: Rahman . Mushfiqur . 2013-10-09 . Little option but to go for coal-fired power . 2022-10-27 . The Daily Star . en.
  12. Book: The Shorter Wisden India Almanack 2013 . 2013-02-28 . A&C Black . 978-93-82951-01-8 . en.
  13. News: 2014-09-22 . Orion gets nod to borrow $88m in foreign loans . 2022-10-27 . The Daily Star . en.
  14. News: 2017-05-10 . Orion hits country's footwear market . Bangladesh Sangbad Sangstha . 2022-10-27 . https://web.archive.org/web/20170510101521/http://www.bssnews.net/newsDetails.php?cat=2&id=458765$date=2014-12-29&dateCurrent=2015-01-05 . 2017-05-10.
  15. News: Shining future for Bangladesh leather sector as China shifts focus . 2022-10-27 . bdnews24.com . en.
  16. News: 2016-04-22 . Orion to set up 635MW coal power plant . 2022-10-27 . The Daily Star . en.
  17. News: Uddin . AKM Zamir . 2020-10-28 . Target forex reserve . 2022-10-27 . The Daily Star . en.
  18. News: 2021-05-24 . HC stays BB list including Orion group chairman as loan defaulter . 2022-10-27 . The Daily Star . en.
  19. Web site: Orion Pharma Ltd. : : Home . 2022-10-27 . Orion Group.
  20. Web site: Mayor Mohammad Hanif Flyover : : Home . 2022-10-27 . Orion Group.
  21. Web site: Orion Power Meghnaghat Ltd. : : Home . 2022-10-27 . Orion Group.
  22. Web site: Dutch Bangla Power & Associates Ltd. : : Home . 2022-10-27 . Orion Group.
  23. Web site: Digital Power & Associates Ltd. : : Home . 2022-10-27 . Orion Group.
  24. Web site: Orion Power Dhaka Ltd. : : Home . 2022-10-27 . Orion Group.
  25. Web site: Orion Power Dhaka Unit-2 Ltd. : : Home . 2022-10-27 . Orion Group.
  26. Web site: Orion Power Rupsha Ltd. : : Home . 2022-10-27 . Orion Group.
  27. Web site: Orion Power Sonargaon Ltd. : : Orion power Sonargaon Ltd . 2022-10-27 . Orion Group.
  28. Web site: Orion Gas Ltd. : : Home . 2022-10-27 . Orion Group.
  29. Web site: Orion Oil and Shipping Ltd. : : HOME . 2022-10-27 . Orion Group.
  30. Web site: City Centre : : Home . 2022-10-27 . www.orion-group.net.
  31. Web site: Interior Accom Consortium Ltd. : : Home . 2022-10-27 . Orion Group.
  32. Web site: Jafflong Tea Company Ltd. : : Home . 2022-10-27 . Orion Group.
  33. Web site: Panbo Bangla Mushroom Ltd. : : Home . 2022-10-27 . Orion Group.
  34. Web site: Orion Agro Products Ltd. : : Home . 2022-10-27 . Orion Group.
  35. Web site: Noakhali Gold Foods Ltd. : : Home . 2022-10-27 . Orion Group.
  36. Web site: Kohinoor Chemical Company (BD) Ltd. : : Home . 2022-10-27 . Orion Group.
  37. Web site: Orion Knit Textiles Ltd. : : Home . 2022-10-27 . Orion Group.
  38. Web site: Orion Footwear Ltd. : : Home . 2022-10-27 . Orion Group.
  39. Web site: Orion Home Appliance Ltd. : : Home . 2022-10-27 . Orion Group.
  40. Web site: Orion Games Ltd. . 2022-10-27 . Orion Group.
  41. Web site: Orion Consumer Products Ltd. . 2022-10-27 . Orion Group.

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