Korean co deception forces BD firm to bankrupt
Staff Reporter :
LS Cable and System, a South Korea-based industrial corporation has deceived a Bangladeshi contracting enterprise BNF Engineers Ltd nearing to bankrupt.
The Korean company has not paid about Tk 48 crore to the Bangladeshi company when several hundred workers and employees of it are facing serious hardship due to lack of money.
The managing authority of the Bangladeshi company said they have informed the matter to the Korean embassy and business authorities of the Korean firm, but yet to get any remedy.
Engineer Md. Mostafa Kamal, the Managing Director of the victimised Bangladeshi contracting firm BNF Engineers Ltd described it in a press briefing on Wednesday at the Crime Reporters Association Bangladesh in the capital.
Engineer Mostafa Kamal said, the Korean company LS Cable and System has engaged in different high-powerful cable fittings work of the power distribution companies of the Bangladesh government.
The LS Cable and System has signed several agreements with the BNF Engineers Ltd making it subcontractor of the Korean company to work for installing cables through underground pipelines as the government agencies work.
The work was done in 2016, 2017 and 2018 under the agreements.
In the first stage, the Korean company has paid bills to the BNF Engineers Ltd as per the deals.
But, later, the LS Cable and System adopted deceptive attitude towards the Bangladeshi company after completing the work.
The Korean company has handed over certificate of Tk 136 crore to the BNF Engineers Ltd after completing the work but was paid only Tk 93 crore to the Bangladeshi company.
Meanwhile, BNF Engineers Ltd spent Tk 19 crore on behalf of the LS Cable and System, but the Korean company is not taking this into account.
Engineer Mostafa Kamal said different Bangladeshi employees working for the LS Cable and System, are teaching such deception to the Korean.
As a result the Koreans are now cheating with the Bangladeshi several companies.
He urged the authority concerned to interfere the issue and ensure paying the dues from the Korean company soon.
Contacted, Imam Hossain, Bangladeshi accountant of the LS Cable and System, told journalists that he could not say anything without permission of the authority.
