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Bangladesh Army Welfare Trust

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Bangladesh Army Welfare Trust
FormationJune 1998
TypeAutonomous body
Legal statusWelfare Trust
HeadquartersDhaka, Bangladesh
Official language
Bengali
Parent organization
Bangladesh Army

Bangladesh Army Welfare Trust is a trust owned and operated by the Bangladesh Army.[1] It owns a number of businesses including hotels, gas stations, and golf clubs. In 2021, The Economist placed the value of the trust holdings at US$700 million.[2]

History

The Bangladesh Army Welfare Trust was established in June 1998.[3] In 1999 the trust established Trust Bank Limited.[4] The BBC estimated the commercial enterprise of the Bangladesh Army to be over 30 billion taka.[5] The trust was founded to look after the interests and welfare of retired military personnel. The organizations under the trust include hotels, golf clubs, filling stations, Trust Bank Limited and shopping complex.[6] In 2009, the trust provided 40 percent of the funding for Dhaka Metro Rail.[7]

The trust started a bus service in 2014.[8] The trust owns the Radisson Hotel in Dhaka and Chittagong.[9] The land for the hotel was leased to the trust by the Bangladesh Army for a relatively low price.[5][10] The hotels are owned by Sena Hotel Developments Limited which is a subsidiary of the trust and Sena Kalyan Sangstha.[11]

The BBC did a 9-part documentary called Probaho that examined military commercial ventures including those of the trust. Mongla Cement is owned by the trust.[3] The involvement of the trust and the Bangladesh Army in business has faced criticism.[5] The director of the trust is a director of Bangladesh Army University of Engineering & Technology.[12]

In December 2020, Bangladesh Army Welfare Trust signed a billion dollar agreement with Singapore based Raffles Infrastructure Holdings and Cupertino Power Limited, based in Bangladesh, to develop a residential area in Baunia called Trust Green City.[13] It will be near Mirpur DOHS and Uttara Thana.[13] Astha Life Insurance Company Limited was launched in 2020.[14] It signed an agreement with Sikder Group to build a luxury resort in Bandarban which will destroy six villages of the Mro tribe and violate local laws.[15]

Bangladesh Army Welfare Trust signed an agreement with Eleris Energy Limited, a United States based company, to build a solar energy power plant in February 2022.[16] Brigadier General Abul Mansur Md Ashraf Khan, managing director of Bangladesh Army Welfare Trust, signed the agreement on behalf of the trust.[17]

Businesses

See also

References

  1. ^ "Armed, dangerous and building their own empires". NZ Herald. Retrieved 2022-11-22.
  2. ^ "Bangladesh's government lavishes money on the army". The Economist. 1 February 2021. ISSN 0013-0613. Retrieved 12 February 2021.
  3. ^ a b c "Bangladesh Army following model of Pak Army". The Daily Star. 23 July 2010. Retrieved 17 September 2016.
  4. ^ "BGB plans to enter into banking business". New Age. 25 February 2015. Retrieved 17 September 2016.
  5. ^ a b c d e Ahmed, Kamal (15 August 2010). "Bangladesh army's advancing business interests". BBC News. Retrieved 17 September 2016.
  6. ^ a b c d e f g "Bangladesh Army becomes a big conglomerate over years". The Daily Star. 16 July 2010. Retrieved 17 September 2016.
  7. ^ "Metro rail scheme stuck in red tape". The Daily Star. 2009-04-06. Retrieved 2022-11-22.
  8. ^ "Army Welfare Trust starts bus service". Prothom Alo. Archived from the original on 12 October 2016. Retrieved 17 September 2016.
  9. ^ Dastider, Pankaj (20 May 2012). "Construction work of upscale hotel in Chttagong progressing". The Financial Express. Dhaka. Archived from the original on 17 September 2016. Retrieved 17 September 2016.
  10. ^ "Anomalies found in army accounts". The Daily Star. 2010-06-22. Retrieved 2022-11-22.
  11. ^ "5-star hotel construction takes off in Chittagong". The Daily Star. 2009-06-04. Retrieved 2022-11-22.
  12. ^ "Board of Trustees". Bangladesh Army University of Engineering & Technology. Retrieved 2022-11-21.
  13. ^ a b c "$1b green, smart township under Army supervision". The Business Standard. 2020-12-05. Retrieved 2022-11-21.
  14. ^ "Army chief launches Astha Life Insurance activities". The Independent. Retrieved 2022-11-22.
  15. ^ Bashed, Muhammad A. (2021-02-25). "The Native Refugees". The Daily Star (Opinion). Retrieved 2022-11-22.
  16. ^ "Army Welfare Trust signs JVA with US Company over solar power project | News". BSS. Retrieved 2022-11-21.
  17. ^ "Army Welfare Trust, US company signs agreement over solar power project". New Age. Retrieved 2022-11-21.
  18. ^ "Trust Innovation Limited". Trust Innovation Limited. Retrieved 2022-11-21.
  19. ^ "Home". Jol Torongo. Retrieved 2022-11-21.
  20. ^ "Who we are". Trust Bank Ltd. Retrieved 2022-11-21.
  21. ^ "Astha Life Insurance Company Ltd – Bangladesh Army Life Insurance". Astha Life Insurance Company Ltd. Retrieved 2022-11-21.
  22. ^ "BAIRA". Bangladesh Association of International Recruiting Agencies. Retrieved 2022-11-21.
  23. ^ "Costliest in S Asia". The Daily Star. 2014-03-31. Retrieved 2022-11-22.
  24. ^ "প্রজন্ম হোস্টেল". projonmohostel.com. Retrieved 2023-03-04.
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