Western Marine Shipyard

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Western Marine Shipyard Limited
Private Limited Company
Industry Shipbuilding Industry
Founded July 11, 2000 (2000-07-11)
Headquarters Chittagong, Bangladesh
Key people
Md. Saiful Islam (Chairman)
Md. Sakhawat Hossain (Managing Director)
Products Multipurpose Cargo Ships, Cargo Vessels, Tugboats, Tankers, Ferries, Port Utility Vessels, Passenger Ships, Fishing Trawlers etc
Number of employees
3500
Website wms.com.bd

Western Marine Shipyard is a Bangladeshi shipbuilding company. It was founded in 2000 and have since become one of the largest Bangladeshi shipbuilders in terms of number of vessels manufactured.[1] However, in 2017, Western Marine Shipyards was blacklisted as one of the top loan defaulters of Bangladesh, and this has led to a massive corruption scandal for the company.[2]

2017 Loan Defaulting Corruption Scandal

In 2017, the Finance Minister of Bangladesh, Mr Abul Maal Abdul Muhith, released the identities of the top 100 loan defaulters of Bangladesh.[3] According to government records, Western Marine Shipyards was one of the top loan defaulters of the country.[4] In essence, they were guilty of borrowing vast sums of money from mostly state banks without ever repaying the principal amount. This policy of defaulting on bank loans sharply lowered the stock price of Western Marine Shipyard in the Dhaka Stock Exchange over time,[5] and subsequently forced the Managing Director of the company, Mr Sakhawat Hossain, to desperately seek loans for his struggling company. The public announcement of this loan defaulting corruption scandal severely damaged the reputation of Western Marine Shipyards, since loan defaulters have been singled out by the Government of Bangladesh for seriously jeopardizing the Bangladeshi economy by forcing state-owned banks to incur heavy losses.[6][7] Loan defaulters have been described as thieves and con-artists by anti-corruption agencies, because they are essentialy people and businesses who borrow money from banks with no intention of repaying the debt.[8]

External links[edit]


  1. ^ "About us | WMS". www.wms.com.bd. Retrieved 2017-08-09. 
  2. ^ "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2017-08-09. 
  3. ^ "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2017-08-09. 
  4. ^ "Default-loans stand at Tk 1,11,347cr: Muhith". The Bangladesh Chronicle. 2017-07-10. Retrieved 2017-08-09. 
  5. ^ bangladesh, Stock. "Western Marine Shipyard Limited-Company Details". www.stockbangladesh.com. Retrieved 2017-08-09. 
  6. ^ "More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament - bdnews24.com". bdnews24.com. Retrieved 2017-08-09. 
  7. ^ "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2017-08-09. 
  8. ^ Anam, Tahmima (2014-10-10). "How to Rob a Bank in Bangladesh". The New York Times. ISSN 0362-4331. Retrieved 2017-08-09.