Wednesday, June 28, 2017
May 06, 2015
Bangladesh Garment Manufactures’ and Exporters’ Association- BGMEA has blacklisted one of its buyers from the United States. BGMEA has said they took the step as the US retailer Seduka Jeans Inc had not paid their dues properly.
The decision was taken after a request from the foreign exchange policy department of the Bangladesh Bank.
BGMEA sources confirms the news and said that, Seduka Jeans Inc is a deceitful company. They failed to pay the dues to the Bangladeshi producers and that’s why it has been blacklisted.
The decision was taken to avoid further harassment of Bangladeshi companies by Seduka or any other companies.
Central Bank source said that Seduka had sourced apparels from a Bangladeshi company Excelsior Garments Ltd, but did not pay in time. Bangladesh Bank had looked into the matter according to the complain of Excelsior Garments Ltd.
Sources said that Excelsior Garments Ltd opened BTB LC with the state-owned Sonali Bank against master LC from Seduka Jeans Inc.The master LC was valued at US$48,816 but Seduka paid US$25,321.25 less than the committed amount.