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Uttara Group of Companies

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Not to be confused with Uttara Group of Industries.
Uttara Group of Industries
Formation1973
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali

Uttara Group of Industries (Bengali: উত্তরা গ্রুপ অব কোম্পানিজ) is a Bangladeshi diversified conglomerate based in Dhaka. Matiur Rahman, president of the president of Bangladesh Motorcycle Manufacturers and Assemblers Association, is the chairman and managing director of Uttara Group of Industries.[1][2]

Uttara Motors Limited, the flagship of the group, is the official distributor of Asia MotorWorks, Bajaj Auto, Force Motors, Isuzu, Maruti Suzuki, Pak Suzuki Motor Corporation Limited, Suzuki Indomobil Motor, SML Isuzu, and Suzuki in Bangladesh.[3][4][5]

History

[edit]

Uttara Group of Industries traces its origins to Uttara Motors Limited, the flagship of the group,[6] founded in 1972 by Mukhlesur Rahman.[3]

In October 2010, Mujibur Rahman, deputy managing director of Uttara Group of Companies, was elected chairman of the Eastern Insurance Company Limited.[7]

In August 2014, Uttara Group announced plans to build a 1.5 billion BDT factory to build Bajaj motorcycles.[8] It owns 11 per cent of IPDC Finance.[9]

In June 2021, the Deputy Managing Director, Mehdadur Rahman Durand, died in a fire accident that occurred in his home in Gulshan one week ago.[10] The group made a donation to Prime Minister Sheikh Hasina's relief fund.[11]

Ambassador of Japan to Bangladesh, ITO Naoki, gave the Order of the Rising Sun, Gold Rays with Rossete to the chairman of Uttara Group, Matiur Rahman, for his role in Bangladesh-Japan trade in March 2022.[12][13] Rahman was part of the International Chamber of Commerce Bangladesh delegation to Dubai.[14] The group launched a book on students health written by ASM Waheeduzzaman.[15]

The directors of Uttara Group are also directors of Uttara Finance and Investment Limited.[16] Bangladesh Bank removed them from the board of Uttara Finance an investigation found 51 billion BDT in irregular loans including to the directors and subsidiaries of Uttara Group in December 2022.[16][17] Uttara Finance asked the Anti-Corruption Commission to prevent SM Shamsul Arefin from leaving the country.[18] Bangladesh Bank dissolved the board of directors of Uttara Finance and Investments Limited on 28 December 2022 after it found 51 billion BDT in irregular transactions.[17] The majority of the irregular loans, not recorded in public statements, went to various subsidiaries of Uttara Group of Industries.[17] It found the involvement of Mujibur Rahman, director of Uttara Finance and Investments Limited and managing director of a number of subsidiaries of Uttara Group of Industries.[17] Fake deposits receipts worth 2.36 billion BDT were created under the name of Bluechip Securities; Mujibur Rahman was the managing director of Bluechip Securities.[17] Bangladesh Bank had sought a list of directors of Uttara Finance from Bangladesh Securities and Exchange Commission in November.[17] Bangladesh Bank removed chairman of the board of directors of Uttara Finance Rashidul Hasan and Vice Chairman Matiur Rahman.[19] It also removed board members Kazi Imdad Hossain, Nayeemur Rahman, and Zakia Rahman.[19] Dhaka Metropolitan Senior Special Judge, Md Asaduzzaman, issued a travel ban against them, Mohammad Mainuddin, and Anil Chandra Das following a petition of the Anti-Corruption Commission.[20] The Bangladesh Securities and Exchange Commission appointed 12 independent directors to Uttara Finance and Investments Limited including Major General Mohammad Maksudur Rahman as chairman.[21]

Businesses

[edit]
  • Uttara Motors Limited[3]
  • Uttara Finance and Investment Limited[16]
  • Uttara Automobiles Limited[5]
  • Uttara Motor Corporation Limited[5]
  • Uttara Automobile Manufacturers Limited[5]
  • Menoka Motors Limited[5]
  • Eastern Motors Limited[5]
  • Uttara Services Limited[5]
  • Uttara Tyre Retreading Co. Limited.[5]
  • Uttara Knitting & Dyeing Limited[5]
  • Uttara Knitwears Limited[5]
  • Hallmark Pharmaceuticals Limited[5]
  • Exchange & Securities Limited[5]
  • UGC Securities Limited[5]
  • Eastern Capital Limited[5]
  • Uttara Hongkong JVC Limited[5]
  • Uttara Properties Limited[5]
  • The Consolidated Tea & Lands Company (Bangladesh) Limited[5]
  • Ramgarh Tea Plantation Limited[5]
  • National Life Insurance Company Limited[5]

References

[edit]
  1. ^ Saha, Suman (2014-11-06). "Bikers dodge registration for high fees". The Daily Star. Retrieved 2023-02-04.
  2. ^ Saha, Suman (2013-09-04). "Motorcycle market heats up as new players step in". The Daily Star. Retrieved 2023-02-04.
  3. ^ a b c "Suzuki Car Bangladesh - Official Website". Suzuki Car Bangladesh - Official Website. Retrieved 2023-02-04.
  4. ^ Parvez, Sohel (2017-02-15). "Local manufacture of bikes taking shape". The Daily Star. Retrieved 2023-02-04.
  5. ^ a b c d e f g h i j k l m n o p q r s "History". Uttara Motors. Retrieved 2023-02-04.
  6. ^ "Walk the talk". The Daily Star. 2021-12-26. Retrieved 2023-02-04.
  7. ^ "Eastern Insurance re-elects chairman". The Daily Star. 2010-10-15. Retrieved 2023-02-05.
  8. ^ Saha, Suman (2014-08-22). "Bajaj to make motorcycles at Bangladesh plant". The Daily Star. Retrieved 2023-02-04.
  9. ^ Habib, Ahsan (2021-12-02). "SMEs and technology were game changers for IPDC". The Daily Star. Retrieved 2023-02-05.
  10. ^ Report, Star Digital (2021-06-26). "Uttara Group DMD dies with burn injuries". The Daily Star. Retrieved 2023-02-04.
  11. ^ Bss, Dhaka (2020-04-16). "Stimulus packages to save people, economy". The Daily Star. Retrieved 2023-02-05.
  12. ^ "Japan confers award on Uttara Group chairman". The Daily Star. 2022-03-30. Retrieved 2023-02-04.
  13. ^ UNB, Dhaka (2021-04-29). "Japan to honour 2 Bangladeshi nationals". The Daily Star. Retrieved 2023-02-04.
  14. ^ "ICC Bangladesh delegation off to Dubai to attend 12th World Chambers Congress". The Daily Star. 2021-11-23. Retrieved 2023-02-05.
  15. ^ "Uttara Group launches book on students' health". The Business Standard. 2022-04-03. Retrieved 2023-02-05.
  16. ^ a b c Uddin, AKM Zamir (2021-01-11). "Uttara Finance & Investments Ltd: BB probe reveals Tk 5,100cr scam". The Daily Star. Retrieved 2023-02-04.
  17. ^ a b c d e f Uddin, AKM Zamir (2022-12-28). "BB to dissolve Uttara Finance board for scams". The Daily Star. Retrieved 2023-02-04.
  18. ^ Uddin, AKM Zamir (2022-09-21). "Uttara Finance urges ACC to bar former MD's travel abroad". The Daily Star. Retrieved 2023-02-04.
  19. ^ a b "BB removes 5 directors of Uttara Finance". The Daily Star. 2022-12-29. Retrieved 2023-02-04.
  20. ^ Report, Star Digital (2022-09-26). "Inquiry on financial irregularity: Travel ban on Uttara Finance chairman, 8 others". The Daily Star. Retrieved 2023-02-04.
  21. ^ "BSEC appoints 12 independent directors to Uttara Finance". The Business Standard. 2022-12-20. Retrieved 2023-02-04.
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