Orion Group (Bangladesh)
Bangladeshi industrial conglomerate
From Wikipedia, the free encyclopedia
Orion Group[1] is a Bangladeshi industrial conglomerate.[2] The group’s diverse portfolio spans pharmaceuticals (Orion Pharma), chemicals, infrastructure development, agribusiness, hospitality, textiles, and aviation.[3][4] Orion was established by Obaidul Karim, the chairman of the group, and Salman Obaidul Karim, his the managing director.[5][6] It built the Mayor Hanif flyover in Dhaka.[7] The tallest building in Bangladesh, City Centre Dhaka is built by this group. The company is also the sole franchisee of Krispy Kreme and Fish & Co. restaurants in Bangladesh.
| |
| Type | Public |
|---|---|
| Industry | pharmaceuticals, cosmetics & toiletries, infrastructure development, real estate, engineering, power, agribusiness, hospitality, textiles, aviation |
| Founded | 1985 |
| Headquarters | Dhaka, Bangladesh |
| Revenue |  US$ 1B (2019) |
Number of employees | 18000 |
| Website | orion-group.net |
History
Orion Group was established in 1985 as a pharmaceutical company.[8] Orion Pharmaceuticals is listed on the Dhaka Stock Exchange.[9]
Orion Group bought the state owned Kohinoor Chemical Company (BD) Ltd, a deal made possible by the close friendship of the group chairman with Prime Minister Khaleda Zia, in 1993.[5] He was also close to Bangladesh Nationalist Party politicians Tarique Rahman and Harris Chowdhury.[5]
In 1994, Orion Infusion Ltd, also known by its brand name Mala Chemical Industries, listed on the stock exchange.[5] The company inflated its share prices through false information leading Bangladesh Securities and Exchange Commission to file a case against it.[5]
Orion Group established East West Airlines in 2003.[5][10] The group also operated the Bangladesh China Friendship Conference Centre.[5] The group received the contract to build City Centre from Dhaka City Corporation through its subsidiary Belhasa Accom JV.[5]
Bangladesh Bank had found the chairman had embezzled money from the group's bank, Oriental Bank Limited.[5]
The anti-corruption taskforce asked for all accounts of 30 subsidiaries of Orion Group on 15 May 2007.[6] The Anti Corruption Commission filed a case against the chairman of Orion Group, Obaidul Karim, with Gulshan Police Station.[5] In June 2007, Karim was sentenced to 13 years for corruption.[5] In December 2007, the chairman of Orion Group, Obaidul Karim, was sentenced to life imprisonment for embezzlement.[5] On 12 August 2008, he was sentenced to five years imprisonment in a money laundering case.[5]
In December 2011, Orion Group signed an agreement with Bangladesh Power Development Board to establish three coal powerplants.[3][11] They would be built in Khulna, Chittagong, and Munshiganj.[3] The total cost of the three powerplant was US$1.4 billion.[3] The plants would be the first to be built by private companies in Bangladesh.[3] The government would buy electricity from them for 3.7 to 5.5 taka per KWh.[3] The group established Khulna Royal Bengals for the Bangladesh Premier League.[12]
In September 2014, Orion Group sought permission from the government to borrow US$88 million from a Singapore-based company for Dutch-Bangla Power and Associates and Orion Power Meghnaghat.[13] Orion Footwear started operations on 29 December led by chief executive officer Ruhul Amin Molla.[14][15]
The managing director of Orion Group, Salman Karim, said that their plan to establish a LPG plant was delayed by five months due to political instability in March 2015.[2]
In May 2016, Orion Group signed an agreement with Bangladesh Power Development Board to establish a coal powerplant in Munshiganj by its subsidiary Orion Power Unit-2 Dhaka Limited.[1] It will sell the power for 6.69 taka per KWh.[16] It held a public meeting to discuss the plant with stakeholders in Narayanganj near the site of Orion Power Meghnaghat Limited.[4] Orion Group bought Krispy Kreme to Bangladesh as the official franchise.[8] It also bought the Singapore-based Fish & Co. to Bangladesh.[8]
In October 2020, Orion Group sought about one billion USD loan from the forex reserve of Bangladesh.[17]
On 24 May 2021, Justices M Enayetur Rahim and Sardar Md Rashed Jahangir halted an order of Bangladesh Bank to list the chairman of Orion Group as a loan defaulter for loans taken under Amar Desh Publications Limited, partly owned by Orion Group.[18]
On 19 September 2024, Orion Group filed a defamation case against local news-oriented television channel Independent Television, accusing the channel of constantly airing misleading reports on the conglomerate allegedly embezzling governmental funds and laundering money.[19][20]
Subsidiaries
- Orion Pharma Limited[21]
- Pharma Park[21]
- Jatrabari–Gulistan Flyover[22]
- Orion Power Meghnaghat Limited[23]
- Dutch Bangla Power and Associates Limited[24]
- Digital Power and Associates Limited[25]
- Orion Power Dhaka Limited[26]
- Orion Power Dhaka Unit-2 Limited[27]
- Orion Power Rupsha Limited[28]
- Orion power Sonargaon Limited[29]
- Orion Gas Limited[30]
- Orion Oil and Shipping Limited[31]
- City Centre[32]
- Interior Accom Consortium Limited[33]
- Jafflong Tea Company Limited[34]
- Panbo Bangla Mushroom Limited[35]
- Orion Agro Products Limited[36]
- Noakhali Gold Foods Limited[37]
- Kohinoor Chemical Company (BD) Ltd[38]
- Orion Knit Textiles Limited[39]
- Orion Footwear Limited[40]
- Orion Home Appliance Limited[41]
- Orion Games Limited[42]
- Orion Consumer Products Limited[43]
- Global Shoes Limited[41]
- Amardesh Publications Limited (publisher of Amar Desh)[6]
- Prudential Securities Limited[6]
- Khulna Royal Bengals[6]
- The Business Standard[44][45]