Orion Group (Bangladesh)

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.

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]

See also

• List of companies of Bangladesh
• Orion Pharma Ltd.

External links

• Orion corporate information