KPM faces acute fund crisis
Tk 2cr paper remains unsold
Karnaphuli Paper Mills (KPM), an industrial unit of Bangladesh Chemical Industries Corporation (BCIC), is facing acute fund crisis as paper worth about Tk two crore lying unsold.
KPM sources said payment of salaries and allowances to workers and employees has become uncertain as the mill authorities failed to sell more than 2,000 metric tons of paper.
The crisis further deepened recently as the National Curriculum Textbook Board (NCTB), one of the principal buyers of the plant, did not lift 11,000 metric tons of paper it requisitioned earlier.
Non-delivery of paper from the warehouse also created serious space constraint for fresh product. This might lead to suspension production any time, said a source.
Admitting the crisis, managing director of KPM Mohammad Shahidullah said the NCTB, being the main buyer procures paper every year to print books for primary, secondary, higher secondary level and madrasas.
The NCTB submitted requisition for about 8,000 MTs in 2008 and 11,000 MTs last year. The board stopped later taking delivery of the papers without informing anything to the KPM.
On the other hand, the mill authorities could not supply paper to 200 enlisted dealers because of giving priority to the NCTB. The dealers are now reluctant to take delivery of the paper as they were not supplied the item on time, KPM sources said.
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