Williams Sweaters under scrutiny over Tk13.52cr anomalies

The Customs Intelligence and Investigation Directorate has uncovered irregularities worth Tk13.52 crore at Williams Sweaters Limited.
Allegedly, the company failed to account for 52,785kg of imported woven fabric and 525 machines that investigators found were not installed at its factory.
Rizvi Ahmed, additional director general of the directorate, disclosed the findings at a press conference at the National Board of Revenue (NBR) building in Agargaon, Dhaka, on Sunday.
According to a preliminary assessment, the company could not produce export records for the imported fabric, involving an estimated Tk1.95 crore in revenue.
Investigators also found that 525 machines imported in 2023 under the Capital Machinery Import (CPC) facility were not installed at the factory. The machinery accounted for an estimated Tk11.57 crore in revenue, the directorate said.
The investigation further uncovered alleged irregularities in the handling of imported raw materials brought in under bonded warehouse facilities and free-of-cost (FOC) arrangements. The company allegedly sold imported materials in the local market instead of using them for designated production and export activities.
During an on-site inspection, investigators found that the company’s bond register was unavailable. Williams Sweaters also failed to provide import and export records or clear information on the whereabouts and use of the imported raw materials, according to the directorate.
The company claimed to operate through subcontracting, but investigators could not find the required approvals or supporting documents to substantiate the claim.
The directorate also alleged that the company had violated the conditions of its bonded warehouse licence, which allows eligible businesses to import certain materials under duty-related facilities for use in export-oriented production.
The findings raise concerns over whether imported materials and machinery receiving such facilities were used for their intended purposes. The directorate’s findings are based on its preliminary investigation.