Nassa Group

Nassa Group, also referred to as NASSA Group of Industries or Nassa Group Limited, is a Bangladeshi diversified industrial conglomerate founded in 1990 by Nazrul Islam Mazumder and a group of colleagues. Its origins are in garment manufacturing: the founders established Starlight Knit-wear as the group’s first factory, initially employing approximately 300 people. The original factory was located at 2/B Elephant Road in Dhaka and remained associated with the group’s early history. The group subsequently expanded beyond apparel into financial services and other sectors. Export Import Bank of Bangladesh Limited, commonly known as EXIM Bank, was incorporated into the Nassa Group in 1999 according to the referenced account. The group’s broader interests have included banking, real estate, stockbroking, education, and travel. Its education activities include EXIM Bank Agricultural University Bangladesh, a private agricultural university located in Chapainawabganj in the Rajshahi region. Apparel and textiles have remained the most visible part of Nassa Group’s industrial activity. The group has supplied yarn, textiles, ready-made garments, fashion labels, and private-label programs for customers in the United States, Canada, Mexico, the United Kingdom, and the European Union. Its manufacturing model has been described as vertically integrated, covering multiple stages of textile and garment production. Reference material states that the apparel division operated 34 factories in Bangladesh and employed about 30,000 workers, although the applicable date for those operating figures is not specified. A reported 2013 turnover of US$370 million was attributed to contracts with United Kingdom and United States retailers; this figure should be understood as a historical, time-specific figure rather than a current group valuation or revenue measure. Nassa Group attracted public attention during debates about factory safety following the 2013 Rana Plaza collapse in Bangladesh. Three of its factories were closed in April 2013 because of concerns about the structural condition of the rented premises in which they operated. Some reporting initially characterized the closures as a reaction to the Rana Plaza disaster, while the company maintained that it had decided to close the facilities before the 24 April collapse. The group also challenged an early version of a Wall Street Journal report concerning the circumstances of the closures, and the publication subsequently amended its account according to the referenced material. The group has also been connected to controversy surrounding lending by Islami Bank Bangladesh after changes to the bank’s board in 2017. Reference material states that seven Nassa companies received loans without adequate collateral and that the group had defaulted on loans in the past. The available material does not establish the final legal or financial outcome of those allegations. Nassa Group is therefore best characterized as a Bangladesh-based diversified business house whose historical center of gravity is export-oriented textile and garment manufacturing, complemented by financial, property, education, brokerage, and travel interests. Detailed current information about its ownership structure, consolidated financial performance, present factory count, and current executive roster is not established by the supplied sources.

Nassa Group began in Bangladesh in 1990, when Nazrul Islam Mazumder and colleagues Saiful Islam, Mohd Abdullah Al-Mamun, Nazrul Islam Swapan, Altaf, and Kamrul established Starlight Knit-wear. The first factory was located at 2/B Elephant Road in Dhaka and reportedly employed about 300 people. This apparel operation formed the foundation of what later became Nassa Group of Industries. The group’s principal growth path was through textiles and ready-made garments. It developed manufacturing capabilities covering yarn, textiles, and finished apparel, and supplied fashion and private-label customers in North America and Europe. The manufacturing network was described as vertically owned and included 34 factories with approximately 30,000 employees at the time covered by the reference material. In 2013, the group was reported to have generated US$370 million in turnover from contracts with retailers in the United Kingdom and the United States. The source does not provide a comparable current figure. Nassa Group expanded into financial services in 1999 through the incorporation of Export Import Bank of Bangladesh Limited, known as EXIM Bank. EXIM Bank began operations as a scheduled commercial bank on 3 August 1999 under Bangladesh Bank rules. The bank later migrated its conventional banking operations to a Sharia-based Islamic banking model. It also became associated with exchange houses in the United Kingdom, Canada, New York, and Australia, according to the referenced material. The group’s diversification continued into real estate, stockbroking, education, and travel. Its education portfolio includes EXIM Bank Agricultural University Bangladesh, a private agricultural university in Chapainawabganj, Rajshahi. The supplied sources do not provide enough information to determine the current scale of each non-apparel business or whether every historical activity remains under common ownership. Factory safety became a significant issue in 2013. Nassa Group closed three factories operating in rented premises after concerns about the structural integrity of those facilities. Because the closures took effect shortly after the Rana Plaza disaster, some reports presented them as a reaction to the collapse. Nassa Group stated that it had made the decision before 24 April 2013 and that employee safety was the reason. An early Wall Street Journal report was subsequently challenged by the group through Mishcon de Reya and was amended, according to the referenced account. In 2017, Nassa Group was mentioned in reporting and commentary about lending by Islami Bank Bangladesh after government-linked intervention changed the bank’s directors. Seven Nassa companies reportedly received loans without adequate collateral, while the group was also described as having defaulted on loans previously. The available reference does not establish a final adjudication, repayment outcome, or regulatory conclusion. The group’s current corporate structure, ownership, financial condition, and leadership beyond the individuals identified in historical sources require further verification.

• 2017

  Loan controversy involving Islami Bank Bangladesh

  [1]Nassa Groupen.wikipedia.org

  Seven Nassa companies were reported to have received loans from Islami Bank Bangladesh without adequate collateral.

• 2013

  Three factories closed over structural concerns

  [1]Nassa Groupen.wikipedia.org

  Nassa Group closed three factories in rented facilities after identifying structural concerns, shortly before or around the time of the Rana Plaza disaster.

• 1999

  EXIM Bank incorporated into the group

  [1]Nassa Groupen.wikipedia.org

  Export Import Bank of Bangladesh Limited, known as EXIM Bank, became part of the group’s business interests.

• 1990

  First garment factory established

  [1]Nassa Groupen.wikipedia.org

  Nazrul Islam Mazumder and colleagues established Starlight Knit-wear, the first factory associated with Nassa Group.

A diversified Bangladeshi industrial group built around export-oriented textile and garment manufacturing, with additional exposure to banking, property, capital markets, education, and travel.

• Textile manufacturing · 1990

  Textiles and yarn

  Nassa Group’s apparel division has been described as producing yarn and textile inputs as part of a vertically integrated manufacturing network. These materials support the group’s own ready-made garment production and its supply relationships with international fashion, branded, and private-label customers.

• Apparel manufacturing · 1990

  Ready-made garments

  Ready-made garments are the group’s core industrial offering. Nassa Group has supplied apparel for fashion labels and private-label programs serving customers in the United States, Canada, Mexico, the United Kingdom, and the European Union. The referenced material describes a large, factory-based production network in Bangladesh.

• Banking · 1999

  EXIM Bank

  Export Import Bank of Bangladesh Limited is a private commercial bank associated with Nassa Group from 1999. The bank later moved its conventional banking operations to a Sharia-based Islamic banking model and developed exchange-house operations in several overseas markets.

• Higher education

  EXIM Bank Agricultural University Bangladesh

  EXIM Bank Agricultural University Bangladesh is a private agricultural university in Chapainawabganj, Rajshahi. It represents Nassa Group’s historical participation in education alongside its industrial and financial businesses.

• 2017

  Loans from Islami Bank Bangladesh

  Seven companies linked to Nassa Group were reported to have obtained loans from Islami Bank Bangladesh without adequate collateral after changes to the bank’s board. The reference also mentions previous loan defaults by the group, but does not establish the final legal or financial disposition.

  Source

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• 2013

  Closure of three factoriesStrategy

  Background

  The factories operated in rented premises whose structural condition raised concerns. Their closures occurred in the aftermath of the Rana Plaza disaster and became subject to competing interpretations in media coverage.

  Action taken

  Nassa Group shut three facilities and said the decision had been made before the 24 April Rana Plaza collapse to protect employees.

  Aftermath

  The closures contributed to public discussion about garment-factory safety and led the group to challenge an early media account of the reasons for the shutdowns.

  Source

1. 1Nassa Groupen.wikipedia.org