MISUSING BOND FACILITY
Golden Son fined Tk 43cr
NBR cancels its warehouse licence
STAFF REPORTER
The Customs authorities have cancelled the bonded warehouse licence of Golden Son Ltd, a garments accessories manufacturer, and fined it Tk 43.3 crore for using the bond facility wrongly.
The Dhaka Stock Exchange (DSE) website said the Customs Bond Commissionerate took the decision as the company transferred duty-free imported raw materials illegally from the bonded warehouse. The action has been taken under Section 98(A) of the Customs Act, 1969.
However, under the circumstance of cancellation of the bond licence, the company can still continue its production or operation as a non-bonded company, the DSE said.
According to the DSE, Offences made by the company are severe. The company has repeatedly committed the same offences. The tendency of the company to commit offences is evident.
It also said that to secure the government revenue under Section 13(3) of the Customs Act, 1969, the bonded warehouse licence of the company has been cancelled.
The authorities fined Golden Son as the allegations were undisputedly proven and established.
Following the companys illegal transfer of raw materials and storage of raw materials with an intention to illegally transfer them, the Customs Bond Commissionerate issued an order on October 29, 2017, directing the company to deposit Tk 43,29,01,811.61 to the government treasury within 15 days (November 12). The company was fined of Tk 10,44,15,913.81 as duty for illegal transfer of raw materials and Tk 2,84,85,897.80 as duty for storage of raw materials, with an intention to illegally transfer them.
The company also has to pay Tk. 3,00,000,000 crore as financial penalty for contravention of several conditions.
The company failed to give satisfactory reply after complaints were made against them during investigation. The Customs Bond Commissionerate brought the allegations against Golden Son Ltd.
