He is the co-founder of Bangladesh’s leading industrial conglomerate, Beximco Group, but remains an enigmatic figure when it comes to the true extent of his stake in the vast business empire.

Shares linked to Salman Fazlur Rahman, who serves as the group’s vice chairman, span across 38 companies and mutual funds, showcasing a remarkably diverse portfolio. His investments weave through a myriad tapestry of industries ranging from trading, real estate, and jute products to garments and cutting-edge technology.

As of Jun 30, 2023, the market value of his investments in six publicly listed companies, along with mutual fund units, was estimated at approximately Tk 2.75 billion.

His portfolio includes shares in relatively obscure entities like Design Studio, as well as controversial ventures such as the now-defunct GMG Airlines. Moreover, he has investments in QC Container Line Limited, a family business of Salahuddin Quader Chowdhury, who was sentenced to death for war crimes committed during the Liberation War of 1971.

Other lesser-known companies in which Salman has shares include I & I Services Limited, Q & I Services, International Cement, and Riverside Holdings Limited.

A highly influential figure during the final years of Sheikh Hasina's one and a half decade of premiership, Salman is now imprisoned following a dramatic power shift in the country's political landscape.

After allegations of "irregularities" and "loan fraud" in the financial sector, the National Board of Revenue, or NBR, is updating its records on shareholdings in the companies.

Information sourced from the Registrar of Joint Stock Companies and Firms, or RJSC, Bangladesh Financial Intelligence Unit, or BFIU, Anti-Corruption Commission, or ACC, and NBR’s Central Intelligence Cell, or CIC, reveals that Salman F Rahman holds a total of 138.7 million shares in 38 domestic companies.

His elder brother, Ahmed Sohail Fasihur Rahman, the chairman of Beximco Group, has stakes in 34 companies, with 111.1 million shares. The market value of these shares was approximately Tk 1.97 billion at that time.

In 2023, records indicate that Salman F Rahman’s son, Shayan Fazlur Rahman, held 27.7 million shares in 14 companies, valued at Tk 370 million. Later, in May 2024, he purchased 38.5 million shares of IFIC Bank, which cost Tk 381.5 million at that time.

For listed companies, the market value of shares as of Jun 30, 2023 was used to compile this investment data, while the face value was considered for other companies. These findings are based on documents from the NBR’s CIC and other government agencies.

The investigation also uncovered additional companies under the Beximco Group. However, due to outdated information on many of these companies registered with the RJSC, the exact shareholding of Salman, his brother, and others remains unclear.

FEWER SHARES, GREATER CONTROL

For years, Salman, a name repeatedly associated with "loan defaulters" and "manipulation" in the stock market, served as the private industry and investment advisor to former prime minister Hasina.

After the political changeover on Aug 5, 2024, the NBR's intelligence division, CIC, initiated an investigation into Salman, his brother, and his son's shares and investments. Its report details the shares held in various companies under their names and their market values.

Officials point out that the calculations, as of June 2023, are yet to be updated for the fiscal year.

According to the report, despite Salman being widely recognised as the key figure of Beximco Group, his or his family members’ shareholding in individual companies is significantly lower than that of other shareholders.

An analysis of the shareholding data reveals that Salman owns just one share of Shinepukur Ceramics, a publicly listed company, with a nominal value of Tk 10.

His brother, ASF Rahman, owns two shares. Salman's son, Shayan, previously held one share, but it is no longer in his possession.

Out of 147 million shares in the company, the combined shareholding of the three amounts to nearly zero percent.

Although they hold substantial shares in other listed companies under the group, such as Beximco Limited, Beximco Pharma, and IFIC Bank, their shareholdings are still significantly lower compared with other shareholders or investors.

Nevertheless, they have maintained absolute control over these companies for years.

Leveraging advantages from previous governments, they dominated the boards of these companies, which allowed them to monopolise management. They made all decisions when it came to appointments and investments, maintaining this influence for years.

However, the situation changed after the ouster of the Awami League government in a student-public uprising.

Police reported that Salman Rahman was apprehended while attempting to flee to India. The former MP, who transitioned from business to politics, faced multiple charges, including murder, and was shown as arrested in one case after another.

Several government agencies have announced investigations into allegations against him, including "loan fraud" and money laundering. Bank accounts of family members have also been frozen.

Amid these changing circumstances, financial difficulties led to delayed salaries, sparking labour unrest in various factories of Beximco Group. The companies faced challenges in keeping factories operational.

Eventually, under court orders, receivers—referred to as supervisors by Bangladesh Bank—were appointed to oversee operations.

Meanwhile, a significant number of independent directors have been installed in the three listed companies of Beximco.

Salman Rahman has been removed from the role of chairman at IFIC Bank, and Bangladesh Bank has blocked the approval of his son Shayan Rahman as vice-chairman. The bank’s board has also been freed from Salman's influence

DISTRIBUTION OF SHARES

The website of Beximco Group, founded in 1970, mentions four public limited companies and 17 private limited companies under its umbrella. Although one company was later delisted from the stock market, this information has not been updated.

The website lists ventures across various sectors, including import-export, textiles and garments, pharmaceuticals, personal protective equipment, or PPE, ceramics, real estate development, construction, seafood, ICT, media, financial services, and energy.

However, the names and details of all 17 companies are not fully disclosed.

On paper, Salman and his son Shayan hold the smallest number of shares in Shinepukur Ceramics among these companies.

As per stock market records, ASF Rahman, Shinepukur Ceramics’ sponsor and director, holds two shares with a face value of Tk 10 each, amounting to Tk 20.

Salman holds one share, as does Osman Kaiser Chowdhury, another director. Previously, Shayan also owned one share.

Shinepukur Ceramics has a total of 147 million shares, half of which are owned by another listed company in the group, Bangladesh Export Import Company Limited, or Beximco Limited.

This structure enables Salman’s family to retain absolute control over the board of Shinepukur Ceramics.

Analysts point out that reducing the number of personally held shares is a strategic move commonly seen in large industrial groups.

A closer examination of other shares within the company reveals the underlying strategy.

Beximco Limited’s financial report for the year ending June 2024 shows Salman holding 70.92 million shares, representing 7.94 percent of the total shares.

His brother, ASF Rahman, holds 63.20 million shares, or 7.08 percent.

Moreover, associated companies own 8.22 percent, while nominee directors hold 10.06 percent.

The list of associated companies under Beximco Limited shows substantial shares in Shinepukur Ceramics.

Shares are also held under Beximco Holdings, New Dhaka Industries, Beximco Engineering, Asses Exporters, Beximco Pharmaceuticals, and Escorp Apparels, all controlled by Salman’s family.

This interconnected shareholding pattern ensures the family’s dominant stake across the group’s ventures.

The cyclical investments between these companies and Beximco Limited’s 50 per cent shareholding in Shinepukur Ceramics demonstrate their overarching control.

Similar patterns emerge in Beximco Pharmaceuticals Limited, another listed entity under the Beximco Group.

Salman holds nearly 9.08 million shares, equating to 2.04 per cent of the total shares, valued at Tk 712.8 million at the latest market price.

ASF Rahman holds approximately 9.06 million shares, or 2.03 per cent, worth Tk 711.1 million.

Beximco Holdings owns nearly 24.90 million shares in Beximco Pharmaceuticals, Beximco Limited holds approximately 3.2 million shares, New Dhaka Industries holds 14.3 million shares, and Beximco Engineering has over 900,000 shares. All these entities are under the family’s control.

REGISTERED BUT NOT UPDATED

A search at the RJSC reveals the existence of 30 companies under the name Beximco.

Among them are Beximco Fisheries Limited, Beximco Port Limited, Beximco Engineering Limited, Escorp Apparels Limited, formerly Beximco Apparels Limited, Beximco Securities Limited, and Beximco Softtech Limited.

The list also includes Beximco Agro Chemical Limited, Beximco Pharma Centre for Bio and Industrial Limited, Beximco Astra Company Limited (formerly Astra Company Limited), Beximco Media Limited, Beximco Services Limited, Beximco Logistics Limited, Beximco Property Development and Management Limited, Beximco Zenith Limited, Beximco Holding Limited, and Beximco Computer Limited.

Also registered are ARK Sea Foods Limited, formerly Beximco Foods Limited, Beximco Mining and Energy Corporation Limited, Beximco Petroleum Limited, Beximco Power Company Limited, Beximco Communications Limited, Beximco LPG Unit-2 Limited (formerly Index Power and Energy Unit-2 Limited), and Beximco Pharma API Limited.

The list further includes Beximco LPG Unit-1 Limited, formerly Index Power and Energy Unit-1 Limited, Beximco 360 Limited, Beximco Aviation Limited, Beximco Wings Limited, Beximco PPE Limited, Beximco IOC Petroleum and Energy Limited, and Beximco Equity Limited.

None of these companies have updated their information.

Due to the non-renewal of registration, recent shareholding details of Salman Rahman and his family members in these companies are unavailable.

According to the CIC report, at least three members of the Salman family hold shares in 14 of these companies.

However, due to the lack of updates, the exact percentage of shares held by the family is unclear.

Despite discussions about investments in different names or under aliases, the government does not have a consolidated list detailing the total number of companies associated with Beximco Group or Salman Rahman.

However, during the first meeting on Nov 28 of the “Advisory Committee for Reviewing the Labour and Business Situation of Industrial Enterprises in Beximco Industrial Park” formed by the interim government, it was said that there are a total of 169 known and unknown companies under Beximco Group. Among these, 32 companies in the apparel sector are currently operational.

Although there are numerous companies associated with the group, the Salman family's investment in most of them is minimal.

Analysts believe these companies were primarily established for buying and selling shares and securing loans. Consequently, the main company did not find it necessary to update the information for most of these companies after their initial purpose was served.

OUSTED FROM IFIC BANK

Ahmed Shayan, son of Salman, announced on May 27, 2024, his plan to purchase 38.53 million shares of IFIC Bank through the Dhaka Stock Exchange, or DSE.

At that time, he held the position of vice-chairman of the bank, while his father Salman had long served as chairman.

Shayan was elected to the board of directors of IFIC Bank as a representative of Beximco Group’s company, New Dhaka Industries.

With the acquisition of new shares, he controlled 2.11 percent of the bank's total shares.

However, everything changed following the power shift after the July uprising.

Just five days after the interim government assumed office, on Aug 13, Shayan was removed from the board of directors, losing his position as vice-chairman.

Meanwhile, on Sept 4, Bangladesh Bank restructured the bank's board by appointing an independent director, resulting in Salman losing his chairman position, which he had held since 2010 after the Awami League government came to power.

As of July, data showed Salman Rahman held 38.45 million shares, amounting to 2 per cent of the total shares in the bank.

INVESTMENT BREAKDOWN: WHO HOLDS WHAT?

Salman Rahman's Investment

		As on	30.06.2023
SI. No.	Particulars	No. of Shares	Amount
1	Bangladesh Export Import Company Ltd.	70,919,693	1,723,922,957
2	Beximco Pharmaceuticals Ltd.	9,080,095	319,051,821
3	Beximco Synthetics Ltd.	13,441,800	134,418,000
4	Shinepukur Ceramics Ltd.	1	10
5	Sonali Ansh Ltd.	26,500	265,000
6	Esses Exporters Ltd.	950	9,500
7	Beximco Computers Ltd.	100	10,000
8	Beximco Engineering Ltd.	100	10,000
9	Beximco Agro Chemicals Ltd.	200	20,000
10 I	& I Services Ltd.	10	1,000
11	Beximco Pharma Center For Bio & Industrial Research Ltd.	1,000	10,000
12	Beximco Logistics Ltd.	400	40,000
13	Beximco Holdings Ltd.	500,000	50,000,000
14	Beximco Services Ltd.	4,950	495,000
15	Beximco Property Development & Management Ltd.	10,000	1,000,000
16	IFIC Bank Ltd.	35,728,274	408,332,428
17	Shinepukur Hotels Ltd.	25,000	2,500,000
18	Dhaka Spinning Mills Ltd.	70,000	700,000
19	Bex-Maru Polyster Ltd.	3,500	35,000
20	International Steels Ltd.	49,500	495,000
21	International Cement Ltd.	1,000	100,000
22	QC Container Line Ltd.	48,680	4,868,000
23	The Design Studio Ltd.	50	50,000
24	Central Fashion and Design Limited	500	50,0003
25	Central Power Services Ltd.	150	15,000
26	Independent Television Ltd.	39,990	3,999,000
27	Beximco Astra Company Ltd.	490	49,000
28	Abahani Ltd.	50,000	5,000,000
29	Beximco Mining & Energy Corporations Ltd.	5,000	500,000
30	Beximco Power Company Ltd.	7,500,000	75,000,000
31	Reliance Minerals and Power Ltd.	66,666	666,660
32	GMG Airlines Ltd.	1,100	11,000
33	Beximco Ports Ltd.	10,000	1,000,000
34	Shephered Comilla Land Port Ltd.	30,400	3,040,000
35	SAL Holdings Ltd.	500,000	5,000,000
36	Beximco Foods Ltd.	2,000	20,000
37	First ICB Unit Fund	93,831	938,310
38	Riverside Holdings Ltd.	500,000	5,000,000
	Total Tk.	138,711,930	2,746,622,686

Subsequently, Salman Rahman's shares in IFIC Bank continued to rise, reaching nearly 38.45 million by July 2024.

ASF Rahman’s Investment

		As on	30.06.2023
SI. No.	Particulars	No. of Shares	Amount
1	Bangladesh Export Import Company Ltd.	63,204,992	1,255,974,940
2	Beximco Pharmaceuticals Ltd.	9,058,888	238,879,568
3	Beximco Synthetics Ltd.	14,518,467	145,184,670
4	Shinepukur Ceramics Ltd.	2	20
5	Sonali Ansh Ltd.	18,375	183,750
6	Esses Exporters Ltd.	1,000	10,000
7	Beximco Computers Ltd.	200	20,000
8	Beximco Engineering Ltd.	100	10,000
9	Beximco Agro Chemicals Ltd.	200	20,000
10	Beximco Pharma Center For Bio & Industrial Research Ltd.	1,000	10,000
11	Beximco Logistics Ltd.	400	40,000
12	Beximco Holdings Ltd.	500,000	50,000,000
13	IFIC Bank Ltd.	15,865,616	180,455,799
14	Beximco Services Ltd.	4,950	495,000
15	Beximco Property Development & Management Ltd.	10,000	1,000,000
16	Shinepukur Hotels Ltd.	25,000	2,500,000
17	Dhaka Spinning Mills Ltd.	70,000	700,000
18	Bex-Maru Polyster Ltd.	2,500	25,000
19	International Steels Ltd.	49,500	495,000
20	International Cement Ltd.	1,000	100,000
21	QC Container Line Ltd.	48,680	4,868,000
22	The Design Studio Ltd.	50	50,000
23	Central Fashion and Design Limited	500	50,000
24	Central Power Services Ltd.	150	15,000
25	Independent Television Ltd.	40,000	4,000,000
26	Beximco Astra Company Ltd.	510	51,000
27	Beximco Mining & Energy Corporations Ltd.	5,000	500,000
28	Beximco Power Company Ltd.	7,500,000	75,000,000
29	Shadhin Bangla Mines and Electricity Ltd.	66,666	666,660
30	GMG Airlines Ltd.	1,100	11,000
31	Beximco Ports Ltd.	10,000	1,000,000
32	Shephered Comilla Land Port Ltd.	30,400	3,040,000
33	United Hospital Limited	21,764	2,176,400
34	First ICB Unit Fund	93,831	938,310
	Total Tk.	111,150,841	1,968,470,117

Shayan Rahman’s Investment

		As on	30.06.2023
No.	Particulars	No. of Shares	Amount
1	Shinepukur Ceramics Ltd.	1	10
2	Crescent Fashion and Design Ltd.	999,800	99,980,000
3	Escorp LPG Ltd.	149,850	1,498,500
4	Escorp Cylinders Ltd.	49,950	499,500
5	Beximco Communications Ltd.	1,000,000	10,000,000
6	Essess Holdings Ltd	500,000	5,000,000
7	Beximco Petroleum Ltd.	5,000	500,000
8	SFR Estates Ltd.	99,800	998,000
9	SAL Holdings Ltd.	500,000	5,000,000
10	Escorp Holdings Ltd.	23,541,663	235,416,630
11	SFR Holdings Ltd.	324,000	3,240,000
11	SFR Holdings Ltd.	324,000	3,240,000
12	Independent Television Ltd.	10	1,000
13	Riverside Holdings Ltd.	500,000	5,000,000
14	Abahani Limited	50,000	5,000,000
	Total Tk.	27,720,074	372,133,640

It was later disclosed that Shayan purchased nearly 38.54 million shares in IFIC Bank. Two days following his announcement, the market price stood at Tk 9.90 per share, bringing the total value of his investment to Tk 381.5 million.