Olympic Cement Limited, a Barishal-based company under Khan Sons Group, has been abruptly shut down after allegations of large-scale money laundering and financial irregularities. Reports claim the company’s chairman, managing director, and directors siphoned off billions of taka to the United States, the United Kingdom, and Dubai, withdrawing all capital from company accounts and defaulting on bank loans. The closure has left over 350 workers without pay or benefits, while the company was allegedly sold secretly to Scan Cement.

Following complaints, Barishal Divisional Commissioner Khalil Ahmed summoned company officials and ordered immediate payment of workers’ dues. Authorities have frozen 90 company trucks and a lighter vessel and restricted the directors from leaving the country. The managing director has promised to pay Tk 9 crore in wages and benefits by June 19.

The National Board of Revenue’s customs and VAT intelligence units have launched investigations into alleged tax evasion, VAT fraud, and money laundering by the company. Officials indicated that the factory’s financial crisis deepened after years of irregularities and foreign fund transfers.