Olympic Cement Closes Permanently, 300 Workers Jobless

Barishal’s Olympic Cement Limited has been declared permanently closed due to continued business losses and a shortage of raw materials and US dollar-linked import letters of credit (LCs). The plant had remained shut for production for the past one month.

The company formally announced the decision in a notice issued on Thursday night, stating that operations will permanently cease from June 13.

The notice said all workers employed at the factory have been laid off following the suspension of production. It added that all dues owed to workers will be paid in due course.

The decision was confirmed in a notice signed by Managing Director Anika Rahman and addressed to the president and general secretary of the Olympic Cement and Fibre Limited Workers’ Union.

The factory, located in Rupatoli in Barishal city, is known in the market as Anchor Cement. As one of the few medium-to-heavy industries in the region, where large-scale industrial facilities are scarce, it was the only cement factory in Barishal. It employed more than 300 workers, officials, and staff. Olympic Cement is part of the Khan Sons Group, one of Barishal’s prominent business families.

Reacting to protests over the closure in recent days, Barishal coordinator of the Bangladesh Socialist Party, Dr. Monisha Chakraborty, said the ownership of the company is reportedly changing, which led to the suspension of production. She said around 300 workers were employed at the facility.

She added that if ownership changes, the new management must ensure continued employment for the workers and also clarify the timeline for payment of their dues.