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Tuesday, February 9, 2016

Friday, December 7, 2012

Any insurance claim made against Tazreen Fashions fire?

More than a week has passed since Bangladesh's worst garment industry tragedy killed 113, injured hundreds and displaced thousands from home, hearth and livelihood. We have seen photos and films of wailing widows, heard the cries of orphans and the silent grief of parents. This is a normal phenomenon in our country and will soon fizzle out. The usual blame game among owners, government, firemen, police, buyers and know-alls is going on at full pitch while the bankers, investors and multi-lateral giants wait in the wings to join the fray.

I am, however, surprised that I could not find one word written on a subject, which should have had first page prominence by now. How much insurance coverage was held by Tazreen? Which companies insured the risk? Did these insurance companies investigate whether the factory premises were compliant as to fire safety prior to taking on the risk (the usual procedure)? Has any insurance claim/FIR been lodged? If so, for how much? What was the value of goods, machinery, etc., destroyed? Were the workers insured? Once these types of information are made public, we will have a clearer picture if there is any conspiracy, sabotage or complicity with fire, banks and insurance authorities. This has the entire 'Hallmarks' of being our latest multi-crore scam!

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