Latifur Rahman, chairman of Transcom Group, dies at 75

Latifur Rahman, chairman of Transcom Group, was known for his ethical values in business in a country where businessmen are often blamed for a moral deficit. Rahman died at the age of 75 on Wednesday from a combination of health complications.

For his social responsibility and ethical values, Rahman was awarded the prestigious 2012 Oslo Business for Peace Award. That was the first time a Bangladeshi businessperson received the prize, which is considered the most celebrated recognition in the business world.

Rahman died at 11.30 am at his ancestral home in Chauddagram of Cumilla. A spokesman for Transcom Group said Rahman did not contract the COVID-19 illness, but died from old-age complications. A funeral prayer for him was held at Azad Mosque in Gulshan on Wednesday, following the Isha prayers. He was laid to rest in the Banani graveyard.

Rahman elevated Transcom that started off with tea plantations in 1885 to one of the country's best-known conglomerates comprising 16 public and private companies. Having an annual turnover of more than $350 million (nearly Tk 2,800 crore), the group employed over 10,000 people, according to a report published in 2012. Rahman set up new enterprises and worked them up through the ladder. Many of his enterprises are now leaders in their own spheres -- be it newspaper, pharmaceuticals, printing, electronics or food industries.

Rahman was president of Metropolitan Chamber of Commerce and Industry for seven terms and president of Bangladesh Employers’ Federation for two terms.

He was also a member of the executive committee of the Federation of Bangladesh Chambers of Commerce and Industry, Bangladesh Jute Mills Association and Bangladesh Tea Association.

Rahman’s career started in 1966 in his family-owned jute mill in Chandpur district and worked there until 1971. He established Transcom Group in 1973 after W Rahman Jute Mills, the major earning source for the Rahman family, was nationalised in 1972. In the 1980s, Rahman became the sole importer and distributor of Nestlé products in Bangladesh.

In 1990, Rahman acquired SmithKline & French’s Bangladesh unit in the wake of the merger between SmithKline & French, USA, and Beecham, UK. That was the first instance of taking over of any multinational company by a Bangladeshi entity. After the acquisition, the new company was named Eskayef Bangladesh. Eskayef was the second company in Bangladesh to produce the potential COVID-19 drug: remdesivir.