Ha-Meem Group's Response vs Our Counterpoint
News Article: Ownership of That's It Fashions Ltd Transferred Indirectly Through MH Jute Mills Ltd
In a series of events that have raised questions about the structure of business ownership in Bangladesh, the ownership of That's It Fashions Limited, a prominent fashion company, has been transferred indirectly through MH Jute Mills Ltd.
Established in 2002, That's It Fashions Limited initially had AK Azad as its owner. However, in 2014, all shares of the company were formally transferred to Mohammed Tarik Ana and Md Masadul Hoque, as recorded by the Registrar of Joint Stock Companies and Firms (RJSC).
Contrary to speculation, AK Azad's connection with the company did not end in 2014. In January 2020, the ownership of That's It Fashions Limited was transferred to MH Jute Mills Ltd, a company that is also owned by AK Azad. As a result, although he no longer directly holds shares in That's It Fashions Ltd, he retains control indirectly through MH Jute Mills Ltd.
A 2025 report states that AK Azad confirmed he no longer holds any direct stake in That's It Fashions Ltd despite being listed as managing director, indicating a formal separation of direct ownership from operational management. MH Jute Mills, which is also owned by AK Azad, currently holds 1,000 shares in That's It Fashions Ltd, as of 25 February 2025.
The official address of MH Jute Mills Limited is 387, Tejgaon Industrial Area, which is also the office of Ha-Meem Group. MH Jute Mills is listed as a sister concern on the official website of Ha-Meem Group.
The Ha-Meem Group has rejected the implication that there is any violation of the UBO circular issued by the Bangladesh Bank or the Bank Company Act in relation to the ownership of That's It Fashions Ltd and its investment in any financial institution. However, the group has not directly addressed or refuted the report's assertion that AK Azad is the ultimate beneficiary of That's It Fashions Ltd, through which he is also a beneficiary of Pubali Bank's directorship.
The BGMEA, the apex body of the readymade garment industry, has recommended that all relevant authorities incorporate the change in That's It Fashions Ltd's membership, and trust the database will reflect the accurate position shortly. The BGMEA's confirmation that the membership of That's It Fashions Ltd no longer lists AK Azad as managing director does not contradict the report's assertion that AK Azad is the ultimate beneficiary of the company.
Despite the changes in ownership and management, the current structure of the company, as well as its management and beneficial ownership, fully complies with applicable laws and regulations. The RJSC document obtained by TBS does not indicate any formal transfer of ownership of That's It Fashions Ltd to Mohammed Tarik Ana and Md Masadul Hoque after 2014.
It is important to note that Md Kamal Hossain is mentioned in the query but no corroborating details about shareholding or ownership status were found in the provided search results. As such, there is no evidence from the available context that Md Kamal Hossain holds beneficial ownership.
In summary, AK Azad's beneficial ownership of That's It Fashions Ltd exists indirectly via MH Jute Mills Ltd, despite shares being transferred in 2020, and he no longer holds direct shares in That's It Fashions Ltd as of early 2025. The Ha-Meem Group has maintained that the company is in full compliance with all relevant laws and regulations.
The indirect ownership of That's It Fashions Limited, a significant player in the fashion industry, has been linked to the finance sector through MH Jute Mills Ltd, a company also owned by AK Azad. Despite the formal transfer of shares from AK Azad to Mohammed Tarik Ana and Md Masadul Hoque in 2014, AK Azad retains control of That's It Fashions Limited indirectly through MH Jute Mills Ltd.
