He lived and built quietly. But his legacy will reverberate for eternity.
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Rahman was also recognised by the National Board of Revenue (NBR) as one of the top taxpayers in fiscal 2015-16. He again made the list of top taxpayers in Dhaka city.
He was an entrepreneur of the highest ethical standard and always tried to ensure that the state gets the due amount of tax, said Syed Aminul Karim, a former member of income tax of NBR.
“He maintained ethics and transparency. He is one of the few entrepreneurs who helped the country to advance. He showed that it is possible to do business here and take the nation forward by maintaining a high ethical standard,” he added.
Field officials would get all accurate information whenever they examined any of Rahman’s company transactions, said a senior official of the NBR’s VAT department preferring anonymity as he is not authorised to speak with media.
In fact, Transcom employees would attest to Rahman’s resolute record-keeping of transactions. No receipt was ever discarded.
“It may be that total employment created by Transcom is less than some others, but its contribution to revenue is high very,” the tax official added.
These most admirable qualities also caught global attention.
In 2012, Rahman was awarded by Oslo-based Business for Peace Award as a mark of his highest distinction for outstanding accomplishments in the area of ethical business -- a rare quality in a country where unethical practices, tax and VAT evasion, loan scams, substandard product selling are rampant.
“His dealing with the banks were perfect. There was no default -- absolutely no default. He met his obligations to his banks as and when they became due,” said Anis A Khan, former chairman of the Association of Bankers Bangladesh, attested to that.
As a leader, Rahman led the MCCI and was the vice-president of International Chamber of Commerce Bangladesh.
“His contribution to Bangladesh’s business is showing that what foreign companies can do, we can also do and do it better,” he said citing the manufacturing of COVID-19 drug Remdesivir by Eskayef as a case in point.
This virtue is visibly exemplified in what Transcom Electronics (previously Philips Bangladesh) and Eskayef Pharmaceuticals have become today: world-class.
Under his leadership, Transcom acquired SmithKline & French SK&F in Bangladesh in 1990 and the company was renamed as Eskayef Pharmaceutical.
“The example he has set in taking over and setting up new industries should remain as an example for young entrepreneurs.”
Besides, the group of industries allowed young graduates of the country to have gainful employment, said Khan, also the vice-president of MCCI.
Rahman was the ideal businessman, said AK Azad, former president of the Federation of Bangladesh Chambers of Commerce and Industry.
His story of ethical business would be an inspiration for young entrepreneurs. He has a huge contribution to the economy and in employment creation.
“We learned a lot from an entrepreneur and elderly brother like him. We do not think we will have another Latifur Rahman anytime soon. His demise is a loss of the country,” Azad added.
Rahman was an asset to Bangladesh, said AF Nesaruddin, a partner of Hoda Vasi Chowdhury & Co., a chartered accountancy firm.
“He was the most genuine and respected business personality in Bangladesh,” said Faisal Hussain, general manager of Transcom.
And even though Transcom is a family-owned house, the group introduced the corporate culture and allowed executives to flourish and take the operational decision themselves.
“He always introduced us to others as colleagues,” said Md Kamrul Hassan, executive director for finance at Transcom Group, who has been with Transcom for 30 years.
More than 50 employees have begun and ended their jobs at Transcom, said Habibur Rahman Mollah, who served as the chief operating officer of Transcom.
“It offered a peaceful life.”
Rahman believed that one would be rewarded if he or she worked transparently and with integrity. He also had a diktat for his companies: no compromise on quality at any cost.
“Quality gets priority over profit,” said Mollah, who retired after 20 years with Transcom.
Today, the employees of Transcom that Rahman has made a household name are mourning the demise of their most compassionate and conscientious employer.