In what has been described as an "historic" and "unprecedented" event, the government of Bangladesh has handed over the ownership of nine textile mills to a joint body of workers and officials from the state owned businesses.

However, according to one report in the South China Morning Post, although experts and economists think that the move is unique, some have voiced concerns about the overall aim of the government's motives.

Wahiduddin Mahmud, professor of economics at Dhaka University, told the newspaper: "The model is workable but it must be ensured that it has not been done to achieve any political advantage".

Textile Minister A.K.M. Jahangir denied that there was political motivation behind the move claiming that the hand over had been conducted in the best interests of both the country and the mills.

The government, which has incurred losses of 30bn taka ($557m) each year, made the transaction against the advice of the World Bank and the International Monetary Fund, a move that has earned respect from independent analysts.

The signing of a tripartite agreement between the workers' representative, banks and the Bangladesh Textile Mills Corp will see the mills being run independently by a board of management composed of workers and officials in the form of a private limited company.