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Download PDF Different government entities share 85 per cent of the total classified loans of 20 top defaulters in the banking system and there is little initiative for rescheduling the defaulted loans.
Bangladesh Bank (BB) sources said the total outstanding bank loans of the 20 top defaulters as of June 30 this year was Tk 8,574 crore while Tk 5,698 crore or 66 percent of the amount was classified (defaulted).
Of the 20 top defaulters, seven government entities share Tk 4,871 crore of the classified loans, and the rest is in the private sector, according to statistics prepared by the BB recently.
Bangladesh Petroleum Corporation (BPC), Bangladesh Jute Mills Corporation (BJMC) and Bangladesh Textile Mills Corporation (BTMC) are the top three loan defaulters on the list of 20.
Banking sources said the government has taken little initiative to reschedule the loans of its various entities but a number of private loan defaulters among the top 20 have recently taken some move to repay the money to the respective banks.
The BPC’s total outstanding loan is Tk 6,489 crore, of which Tk 4,130 crore is classified, BB sources said.
A top official of the central bank said the government recently paved the way for the BPC to reschedule the loan over 12 years without any down payment.
“But it might not bring any positive result since there is doubt whether the BPC will be able to pay the instalments in time,” said the official. ” So, it is unlikely that the banks concerned will get rid of the burden of huge defaulted loans.”
The BJMC’s outstanding loan amounts to Tk 699 crore with Tk 234 crore of it defaulted.
While the BTMC has outstanding loan of Tk 196 crore and the whole amount is classified.
Chittagong Jute Mills has a total classified loan of Tk 86 crore while the closed down Khulna Newspaper Mills’ total outstanding loan is Tk 77 crore with Tk 72 crore of it defaulted.
Bangladesh Agriculture Development Corporation’s (BADC) total outstanding loan is Tk 75 crore, all of it defaulted. A court has asked the bank concerned to arrange auction against the BADC to realise the money but it will be difficult since the BADC is a government entity.
The banks concerned repeatedly sent letters to the defaulting government entities asking them to reschedule the loans with no response as yet. The finance ministry recently took an initiative to repay the defaulted loans but it is not certain when that will be done.
Another top defaulter with government guarantee for its loan — Bangladesh Autorickshaw Chalak Samity, a cooperative society of autorickshaw operators — has an outstanding loan of Tk 77 crore, and the total amount is defaulted. A banking source said the loan was given from three nationalised commercial banks (NCBs) with guarantee for it by the previous government.
Sources said the committee that took the loan on behalf of the samity no longer exists, and a new committee has been formed. A case has been filed against the previous committee. The new committee has applied for fresh loan and waving of interest on the defaulted loan but the bank concerned will not entertain the fresh application of new loan.
Among the private defaulters, Beximco group is at the top. Shinepukur Holdings Ltd, one of its enterprises, has Tk 138 crore outstanding loans, of which Tk 101 crore is defaulted.
Besides, Beximco Engineering Ltd, another subsidiary of the group, has Tk 52 outstanding loan with the whole amount defaulted.
According to Sonali Bank sources, Shinepukur Holdings deposited Tk 15 crore to the bank for rescheduling its loan. The company will deposit another Tk 35 crore for this. “We are expecting another Tk 35 crore from Shinepukur,” said a high official of the bank.
A trial is now going on against Riverside Leather and Footwear Ltd of late Maulana Abdul Mannan as the company has an outstanding loan of Tk 80 crore with the total amount classified.
Shamsul Al-Amin Cotton Mills Ltd, an enterprise of a former Awami League lawmaker, has Tk 88 crore outstanding loan and Tk 77 crore of the amount is defaulted. His sons are now negotiating with Sonali Bank to reschedule the loan, seeking waiving of interest.
Desma Shoe Industries, owned by Mohammad Ali, senior vice-president of the FBCCI, has an outstanding loan of Tk 56 crore, totally defaulted. Sonali Bank filed a case several years ago to recover the amount but failed to do so.
Dhaka Jute Mills Ltd, owned by a BNP lawmaker, has Tk 59 crore outstanding loan, all of it defaulted. The company is now negotiating with another business group to sell out the entity and repay the loan.
Mainamati Textiles Mills, owned by Hasan Yusuf Jamil, has an outstanding loan of Tk 51, wholly defaulted. Agrani Bank has written off the loam and also filed a case against the borrower. On the other hand, the borrower has filed a writ petition against the bank.
The other defaulters on the list of top 20 are Phoenix Leather Complex with Tk 69 crore classified loans, Lina Textile Tk 68 crore, Desh Beverage Company Ltd Tk 62 crore, Protein Foods Ltd Tk 50 crore, Sreepur Textile Mills Ltd Tk 50 crore and Lexco Ltd Tk 50 crore defaulted loans.
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