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Download PDF The top 20 defaulters of Pubali Bank, including a former Bangladesh Bank (BB) official, owe 37 per cent of the bank’s total classified loans.
Of this amount, 65 per cent lie with only four defaulters that include two government organisations, which took the loans during the 1980s when the bank was run by the government.
The total classified loan of Pubali Bank up to June 30, 2006 is Tk 414 crore which is 12 per cent of the bank’s total outstanding loan.
The top 20 defaulters owe the bank Tk 152 crore and the 20th defaulter on this list, Shahidullah Shyamal & Co, owes Tk 1.7 crore.
A former Bangladesh Bank general manager took the loan against a fictitious name during his career in the Bangladesh Bank, Pubali Bank sources said.
The former BB official, who went on retirement recently, is the de facto owner of loan defaulter Shahidullah Shyamal & Co and the organisation has been repeatedly asked to repay the loan, said sources at the Pubali Bank.
The bank also lodged a complaint to BB in this regard.
“Interestingly, this general manager served for a long time in a department of the Bangladesh Bank that monitors different anomalies of the commercial banks,” said a source.
The top four defaulters — Bangladesh Agriculture Development Corporation (BADC), Cooperative Jute Mills Ltd, Sarwar Leather Corporation Ltd, and Riko Motors — owe Tk 99 crore to Pubali Bank.
The BADC took the loan of Tk 53.45 crore when the bank was government-run. Pubali Bank filed a case against the BADC and got the right to auction for the repayment of the money.
Pubali Bank, however, proposed the government for adjusting the amount from its payable taxes, but the matter has not been resolved yet.
Cooperative Jute Mills Ltd owes Pubali Bank Tk 19.18 crore while another government organisation, Meghna Textile Mills Ltd, owes Tk 2.2 crore. The bank has been negotiating with the government for the recovery of the loans.
Meanwhile, Pubali Bank won the case it had filed against Sarwar Leather, which owes it Tk 13.45 crore, and is now waiting for the decree.
Riko Motors of Jessore owes Pubali Bank Tk 12.86 crore and the bank has filed a case against the organisation.
The organisation has become sick due to management problems, Bank sources said.
Albert David (Bangladesh) Ltd, an organisation owned by ruling BNP MP Shafi A Chowdhury, owes Pubali Bank Tk 5.29 crore. Shafi, also a former director of the bank, made a down payment of Tk 1 crore to reschedule the loan to qualify for the general election in 2001.
Kashem Cotton Mills Ltd owes the bank Tk 5.96 crore.
Late Abul Kashem, who was a minister before the country’s independence, founded the organization but his sons later failed to run the organisation properly, bank sources said.
Pubali Bank has filed a case to recover the money.
Four garment units are also on the list of the Pubali Bank’s defaulters. Two of them failed to repay their loans as they became sick while two others defaulted on the loans ‘willfully’, sources said.
Borak Garments Pvt Ltd owes Pubali Bank Tk 4 crore, Ocean Garments Tk 3.59 crore, River View Apparels Pvt Ltd Tk 2.19 crore, and Nabi Hossiery Tk 1.81 crore.
Pubali Bank has filed cases against these organisations for the recovery of the loans.
Others on the top-20 list are Shanewaz & Brothers Ltd (Tk 6.5 crore), Slama Traders (Tk 3.65 crore), Alhaj Md Abdul Gafur (Tk 3.48), Stadmax Ltd (Tk 3 crore), Ahmed Iqbal Hossain & Co (Tk 2.98 crore), Ali Hossain & Co (Tk 2.65 crore), Mehar Industry (Bd) Ltd (Tk 2.25 crore), and MA Matin & Co (Tk 2.01 crore).
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