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Download PDF In a bid to recover its bad loans, Sonali Bank has sued eight of its top 20 loan defaulters who owe 53 per cent of the bank’s defaulted loans.
The 12 other top defaulters include four government bodies and the bank authorities are trying to recover the amount from them through negotiations with the government.
The remaining eight defaulters, including a concern of the Beximco group, have taken initiative for rescheduling their loans soon, sources said.
Sonali Bank’s total classified loans up to June 30 this year is Tk 9,701 crore of which Tk 5,120 crore lies with the top 20 defaulters.
The four state-owned enterprises–Bangladesh Petroleum Corporation (BPC), Bangladesh Textile Mills Corporation (BTMC), Chittagong Jute Mills, and Khulna Newspaper Mills–owe the bank Tk 4,381 crore while the 16 private business entities owe Sonali Bank Tk 739 crore.
Bank sources said the BPC’s total outstanding loan to the bank is Tk 4,490 crore, of which Tk 4,130 crore is classified.
A top official of Sonali Bank said the government recently paved the way for BPC to reschedule its more-than-12-year-old loans without any down payment.
“But it might not bring any positive result since there are doubts over 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 BTMC has an outstanding loan of Tk 188 crore, of which Tk 151 crore is classified, while Chittagong Jute Mills and Khulna Newspaper Mills have total classified loans of Tk 86 crore and Tk 72 crore.
The Sonali Bank authorities repeatedly sent letters to the four government enterprises asking them to reschedule the loans, but the bank is yet to get any response.
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–Bangladesh Autorickshaw Chalak Samity, a cooperative of autorickshaw operators–enjoyed government guarantee for its loan of Tk 43 crore.
Sonali Bank sources said the loan was given from three nationalised commercial banks with guarantee from the previous government.
The committee that took the loan on behalf of the cooperative no longer exists and a new committee has been formed, sources said, adding that a case has been filed against the previous committee.
The new committee, meanwhile, has applied for fresh loans and interest waiver on the defaulted loans.
Among the private defaulters of Sonali Bank, Riverside Leather and Footwear Ltd and Shamsul Al-Amin Cotton Mills Ltd lie on top of the defaulters’ list.
A trial is now going on against Riverside of late Maulana Abdul Mannan as the company has a classified loan of Tk 80 crore.
Shamsul Al-Amin Cotton Mills Ltd, owned by a former Awami League (AL) lawmaker, has defaulted on a loan of Tk 77 crore. Sons of the AL leader are now negotiating with Sonali Bank to reschedule the loan, seeking interest waiver.
Jahanara Al Amin Spinning, a concern of Shamsul Al-Amin Cotton Mills Ltd, owes Sonali Bank Tk 32 crore, and its authority has recently submitted a proposal for rescheduling the loans.
Shinepukur Holdings Ltd, a concern of Beximco group, has defaulted loans of Tk 72 crore.
Sonali Bank sources said Shinepukur earlier deposited Tk 15 crore and will deposit another Tk 35 crore to the bank for rescheduling its loan.
Desma Shoe Industries, owned by FBCCI Senior Vice-President Mohammad Ali, has an outstanding loan of Tk 56 crore, totally defaulted. Sonali Bank filed a case several years ago to recover the amount but failed.
Alpha Tobacco Manufacturing Company, an enterprise owned by the late industrialist Aga Yusuf, has Tk 43.97 crore default loans to Sonali Bank.
Bank sources said the company has not paid the bank a single instalment after the death of Aga Yusuf, and the bank is planning to take legal action against it.
Mahanagari Traders Ltd, owned by BNP lawmaker Major (retd) Manjur Kader, has a defaulted loan of Tk 32 crore. The lawmaker contested the 2001 general election submitting a writ petition to the High Court and the case is yet to be settled, sources said.
Nawab Ashkari Jute Mills, owned by the famous Nawab family of Dhaka, owes Sonali Bank Tk 38 crore.
Bank sources said a case has already been filed against the company. The Nawab family recently applied to the bank for interest waiver, saying they will repay the loan by selling out the mill.
The Fair Chemicals (Pvt) Ltd of BNP lawmaker Mahbubur Rahman’s brother Fakhrul Islam has a defaulted loan of Tk 37 crore. Sonali Bank already filed a case to recover the money. Bank sources said the enterprise recently sent a rescheduling proposal that includes an appeal for interest waiver.
The other private defaulters on the top-20 list of Sonali Bank are Lina Textile Industries with Tk 68 crore, Bright Textile Industries with Tk 47 crore, One Spinning Mills with Tk 38 crore, Maola Textile Mills with Tk 36 crore, East-West Property Development with Tk 50 crore, Imperial Dyeing and Hosiery with Tk 31 crore.
Bank sources said the last two companies are not being treated as defaulters since they have recently rescheduled their loans.
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