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Download PDF Despite the persisting stalemate on polls-related issues, a number of loan defaulters are preparing to contest the next general election either by getting High Court (HC) stay orders on classifying their loans, or by rescheduling those.
Bangladesh Bank (BB) sources, quoting from its Central Information Bureau (CIB) list, said the HC has so far given such stay orders following writ petitions by 108 loan defaulters, seven of whom are aspirant candidates for the election from different political parties.
Banking sources said the number of loan defaulters who got HC stay orders may be more than the CIB figure. Of them, a number of businessmen cum politicians would place the stay orders during scrutiny of their nomination papers by the returning officers.
Besides, a number of top leaders of both the major political alliances started getting their defaulted loans rescheduled early this year, which still continues.
“Many businessmen are waiting for green signal from their parties to contest the poll. Once their getting party ticket is confirmed, they will get their defaulted loans rescheduled,” said a senior official of a nationalised commercial bank.
“Aspirant candidates in the upcoming polls will approach the banks for rescheduling their defaulted loans till the last date of nomination filing, and we have instructed our bank branches to reschedule the loans if the defaulters follow rules and regulations,” he said.
Sources said if the BB and finance ministry remain strict on loan default issue, the political parties will take it seriously in nominating their candidates.
Of the seven loan defaulters, who got HC stay orders and intend to contest the next election, former BNP lawmaker Monzur Kader had filed three writ petitions seeking HC stay orders against the central bank and other banks concerned in 2001. The court recently rejected one writ and issued stay order in the other two.
Monzur participated in the 2001 general election by overcoming his defaulter status through a HC stay order.
His business establishments Mahanagar Traders and Prominent Housing Ltd have been defaulting on Tk32 crore loan from the Sonali Bank for more than five years.
Former BNP legislators Rashiduzzaman Millat and Moinul Islam Khan also obtained stay orders from the HC recently, sources said.
Rashiduzzaman’s Techno International has defaulted on Tk45 lakh loan from Pubali Bank. Moinul Islam’s Islam Jute Mills Ltd has defaulted on Tk37crore loan from Sonali Bank.
Awami League leader Akhtaruzzaman Chowdhury and his son Saifuzzaman Chowdhury owe the Agrani Bank about Tk 80 crore against different ventures. They also obtained HC stay orders recently to overcome their default status, sources said.
They have recently made a down payment of Tk 3 crore along with a proposal to reschedule the loans.
Another former BNP lawmaker, Ziaur Rahman Khan, who recently joined the Liberal Democratic Party (LDP), also obtained a stay order from HC.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) leader Mohammad Ali has defaulted loan from Sonali Bank and obtained HC stay order recently. Sources said he intends to participate in the next election from a Narayanganj constituency on BNP ticket.
Besides, former BNP MP Shafi Chowdhury’s business establishment Albert David (Bangladesh) owes Pubali Bank Tk 5.29 crore for long. But recently he also obtained a HC stay order to overcome his defaulter status.
He has been a defaulter with this bank for more than six years. During the 2001 election, he made a Tk 1 crore down payment to reschedule the loan. After being elected, he defaulted on the loan with the bank again and has not contacted it as yet, bank sources said.
Many other defaulters including political leaders have rescheduled their loans for contesting the election.
BNP chief Khaleda Zia’s brother Maj (retd) Sayeed Iskandar, whose repayment against Tk 38 crore loan from Sonali Bank against Dandy Dying was marked as “irregular” in June, later paid some instalments and regularised the loan.
Jatiya Party chief HM Ershad had rescheduled his Tk 10 crore loan from the First Security Bank in November 2005. He had taken the loan in the nineties to set up a cold storage — Padaganj Cold Storage Ltd– in Dinajpur.
In October this year, Rawshan Ershad rescheduled repayment of Tk 5 crore loan from Uttara Bank. She obtained this loan during Ershad rule in connection with the Jatana Tower. She rescheduled the loan by making a down payment.
Awami League General Secretary Abdul Jalil rescheduled his Tk 5.35 crore loan from Rajshahi Krishi Unnayan Bank back in July. Jalil took the loan against his business venture Faizuddin Cold Storage Ltd. Sources said he made a down payment of Tk 72 lakh to reschedule the loan.
Former BNP lawmaker Mosaddak Ali Falu rescheduled his Tk 20 crore loans from Oriental Bank in July.
A number of intending candidates from both the BNP and AL might still file writ petitions or take initiatives to reschedule their loans. But they will do so only if they get party nomination for the election.
Salman F Rahman’s various ventures under the Beximco group have become defaulters with various banks. His ventures are among the top 20 defaulters with Sonali, Agrani, Janata and Rupali banks. These include Shinepukur Holdings, Beximco Engineering Ltd, Beximco Computers, Free-Press Ltd etc.
Bank sources said Beximco group has recently made down payments to these banks to reschedule the loans and negotiations are now underway.
Salman contested the 2001 election on AL ticket and lost. This time he has been appointed adviser to AL chief Sheikh Hasina and is likely to contest the next election.
Shah Mohammad Hossain Kaekobad, former BNP legislator, has defaulted loans with three banks.
On Thursday, Al-Arafa Bank, Comilla Branch, sent his default-related documents to the Election Commission.
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