Bangladesh

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‘TIB statement was to express concern over Bangladesh Bank policy’

Staff Correspondent | Published: 00:00, Sep 22,2019

 
 

Transparency International Bangladesh in a message said that the statement it had issued on September 13 was not aimed at hurting Beximco Group’s vice-president Salman F Rahman but to express concern over Bangladesh Bank’s policy to allow the group to reschedule its bad loans again. 

TIB conveyed the message to the Beximco Ggroup in a letter issued by TIB board of trustees’ chairperson Sultana on September 16.

The letter was sent to Beximco Group chairman ASF Rahman, one day after the group asked for explanation from TIB for the statement, said TIB executive director Iftekharuzzaman on Saturday.

TIB in its Sept 13 statement had expressed deep concern over a reported move by the BB on granting a fresh rescheduling opportunity for Beximco Limited’s Tk 430.05 crore loans, which were restructured in 2015.

The fresh approval to the Beximco would allow another 10 large borrowers to restructure portions of their outstanding loans again, it noted.

TIB also noted that the BB move was another compromise with its own policy that would allow a top perennial loan defaulter another round of rescheduling and set a bad precedence with terrible consequences for the ailing financial sector.

The concession was issued to the Beximco under a BB board decision, made on August 29 this year, extending the loan repayment time up to 12 years for the 11 large borrowers who got a rescheduling scope for six years in 2015 against a total of Tk 15,180 crore loans.

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