ILFSL managing director MA Khaleque resigns

Staff Correspondent | Published at 11:39am on January 21, 2021

International Leasing and Financial Services Limited managing director MA Khaleque Khan resigned from the troubled non-bank financial institutions amid the entity’s failure to repay deposits’ money in time.

Khaleque submitted his resignation at a board meeting held on Wednesday after joining at International Leasing on June 14, 2020, a board member of ILFSL confirmed.

Prior to joining International Leasing, Khaleque served Bangladesh Commerce Bank and at Bangladesh House Building Finance Corporation as managing director.

International Leasing is among the four entities from which Prashanta Kumar Halder allegedly plundered money. A Bangladesh Bank report said that PK Halder plundered around Tk 1,595 crore from International Leasing.

PK Halder fled to Canada after embezzling money from ILFSL and a number of other financial institutions.

Earlier, former Bangladesh Bank deputy governor Khondkar Ibrahim Khaled, who was appointment by the High Court to the struggling entity on January 21, 2020 as its chairman, resigned from his post on physical ground.

Khaled, who was also the head of Stock Market Investigation Committee for the market crash in 2010-2011, after his resignation from the entity told New Age that PK Halder and his associates took control of the entity in 2015 and embezzled Tk 1,600 crore out of Tk 3,500 crore deposits in International Leasing

An investigation report of the Bangladesh Financial Intelligence Unit found that Nature Enterprise Limited, BR International Limited, New Tech Enterprise Limited and HAL International Limited purchased 31.54 per cent of International Leasing’s shares in 2015 and nominated directors to its board to take control of the entity.

In the following three years, the entity went for aggressive lending and disbursed Tk 1,596.14 crore in loans to the entities which acquired shares of the entity in 2015.

Defaulted loans in International Leasing, established in 1996, increased to 24.57 per cent or Tk 957.14 crore in the end of December, 2019.

Unpaid depositor claims to International Leasing stood at Tk 759.25 crore.