Earlier, the State-run bank filed cases against 18 corporate entities of the little-known Hallmark Group to recover over Tk 2,700 crore.
Sonali Bank (SB) has already taken hold of 10 entities of Hallmark Group as per the Court order, but when they come up for auction nobody is making any bid to buy the properties. By losing all such assets, Hallmark Group is no more in the limelight but Sonali Bank fails to recover the money.
The bank claims to have found no bidder during auctions held on November 13 and November 23 to sell seven corporate entities of the little-known Hallmark Group, according to a Sonali Bank’s latest report on Hallmark Group’s loan recovery. The Bangladesh Bank (BB) unearthed over Tk 3,500 crore loan scam in Sonali Bank’s Ruposhi Bangla Hotel Branch in May 2012. Of the sum, Hallmark alone took Tk 2,686 crore providing forged documents in connivance with some bank officials. Alongwith this an additional Tk 6,500 crore became non performing loan in recent times with Sonali Bank.
For the heist in Bangladesh Bank, the Governor was allowed to leave the bank like a hero without doing anything for realisation of the money.
It is said that the Farmers’ Bank secured deposit of government money said to be to the extent of 500 crore takas. How an honest former government servant can have Tk 400 hundred crore to sponsor a bank and to get permission for the bank. Now Tk 600 crore have been looted away. The cases are no help for realisation of big defaulting loans. No effort in sight to realise money from him. A corruption case had to be initiated but Mr Mohiuddin Khan Alamgir takes no responsibility. On the contrary he expects public money to the amount of Tk600 to bail out the bank.
The Janata Bank now appears to have a single defaulted borrower for Tk 5,500 crore, besides others. BASIC Bank lost over Tk. 4500 core mainly to fake borrowers. Needless to say political influence worked behind all such cases of looting public money from banks.
Defaulted loans stood at Tk 22,644 crore at the end of 2011, which was 6.12% of the total disbursed loan until then. At the end of September last year, the bad debt stood at Tk 65,731 crore but a year later, the figure has swollen to more than Tk 80,307 crore, as data released by the Bangladesh Ban shows. This quadrupling of bad debt in just 6 years shows the magnitude of the problem Bangladesh has had to deal with-its enough to make four Padma bridges.
The concerned banks should have been asked to realise the money from the defaulters. Before doing anything in this regard the Anti-Corruption Commission became agile and initiated corruption investigation and arresting them. In the result the banks feel no obligation to do anything and no sensible negotiation for return of the money could be initiated.
Many industries are being ruined in the absence of directors because some of them are in jail and others have fled the country.
The Finance Minister also could not come out with any idea for realisation of the public money. Many are of the view that he should take steps to see that directors are available for meaningful discussions leading to realisation of the loan money. By keeping them imprisoned banks are forcing industries and business to collapse and the ability to repay become more remote.
It seems there is no anxiety for realising the huge sums of public money lost to defaulters.
