Because of serious liquidity crunch, seven more non-banking financial institutions (NBFIs) are now in a vulnerable state due to the widespread corruption, irregularities, mismanagement and the rising trend of non-performing loans. Currently, these financial institutions are facing severe financial constraints to pay the depositors’ money and to operate the organisations’ business accordingly.
Media report in a national daily on Tuesday said that directors of the seven NBFIs have taken loans around Tk 6000 crore from the organizations without showing regard to rules and regulations. Even they have not given any collateral while taking loans. So the entire money now stands as defaulted loans. According to the report, during investigation it was found that the directors have taken the loans by showing political and muscle power and also bypassing the board of management of the institutions. They also took the advantage of the big depositors’ weaknesses as they made deposits, mainly their illegal money, in the NBFIs amid slackened monitoring. In any case, they would not disclose the source of their huge unearned deposits. Moreover, they would also not take legal recourse either.
As reported, most of the directors have laundered their money out of the country to Canada, Singapore and India. Thus, they have crippled the general depositors and ruined the non-banking financial sector.
The laundered financial institutions are: People’s Leasing and Financial Services Tk 570 crore, Bangladesh Industrial Finance Company Tk 700 crore, FAS Finance and Investment Tk 1,118 crore, Fareast Finance and Investment Tk 47 crore, Reliance Finance Tk 350 crore, International Leasing and Finance Services Tk 2,700 crore and Paramount Finance Tk 500 crore.
It was alleged that one PK Halder, his relatives and directors of several NBFIs had teamed up the laundering and the ACC and Bangladesh Bank’s Financial Intelligence Unit are now probing the incident and filed cases against them. Halder, who reportedly laundered around Tk 3,500 crore, is now living in Canada. Recently, he had shown his interest to refund the laundered money if he was given security on return Bangladesh, which many think a hoax.
The plunderers have nothing to fear from the government. If accidentally any action goes against any big corrupt one that was no policy of the government. Amnesty International jumped enthusiastically to claim government’s strong stand against corruption. The government is not pro-people, it cannot change its complexion and survive. No advice is good advice if not helpful for the plunderers.
