About 16,000 cases against defaulters of different types of loans worth Tk14bn with seven banks in Barisal region have been pending for disposal since long.
Officials at the Bangladesh Bank’s Barisal branch said the total amount of defaulted disbursed loans stands at Tk12bn including Tk5.92bn agricultural loans. The amount was paid out by Sonali, Janata, Agrani, Krishi, Rupali, Uttara and Pubali banks in the last three to 20 years.
The amount rose up to Tk14bn with eight to 13% annual interest rates while the number of cases lodged and pending in this connection is 15,825.
Out of the defaulted principal loans, Tk7.03bn was disbursed by the Krishi Bank, Tk1.5bn by Janata, Tk1.44bn by Agrani, Tk1.39 by Sonali, Tk333m by Rupali, Tk232m by Uttara Bank and Tk126m by Pubali Bank.
Realisation of the agricultural loans is satisfactory, but most of the businesses dillydally in paying the dues with the influence of ruling party’s people during different government tenures. With this advantage and by bribing bank officials, they often manage to reschedule their loans or get fresh loans.
Of the key defaulters, Rephco Laboratories owes the highest Tk710m, which is lying with Janata Bank. The amount was sanctioned without proper collateral assets.
Despite that, the bank is now preparing to approve more loans to Rephco as per recommendations of influential people of the ruling Awami League, a source at the bank said.
The other major defaulters are Devine Aqua Culture that owes Tk7.1m, Jhalakathi Huq Builders Tk4.8m, Star Furniture Tk3.3m and Huq Press Tk3.2m.
As the big amount of loans were sanctioned by the banks’ head offices after being processed by local officials, at least 5-10% of the approved amounts are to be paid to those officials, different channels and directors of the concerned banks as “speed money.”
One of the loan receivers said to manage the loans, the officials help the loan-takers by over-valuing the assets and machinery, and without providing sufficient security deposits.
Moreover, the assets are lying under possessions of the loan receivers not with the banks and the documents lack proper rights of title and ownership. “This discourages buyers to take part in auctions to purchase those properties,” said lawyer Manabendra Batobayal, legal advisor of a bank and former president of the District Bar Association.
Kazi Nurul Amin, general manager BB’s Barisal branch, said: “Since the cases have been left pending for a long time, the banks now cannot realise the dues by selling the collateral property or increase interests or reschedule the instalments.”
