A Chittagong Court has issued arrest warrants against three directors of Habib Group for failing to repay a substantial loan amounting to Tk39.17 crore taken out from the Agrabad branch of AB Bank.
Judge Mujahidur Rahman issued the development, with the court's bench assistant, Rezaul Karim, confirming the issuance of the warrants.
The individuals facing arrest include Yakub Ali, chairman of Siam's Superior Limited (a subsidiary of Habib Group), Managing Director Yasin Ali, and Director Tanveer Habib.
All three are sons of the late Habibullah Mia, the founder of Habib Group.
According to court records, AB Bank filed a lawsuit on March 4 to recover the defaulted loan, claiming that no tangible or intangible assets were pledged as collateral.
As a result, the court ruled that auction proceedings for debt recovery, as outlined in Section 33 of the law, could not be initiated.
Habib Group, a prominent industrial conglomerate based in Chittagong, has operated 31 companies in various sectors including garments, textiles, shipbreaking, steel, cement, paper, fertilizers, power generation, and aviation. Currently, most of these operations have ceased.
