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Dhaka Tribune

PLFS yet to submit list of assets, liabilities

Next hearing Sunday

Update : 22 Aug 2019, 02:11 AM

The management of Peoples Leasing and Financial Services (PLFS) has failed to prepare the affidavit list of its assets and liabilities to smooth its liquidation process by on Wednesday, a deadline set by the High Court (HC).

The HC granted PLFS's liquidation process on July 14 on the ground of failure in paying back depositors' money. In line with the HC order, the Bangladesh Bank (BB) appointed Md Asaduzzaman Khan, deputy general manager of the department of financial institutions and market, BB, as liquidator for the battered non-bank financial institution (NBFI). 

On assuming office, Asaduzzaman, in compliance with the HC order had asked the PLFS management to submit the list of assets and liabilities by August 1. But, the PLFS management applied for time extension for preparing the list. 

In response, the HC granted another three weeks for PLFS management to submit the list. The extended deadline expired on Wednesday. 

Talking to Dhaka Tribune, liquidator Md Asaduzzaman Khan said the HC deferred the next hearing date to Sunday.

He said the PLFS management could not prepare the list as the company's internet server system was snapped from broadband connection on the ground of unpaid bills. 

"PLFS management informed me that in absence of internet connection, the list could not be prepared. I cannot pay the bill without the permission of the HC," Asaduzzaman said.   

All the accounts of the company and its board members remained frozen following the HC order since the liquidation process began.

Meanwhile, over 150 staff of PLFS did not get their salaries and bonuses of Eid-ul-Azha.

During a visit to PLFS headquarters on Tuesday, this correspondent found the office deserted, with no officials and employees at various desks barring one or two. 

PLFS Company Secretary MA Rahman attributed the absence to their utter disappointment over the fate of their career and PLFS.

On the salary issue, Asaduzzaman said: "All the issues have been pending with the High Court now. Anything we want to do requires HC permission." 

Liquidation means closing of operation of a company with steps granted by the court to pay off its liabilities by selling assets. PLFS owed Tk850 crore to 15 banks and NBFIs. 

The PLFS company secretary said the office remained open on a limited scale only to provide information to depositors and shareholders as per decision of the liquidator.

Contacted, PLFS's managing director Sami Huda did not respond to phone calls and text messages.

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