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6 of 20 loan defaulters from Chittagong

  • Published at 10:11 pm June 23rd, 2019
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Total stressed loans lying with the six top defaulters are Tk 4,088 crore, or 30.36% of total default loans lying with the top 20 defaulters

Chittagong-based traders and industrialists are dominating the top bank loan defaulters’ list, with six loan defaulters out of top 20 coming from the port city.

Top 20 defaulters took away Tk 13,465 crore from different banks. The amount is nearly 27% of the total defaulted loans of Tk 50,942 crore taken away by top 300 bank defaulters, as per the top defaulters’ report submitted in parliament on Saturday.

Total stressed loans lying with the six top defaulters are Tk 4,088 crore, or 30.36% of total default loans lying with the top 20 defaulters.

Most of the traders in Chittagong included in the defaulters’ list are involved mostly in ship breaking industry. They have not paid the loan for long time. 

Besides, traders of consumer goods, edible oil and steel products are also included in the top defaulters’ list. 

Of the top 20 defaulters, Chittagong-based six defaulting businesses are… Samannaz Super Oil, S A Oil Refinery, Maheen Enterprise, Siddik Treders, Rubaiya vegetable and Rising steel ltd.

Samannaz Super Oil with a defaulted loan of Tk 1,049 crore   topped the list of 300 defaulters, as disclosed in parliament on Saturday by the Finance Minister AHM Mustafa Kamal . 

SA Group is the owner of the defaulting Samannaz Super Oil . S A Oil Refinery is another enterprise of the group, which stands at number 8th in the list.

Shahabuddin Alam is the managing director of the group. Total defaulted loans of his firms stood at Tk1,756 crore.. He was arrested last year on at least five counts of loan irregularities.

Maheen Enterprise is the most discussed borrower of AB Bank’s Agrabad branch of Chittagong. The amount of defaulted loans of the firm stood at Tk825crore.  Maheen is placed at 4th  in the list.

Ashiqur Rahman Lasker is the owner of Maheen Enterprise. He is also a board director of Meghna bank. 

Siddik Traders, a famous umbrella manufacturer of Chittagong , has defaulted loan of Tk511crore.  The firm has been placed at 17th in the list.

Rubaiya Vegetable Oil,  owned by Harun-or-Rashid from Chittagong, has a defaulted loan of Tk 501crore., placing it at 18th position in the list of defaulters.

Another company from the same district called Rising steel ltd has a defaulted loan of Tk 495crore, placing it at number 19th.

Talking to the Dhaka Tribune, Southeast Bank Managing Director M. Kamal Hossain said few years ago import of consumer goods were used to be carried out only from  Chittagong-based businesses.

In the year of 2012 - 2013, Chittagong-based traders had incurred huge losses when the prices of consumer goods had fallen drastically in the world market, causing huge financial losses for importers, mostly from Chittagong area.

Finance Minister AHM Mustafa Kamal on Saturday revealed the names of the top 300 loan defaulters in parliament.

The minister disclosed the list of loan defaulting companies in the House responding to a query of ruling Awami League MP M Israfil Alam.

In a scripted answer, he said the top 300 loan defaulters have defaulted loan of Tk50,942 crore at banks.

The finance minister also provided a list of 14,617 individuals and institutions who have outstanding loans of over Tk five crore each since 2009.