People’s Leasing and Financial Services (PLFS) Limited received only around Tk8 crore from defaulters and borrowers after its liquidator was appointed in mid July.
The total outstanding loans of PLFS was Tk1,131crore as of June last year. Of the total, Tk748crore (66.14 % of the total loans) of the institution was non-performing loans.
The borrowers of PLFS repaid the money voluntarily to the liquidator, appointed by the court to oversee the process of liquidation.
While talking to Dhaka Tribune, Md Asaduzzaman Khan, the deputy general manager of Bangladesh Bank (BB) and PLFS liquidator, said: “We will be taking measures to recover the defaulted loans as soon as the audit is completed. Such measures could not been taken unless we knew the exact amount of the company’s claim on the defaulters.”
“Audit of the company’s financial records has to be completed to know the exact amount of claim on any defaulter of the company’s loan,” he added.
“Twenty (20) persons have been appointed to conduct liquidation process. An extensive drive will be launched to recover the disbursed loan after the audit report is submitted by the auditor,” said Asaduzzaman.
On June 26 of this year, the finance ministry issued a directive that let the Bangladesh Bank to go for the liquidation of PLFS due to the company’s failure to pay back the depositors’ money.
As per the directive of the finance ministry and subsequent order of the High Court to go for the liquidation, the central bank embarked on the liquidation of PLFS.
A total of 67.48% of its shares are in the hands of general shareholders, 23.11% for sponsors and directors, 8.77% shares for institutional investors and 1.19% shares of foreign investors.
