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International leasing reconstruction: BB says possible, Ibrahim Khaled difficult

  • Published at 11:15 pm February 25th, 2020
International Leasing
International Leasing Collected

Non-banking financial institution sector is in dire condition: Ibrahim Khaled

Bangladesh Bank Executive Director Md Shah Alam told the Supreme Court on Tuesday that it was possible to reconstruct the ailing International Leasing and Financial Services Limited.

Independent Chairman (appointed by the High Court) of the company and also former Bangladesh Bank deputy governor Khondakar Ibrahim Khaled, however, told the court that it would be difficult for them to reconstruct the company.

"Only Bangladesh Bank can do something in this regard," he added.

"Non-banking financial institution sector is in dire condition whatever the government says," observed the eminent economist.

Earlier, on February 16, an Appellate Division bench, led by Chief Justice Syed Mahmud Hossain, asked the two to submit their report before the court.

The court is set to pass an order in this regard today.

Advocate Ahsanul Karim represented International Leasing while Barrister Tanjib-ul Alam stood for the Bangladesh Bank and Attorney General Mahbubey Alam stood for the state. 

During the hearing, Ibrahim Khaled said International Leasing was doing good till 2015 and its condition started going bad in 2016, mainly because of Prasantha Kumer (PK) Halder.

"PK Halder and some other persons took Tk1,596 crore from this company, but where the money is now cannot be said. There is hardly any chance that we will get back the money," he added. 

"People's Leasing has been liquidated. If International Leasing is also liquidated, the sector will collapse," he said.