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BB issues show cause notice to Janata Bank

  • Published at 12:24 am February 10th, 2020
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The central bank letter was issued to the Janata Bank managing director and chief executive officer on February 4

Bangladesh Bank (BB) has issued a show cause notice to Janata Bank over the rescheduling of loans worth Tk1,973.63 crore to eight companies, including seven AnonTex Group associated companies, in violation of its instructions.

The central bank letter was issued to the Janata Bank managing director and chief executive officer on February 4 asking him to explain the violation within seven working days, confirmed the Bangladesh Bank sources.

The state-owned Janata Bank, in its 591st board meeting, approved loan rescheduling of Tk1,743.85 crore of seven companies associated with AnonTex Group despite the fact that the loans issued to those entities were classified as defaulted on grounds of money laundering and irregularities.

Under the central bank's special rescheduling policy issued in 2019, the banks were allowed to reschedule loans with 2% down payment on grounds where there was no control over the situation behind the default.

In the cases of AnonTex Group associated companies, the loans provided to the seven companies -- Galaxy Sewing and Spinning and Yearn Dying Limited, Gakerd Knit Tex Limited, Suprov Composite Limited, M Nur Sweater Limited, Simran Composite Limited, Suprov Spinning Limited, and Meher Spinning Limited -- were defaulted.

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