AB Bank official served show-cause for alleged negligence in recovering Tk1,257cr default loan
A Chattogram court has served a show-cause notice on the Legal and Recovery Division chief of AB Bank for negligence in recovery of default loans to the tune of Tk1,257 crore from an entrepreneur in the port city’s ship-breaking industry.
During a hearing today in a case filed against the entrepreneur, Ashikur Rahman Laskar, who is currently residing in Canada, Judge Mujahidur Rahman of Chattogram Artho Rin Adalat (money loan court) asked the AB Bank official to explain why legal action would not be taken against him for his negligence in recovery of the loans from Ashikur.
Confirming the matter, Bench Assistant of the court Rezaul Karim told The Business Standard the Agrabad branch AB Bank filed the case against Ashikur Rahman on 18 June last year for defaulting on Tk1,126 crore loan.
The court subsequently summoned Ashikur to appear and ordered to repay the loans. However, he failed to comply with the directives.
As per section 33 (1) of the Artho Rin Adalat Ain, the bank could not take steps to sell the property mortgaged against the loan.
As per data from AB Bank, Ashikur Rahman, who traded in the shipbreaking industry under the name of Maheen Enterprise, at present owes Tk1,257 crore to AB Bank, including interest.
On 6 March 2023, Ashikur left the country without repaying the debt of at least Tk2,000 crores to at least 10 banks and financial institutions. He is currently living in Toronto, Canada.
As per AB Bank data, Ashikur obtained the first loan from AB Bank Agrabad branch in 2004. After that, from 2007-08 onwards, he gradually started taking out large amounts of loans from the bank.
Being a friend of Faisal Morshed, son of BNP leader and entrepreneur director of the bank, Ashikur managed to secure the substantial loans with ease.
Despite being a defaulter, he secured another loan amounting to Tk133 crore in 2020 for the purpose of importing scrap ships, leveraging his influence.
The bank, however, did not take any step against him.
In addition, Ashkiur currently owes Tk185 crore to Dhaka Bank, Tk175 crore to National Bank, Tk100 crore to Mercantile Bank, Tk100 crore to Agrani Bank, Tk72 crore to Finix Finance, Tk29 crore to Premier Bank, Tk24 crore to IFIC Bank, Tk19 crore to Fareast Finance and Investment Ltd and Tk12 crore to Meridian Finance and Investment Ltd.
He obtained the loans under the names of Maheen Enterprise, Maheen Enterprise Ltd, MRL Shipbreaking Ltd and ARL Garments.
According to the concerned bank officials, Ashikur took advantage of his connections and influence in the shipbreaking industry to secure the large amount of loans.
In 2020, he was removed from the board of directors of Meghna Bank for being defaulting on loans.
