Muhith seeks Sonali Bank move to resume Hall-Mark operation

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Nazmul Ahsan Finance Minister AMA Muhith has sought a plan for resumption of business activities by the Hall-Mark Group and instructed the Sonali Bank authorities to examine how best the assets of the group could be utilised to this end. Appointing an administrator in the Hall-Mark Group could help smooth resumption and continuation of its manufacturing activities, said Mr. Muhith in an official note. The finance minister asked the Sonali Bank Ltd to come forward with a rescue plan with detailed policies and precautions to make the private business group operational and get its loans repaid. The directives of Mr Muhith came after the Hall-Mark Group in a written appeal sought his intervention to resume its operation and help re-employ its 40,000 staffs again in its establishments. The Group also sought loan rescheduling facilities from the Ministry of Finance (MoF) and the release of its chairman, managing director and general manager from prison on bail so that the group could restart its business, employ the sacked staffs and pay off the outstanding loans. The Hall-Mark swindled about Tk 35.47 billion from different branches of Sonali Bank including its Hotel Ruposhi Bangla branch, Dhaka. On October 4 last year, the Anti-Corruption Commission (ACC) filed 11 cases against 27 Hall-Mark Group and Sonali Bank officials, including Hall-Mark managing director Tanvir Mahmud and Sonali Bank former managing director Humayun Kabir over their alleged involvement in embezzling the huge amount of bank loans. Hall-Mark Group MD Tanvir Mahmud, chairman Jesmine Islam, also his wife and general manager Tushar Ahmed, and former assistant general manager AKM Azizur Rahman were arrested within a couple of days after filing of the cases. In the internal note, the finance minister, however, termed the owner of the Hall-Mark as a 'fraud and robber' and asked the authority concerned to examine his wealth statement. Officials in the Sonali Bank, said they had managed to collect Tk 2.55 billion from the group, while assets of the Hall-mark worth about Tk 11.46 billion have been mortgaged. SBL managing director Pradip Kumar Datta said they are yet to get about Tk 26 billion repaid by the Hall-Mark. The amount has been outstanding in the form of funded and non-funded loans, he added. Mr Pradip, however, said he is yet to get any directives from the MoF about steps for resumption of the Hall-Mark operation. "The Hall-Mark sought 20-year loan rescheduling facility from Sonali Bank," Pradip told the FE. The MD said resumption of the Hall-Mark Group's business activities is the best idea to get all the loans of Sonali Bank paid off. The Commerce Ministry officials said the idea of appointing an administrator in any private firm is not a realistic one. This would trigger resentment among members of the business community, they said.