A synchronized special government drive is being launched for speedy settlement of top 100 cases of state-owned banks, insurance companies, financial institutions and regulatory bodies to recover some Tk 380 billion.
Officials have said the Ministry of Finance has made the move as such cases have got stuck for years in money-loan courts across Bangladesh-in most cases, disposal reportedly blocked with writ petitions.
These cases have long been pending with Money Loan Courts and the Financial Institutions Division (FID) of the ministry now wants to have those settled "as early as possible through heightened efforts to recover the money", they added.
In the bunch of 100 cases Sadharan Bima Corporation (SBC) has 10 cases involving Tk 37.19 billion, Janata Bank's 10 cases with involvement of Tk 151.51 billion, Sonali Bank's 10 cases over Tk 56.76 billion, Agrani Bank's 10 cases having involvement of Tk 39.79 billion, and Bangladesh Krishi Bank's 10 cases trapping Tk 15.75 billion.
Also, Rupali Bank has 10 cases on the list of top 100, which involve Tk 37.47 billion, the Investment Corporation of Bangladesh has eight cases involving Tk 8.59 billion, Basic Bank has 10 cases involving Tk 23.99 billion, Bangladesh Development Bank 10 cases involving Tk 8.75 billion, Bangladesh Securities and Exchange Commission (BSEC) has two cases having involvement of Tk 838 million, and Rajshahi Krishi Unnayan Bank has 10 cases involving Tk 2.93 billion. Sources say the FID recently held a meeting with its secretary Nazma Mobarek in the chair discussing hundreds of cases pending with the Money Loan Courts for years.
The meeting also discussed the measures that ought to be taken for speedy disposal of the cases by creating inter-ministerial linkage, involving the attorney-general office, involving the deputy commissioners in the case of land-related disputes, among others.
According to a senior finance division official, the meeting decided that an officer of a bank concerned will remain present at the court during the hearing of the cases and monitor whether the bank's lawyer is taking part properly in the hearings.
The FID will hold a meeting in presence of the Attorney-General and representatives of state-owned banks, insurance companies, financial institutions, and regulatory bodies to find ways of stopping the filing of multiple writ petitions by the borrowers to hold back the publication of auction notices and filibuster proceedings on the loan cases.
And the capital-market watchdog--Bangladesh Securities and Exchange Commission-- will try to collect the current addresses of the defendants to settle the certificate cases so that summons can be issued against them.
The meeting noted that the arrest warrants issued by the Money Loan Courts "are not properly executed by the police".
So, the meeting asked the banks, insurance companies, financial institutions, and regulatory bodies under the FID to send a list of un-executed arrest warrants. The FID then will seek help of the Ministry of Home Affairs for quicker execution of the warrants.
Also, the banks and financial institutions have been asked to send a list of assets sold on auction but their mutation could not be completed. The FID will seek assistance of deputy commissioners in resolving the disputes.
The heads of state-owned banks, insurance companies, financial institutions, and regulatory bodies have been asked to hold meeting on pending loans every month and send the updates to the FID.
A senior FID official told The Financial Express many cases were not settled in time "for a lack of proper monitoring and effective steps" alongside other factors.
"We want to be more vigilant now to get the cases settled and money recovered," the official said, preferring not to be quoted by name.
syful-islam@outlook.com
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