Basic Bank’s total loans reach over Tk 65.38b

Sonali’s loss-making branches up to 314

FE Report | Monday, 18 September 2017

The total amount of outstanding loans of Basic Bank Limited to 628 companies has reached over Tk 65.38 billion, while the bank also provided loans to 57 companies without any document.
Basic Bank gave loans to seven companies, which could not be traced in their respective address. The bank's total capital shortfall has reached over Tk 38.01 billion.
Meanwhile, the number of loss-incurring branches of Sonali Bank Limited has increased to 314 until this July, from 305 in July 2016.
These were informed at the 14th meeting of the Parliamentary Standing Committee on Public Estimate on Sunday.
The Jatiyo Sangsad (JS) body recommended Sonali Bank Limited to submit the complete and updated list of its branches, which have been incurring loss for the last five years or over. The committee also suggested closing those branches. The JS body recommended submitting a report on sanctioning loans without document and to companies without address as well as on the actions taken against those involved with the loans and the bank's board of directors by January 2018.
In a report submitted by Basic Bank to the JS body, it was found that the bank has total outstanding loans amounting to Tk 65.38 billion until this June.
Besides, the number of defaulters who have loans of Tk 1.0 billion or more is 11, and the total amount due from them is Tk 12.56 billion. The number of defaulters who got loans from Tk 5.0 million to Tk 1.0 billion is 30, and the total amount due is Tk 21.04 billion.
The top defaulter of Basic Bank is Well Tex Ltd, to whom the bank owes Tk 1.29 billion. Besides, other companies among the said 11 are - Delta Systems Ltd (Tk 1.28 billion), IG Navigation Ltd (Tk 1.20 billion), Bay Navigation Ltd (Tk 1.16 billion), Crystal Steel and Ship Breaking Ltd (Tk 1.13 billion), Map Paper Board Mills Ltd (Tk 1.13 billion), Profusion Textile Ltd (Tk 1.11 billion), Ma Tex Ltd (Tk 1.11 billion), Confidence Shoes Ltd (Tk 1.08 billion), ARSS Enterprise (Tk 1.02 billion), and New Auto Define (Tk 1.01 billion).
Basic Bank managing director Khondoker Md. Iqbal informed the committee that other 50 companies, involved in the loan scams, have been traced over the last one and half year. But address of the seven companies could not be traced.
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