Debt-burdened Abdul Monem Group, a local business conglomerate, has sought a set of policy supports including a 12-year loan rescheduling facility with a two-year grace period from the government, aiming to restructure its overall business and restore financial stability, sources said.
The group has recently requested the Financial Institutions Division (FID) under the finance ministry to reconsider its case as per the decision taken at the 13th meeting of the Selection Committee regarding the provision of policy support for restructuring the group's business and financial system.
Besides, it has also sought facilities including an interest waiver and quarterly loan instalment payments after restructuring.
It has requested that the loan not be treated as an adverse classification in the Credit Information Bureau (CIB) during the interim period of implementing the restructuring facility.
Contacted, an FID official said, "We have received a plea submitted by the Monem Group, and the issue is being scrutinised."
The Abdul Monem Group claimed that its debt liability has reached an alarming level due to several "out-of-control" factors, including the Covid-19 pandemic and the Russia-Ukraine war.
The financial condition of the companies under the group has deteriorated severely over the last four years, causing delays in loan repayments to banks and financial institutions.
Currently, the group's total debt stands at Tk 30.48 billion, exacerbated by the rising interest rates in the banking sector.
From July 2013 to August 31, 2025, the group borrowed Tk 89.32 billion from 25 banks and financial institutions and has so far repaid Tk 87.70 billion.
According to the minutes of the 13th meeting, the Monem Group paid Tk 909 million as a down payment. Despite the repayments, the group claims that banks have not taken effective measures so far.
As a result, the implementation of ongoing development projects and normal production and marketing activities are being disrupted, it added.
The letter stated that after the demise of its chairman and managing director, Abdul Monem, in 2020, a crisis arose in the normal operations of the debt-ridden group. Even before the impact of the Covid-19 pandemic (2020) subsided, global instability and the Russia-Ukraine war (2022) caused a sharp rise in commodity prices.
In addition, the inhuman massacre in Gaza by Israel due to unilateral use of force has triggered a widespread adverse reaction among local consumers of Coca-Cola products, which has not improved to the expected level so far, the group mentioned.
The rise in bank interest rates since July 2023 and the subsequent fall in market demand following political uncertainty have prolonged the business recession, a source said.
He added that due to the continued impact of these "out-of-control" crises, the previously profitable companies of the group have turned into loss-making entities. As a result, the group failed to pay loan instalments, and the debt burden of Abdul Monem Ltd has reached an extreme level.
Managing Director of Abdul Monem Ltd, ASM Mainuddin Monem, said, "If we get the policy supports sought from the government, the companies under the group will regain momentum and create large-scale employment."
He claimed, "The group has not received any banking facilities for the last 13 months."
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