September 21, 2023

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BB foils AnonTex Group’s plan to acquire Janata for a experience

The rogue loan provider wished to reschedule default financial loans on straightforward terms

There is practically nothing additional reassuring than looking at institutions do their careers for which they had been established up in the very first place. 

Acquire the case of AnonTex Team, a garment manufacturer that has indulged in personal loan irregularities and cash laundering. 

The organization wanted to reschedule its defaulted financial loans amounting Tk 3,742 crore below easy phrases and its financial institution, the point out-operate Janata, was also on board with the system, but the Bangladesh Financial institution yesterday place a halt to it.

The Bangladesh Money Intelligence Unit, the banking inspection office, the foreign trade inspection division, and the fiscal integrity & customer services office of the BB had been all against making it possible for AnonTex to reschedule its default financial loans by paying out just 2 per cent down payment, in contrast to the 10 per cent to 50 per cent as per procedures.

Aside from, the central financial institution in 2018 had directed Janata to get action in opposition to AnonTex. But that under no circumstances took place.

Subsequently, the banking regulation and policy office of the BB yesterday sent a letter to Janata informing the conclusion.

AnonTex’s loan irregularities and income laundering had been the explanations the central financial institution took the tough stance, explained a high formal of the BB searching for anonymity as it is a sensitive challenge. 

Amongst 2010 and 2015, 22 providers of AnonTex Team had been supplied about Tk3,527.9 crore in financial loans by Janata Financial institution, which is more than 25 per cent of the lender’s money base and in violation of the one borrower publicity restrict established in the Financial institution Enterprise Act 1991.

As of September last year, the overall loans held by the team stand at Tk6,528.6 crore.Of the sum, Tk2,800 crore had been default financial loans that have been rescheduled in 2019 via rescheduling. 

Now, the 16-yr-outdated garment manufacturer needed to regularise the rest of the sum.

Md Younus Badal, handling director of AnonTex Group, declined to give any comment for the report.

Experts and bankers welcomed the central lender initiative. They explained that this sort of active job of the regulatory body will help to provide willpower in the banking sector. 

“We have made the final decision immediately after speaking about with all the users of the board,” mentioned SM Mahfuzur Rahman, chairman of Janata.

“If you want to know the information about the issue, make contact with with the managing director,” he added. 

The correspondent attempted to access Md Abdus Salam Azad, taking care of director of Janata Lender, but he did not respond.