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Published : 07 Mar 2025, 08:17 PM
Bangladesh Bank chief Ahsan H Mansur has agreed to allow Bashundhara Group to restructure its loan "if proper procedures are followed".
Central bank spokesperson Arif Hossain Khan said Bashundhara Group Chairman Ahmad Akbar Sobhan met the governor on Thursday, where they discussed the loan rescheduling issue.
The meeting also involved Bangladesh Bank Deputy Governors Zakir Hossain Chowdhury and Kabir Ahmed.
Sobhan was accompanied by Ahmed Jamal, the group's advisor and former deputy governor of the central bank.
“He [Sobhan] came to the governor and said they are not in default with any bank,” Bangladesh Bank spokesperson told bdnews24.com on Friday.
Sobhan informed the governor that the Criminal Investigation Department, or CID’s, report on money laundering had caused problems for them both at home and abroad.
He also pointed out that this had strained their relationships with banks.
Arif said, “The governor told him that these reports have no connection with Bangladesh Bank. If he [Sobhan] wishes to reschedule the loan, he can, but a down payment will be required.”
“He must make the down payment as per regulations. If he does, it will also benefit banks facing liquidity crises.”
The spokesperson continued, “Bangladesh Bank has already set policies for commercial banks on how they can reschedule loans.
“Therefore, no approval from the central bank is needed for Bashundhara Group to proceed with loan rescheduling.”
The governor also confirmed that Bangladesh Bank would not shut down any business, including Beximco.
He emphasised that it is the central bank’s job to encourage businesses.
“If the required down payment is 10 percent, but the client says they can only pay 5 percent, the bank will send the matter to Bangladesh Bank for approval, which may or may not be granted,” Arif said.
He added that Bangladesh Bank would review how many banks Bashundhara Group is involved with.
The central bank may hold another meeting with the business conglomerate at a later time.
The spokesperson said, "The governor told him [Sobhan] that no company accounts have been frozen so far, only individual accounts have been frozen."
An official from Bangladesh Bank said Sobhan clarified that his four sons operate separate businesses and have taken loans from different banks.
As a result, their loans do not exceed the limit for a single customer.
He continued, “Bangladesh Bank responded by saying that, according to [Registrar of Joint Stock Companies] Form-12, his name appears as the chairman of all the companies. Therefore, they will not be considered separate groups.”
“The loan must be reduced to the prescribed limit, following the proper regulations,” the official concluded.
