Top 20 loan defaulters named in parliament

The number of defaulters in the banks and financial institutions was 786,065 as of November 2022

Published : 24 Jan 2023, 05:06 PM
Updated : 24 Jan 2023, 05:06 PM

Finance Minister AHM Mustafa Kamal has revealed the names of top 20 loan defaulters, whose dues total around Tk 165.9 billion against loans worth over Tk 192.83 billion.

Citing data from the Credit Information Bureau, the finance minister said in parliament on Tuesday the number of defaulters in the banks and financial institutions was 786,065 as of November 2022.

The top of them and the amounts of their default loan are:

CLC Power Company Limited: Tk 16.4 billion

Western Marine Shipyard: Tk 15.29 billion

Rimex Footwear: Tk 10.77 billion

Rising Steel Company: Tk 9.9 billion

Mohammad Elias Brothers: Tk 9.65 billion

Rupali Composite Leatherwear: Tk 8.73 billion

Crescent Leathers Product: Tk 8.55 billion

Quantum Power Systems: Tk 8.11 billion

Saad Musa Fabrics: Tk 7.76 billion

BR Spinning Mills: Tk 7.21 billion

SA Oil Refinery: Tk 7.03 billion

Maisha Property Development: Tk 6.63 billion

Radium Composite Textile: Tk 6.6 billion

Samannaz Super Oil: Tk 6.51 billion

Manha Precast Technology: Tk 6.47 billion

Ashiyan Education: Tk 6.35 billion

SM Steel Re Rolling Mills: Tk 6.3 billion

Appollo Ispat Complex: Tk 6.23 billion

Ehsan Steel Re-rolling: Tk 5.9 billion

Siddiqui Traders: Tk 5.41 billion

The government has approved a number of facilities and waivers for the borrowers due to the global crisis amid the coronavirus pandemic and the Russia-Ukraine war, but the measures have failed to play a significant role in reining in default loans.

The loans defaulted on in the banks have kept rising, with nearly Tk 91.4 billion added in the first quarter of 2022-23.

The default loans stood at Tk 1.34 trillion at the end of September – 9.36 percent of the total outstanding loans disbursed by the banks, or Tk 14.36 trillion. The non-performing loans were 8.96 percent of the total outstanding loans at the end of June.

As the banks are allowed to write off more default loans than before now, analysts believe the actual total is much higher than what the central bank reports.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher