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300 top loan defaulters fail to repay Tk 50,942 cr

Published : Saturday, 22 June, 2019 at 6:39 PM  Count : 379

300 top loan defaulters fail to repay Tk 50,942 cr

300 top loan defaulters fail to repay Tk 50,942 cr

Finance Minister AHM Mustafa Kamal on Saturday unveiled the list of 300 top loan defaulters of the country in the parliament.

The Finance Minister made the disclosure while responding to a tabled written question from ruling party MP Israfil Alam.
In a scripted answer, he said the top 300 loan defaulters have defaulted loan of Tk 50,942 crore at banks. These loan defaulters took loans from all banks and financial institutions of the public and private sector, the minister added.

He mentioned that the outstanding amount of these loan defaulters is Tk 70,571 crore while classified amount is Tk 52,837 crore.

The top 10 defaulters are­ -- Samannaz Super Oil Ltd (Tk 1,049 crore), Galaxy Sweater and Yarn Dyeing Ltd (Tk 984 crore), Rimex Footwear Ltd (Tk 976 crore), Quantum Power Systems Ltd (Tk 828 crore), Maheen Enterprise Ltd (Tk 825 crore), Rupali Composite Leather Wear Ltd (Tk 798 crore), Crescent Leather Products Ltd (Tk 776 crore), SA Oil Refinery Ltd (Tk 707 crore), Suprov Composite Knit Ltd (Tk 610 crore) and Grameen Shakti (Tk 601 crore).

Mustafa Kamal also disclosed a list of borrowers who took more than Tk five crore from all banks, finance and public sector having outstanding amount five crore and bellow.

The list showed that some 14,617 individuals and institutions took loans of Tk 1,741,348 crore since 2009 while Tk 100,183 crore got defaulted.

Responding to a tabled starred question from Workers Party MP elected for reserved women seat Lutfun Nesa Khan, the Finance Minister said the number of loan defaulters in September 2015 was 111,954 involving Tk 59,105 crore while the number increased to 170,390 with Tk 102,315.19 crore in December 2018.

He pointed out reasons of both home and abroad which were beyond control but affected the businessmen and entrepreneurs raising the number of the loan defaulters.

Mustafa Kamal also held banks responsible for not choosing good borrowers.

He said the deficiency of collateral against loan, depositing same asset in more than one banks or loans, showing the value of collateral higher than the actual market price causes risk to any loan. "As a result, there's a strong possibility to transform the loan into bad one."

The Finance Minister said a stagnant situation prevails if any loan gets defaulted and this leads to a hurdle for both loan distribution and collection.

He said the government has given a special loan facility for rescheduling the long unpaid loans and one-time exit on May 16, 2019, aiming to maintain the normal flow of loans for the production sectors and others and reduce the defaulted loans and ensure economic development of the country.

"With this, (we) hope the amount of unpaid loans will decline in the banking sector," he added.

Replying to Israfil Alam's question the minister said the government provided Tk 13,612.60 crore from 2015-16 fiscal to 2018-19 fiscal to some banks which had been suffering from capital shortfall.

Related Topics

loan defaulters   Finance Minister AHM Mustafa Kamal  

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