The International Leasing and Financial Services Limited (ILFSL), one of the country's major financial institutions, destroyed by Proshanto Kumar Halder (PK Halder) has started turning around with new business to provide service clients.
ILFSL was destroyed by PK Halder and his allies by looting more than Tk 10,000 core.
Also destroyed by looting were People's Leasing and Financial Services Limited (PLFSL), Bangladesh Industrial Finance Corporation Limited (BIFC) and FAS Finance and Investment Limited (FFIL).
Of the four, only ILFSL turned back due to the efforts of the new management formed following directive from the High Court Division.
The new management of ILFSL is headed by former Secretary Nazrul Islam Khan (NI Khan).
The new management took charge on July 6, 2021.
The previous management of the International Leasing and Finance Services Limited (ILFSL) led by PK Halder embezzled around Tk2,500 crore from the institution and cases were filed against him for the corruption.
ILFSL Chairman NI Khan told the Daily Observer said that the institution couldn't yet declare annual dividends but its losses have been reduced significantly.
"Hope, it would be able to become a profitable organisation within next year, if the planning works duly," He said that after taking over he had suspended disbursement of loans.
"We visited almost all the projects and institutions to which ILFSL had invested or given loans. We also identified the projects which could be turned profitable and took up these institutions for discussion by the governing board. When the board agreed, we took initiative to restart them with the approval of the HC and Bangladesh Bank.
Of the projects, the Reptile Farm Limited of Mymensignh's Bhaluka where Tk100 crore was invested by the PK Halder management was taken up for consideration. The Reptile Farm was almost dead with more than 1,730 reptiles. Due to lack of management and necessary food and treatment, almost all of the reptiles were sick and about to die. Some reptiles had died before the management took charges.
In this situation, the ILFSL management went to the HC again for restructuring its management and with the HC approval a new management was formed and a managing director was appointed. Following the directives if HC and approval of the management, the central bank has invested more than Tk3.31 crore, so that it can restart function and save the reptiles from death. It worked well and those are saved, he said, adding that with the relentless effort of the new management, number of reptile now increased at 2,526.
He said that if the Reptile Farm can be established with international standard, thousands of visitors will visit it and huge amount of revenue could be earned. Same time, exporting the meat, hide, bone and teeth of the reptile huge remittance could be earned as there is huge demand of those items in abroad, especially in France, Germany, China, Japan, and South Korea. There are big markets in those countries. If the demands of countries could be met up, it can be a profitable one.
The authorities have taken steps to run the laid off Anan Chemical Industry in Manikganj's Bhakum Joymandap area. If it starts operation, production of profitable sulfuric acid and fitkari can be started again. There is huge demand of the products. The entrepreneurs of the industry had taken loan of Tk 64.41 crore, but their responsibilities now stand Tk 86.19 crore. If the project runs again, loan can be refunded.
NI Khan said that some machinery of the sulfuric acid and fitkari factory were misused. Renovating the factory with new equipments, the factory can be turned into a profitable one. Ones it's made profitable it would be able refund the loan. So, the initiative of reopening the factory was taken.
The Northern Jute Mills, one of the defaulters of ILFSL of around Tk200 crore, can also be turned as a profitable project. "Steps were taken to reopen the projects," he said.
