BIFC Query Response on news on loan default status of Ex-Chairman - Share market analysis of dhaka stock exchange, Bangladesh

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16 May, 2018 10:24 AM Source: Dhaka Stock Exchange

n response to a DSE query dated May 13, 2018 regarding a news published in the newspaper citing "95% loan of Major Mannan is in default", the Company has given the following response: "As per Bangladesh Bank Special Inspection Report dated June 24, 2015, about Tk. 518.00 crores was sanctioned and disbursed in favor of different borrowers in highly irregular and fraudulent ways. They also detected that ultimate beneficiary of these loans were Major (Retd.) Abdul Mannan, Chairman Sunman Group and Ex-Chairman of BIFC. Bangladesh Bank classified all these loans as BL (Bad & Loss) which was disclosed in the Annual Report-2015 of BIFC. As per audited report for the year ended December 31, 2017 of BIFC, total Loan, Advances and Lease amount is Tk. 837.60 crores out of which Classified amount is Tk. 798.33 crores (95.31%). Bad & Loss Loans/Leases amount of Borrowers related to Suman Group is Tk. 621.00 crores which is 77.79% of total classified loans amount. This has also been disclosed in the audited accounts of the Company."


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