Staff Reporter :
The Bangladesh Bank has disclosed alarming data regarding Beximco Group’s financial obligations, revealing total outstanding loans and liabilities exceeding Tk50,098 crore as of 30 September 2024.
Of this amount, more than half – Tk25,524 crore – has already been classified as defaulted, with the remainder precariously close to default, according to
a report submitted to the High Court on Sunday.
Drawing on Credit Information Bureau (CIB) data from all banks and non-bank financial institutions, the central bank’s report cautioned that “without the repayment of instalments, a significant portion of the outstanding classified amount will soon enter default.”
The report highlights a complex network of financial transactions involving 16 scheduled banks and seven non-bank financial institutions (NBFIs), which collectively provided credit facilities – including loans, advances, letters of credit, and guarantees – to Beximco Group’s companies.
As of 30 September 2024, Janata Bank topped the list of lenders, extending credit to 29 companies within the conglomerate. IFIC Bank, where Beximco Group Vice Chairman Salman F Rahman formerly served as chairman, also financed 29 companies.
National Bank supported nine, while Sonali Bank and Agrani Bank backed four each. AB Bank extended credit to six companies, and Exim Bank financed five. Several other banks also lent to one or more Beximco Group entities, the report revealed.
Raising further concerns, the report pointed to the deliberate concealment of actual beneficial ownership, a practice it suggests could enable money laundering and tax evasion in violation of existing laws. Such activities may also have breached the single borrower exposure limit, a critical safeguard under Section 26 Kha of the Bank Companies Act, 1991.
The findings underscore a broader systemic issue: the accumulation of extensive credit by a single conglomerate, coupled with potential regulatory violations and escalating default risks.
While these revelations are significant, they also cast a critical spotlight on the role of lending institutions in managing and mitigating high-risk exposures.
