Bank Asia auctions assets of Partex Coal to recover Tk 100 crore in defaulted loans
NN Online:
Bank Asia Announces Auction of Partex Coal Assets Amid Rising Non-Performing Loans.
As part of its efforts to strengthen its financial position, Bank Asia has decided to auction the mortgaged assets of Partex Coal, a subsidiary of Pertex Group, to recover over Tk100 crore in overdue loans.
The company is owned by Rubel Aziz, who also serves as a director of a prominent private commercial bank in the city.
The bank, which is publicly listed, reported a sharp increase in its defaulted loans, reaching 14.35% of total disbursed loans in March 2025—up from 10% in 2024, according to Bangladesh Bank data. By the end of March, the bank’s non-performing loans (NPLs) totaled Tk3,632 crore, compared to Tk2,919 crore the previous year.
This rise in NPLs compelled Bank Asia to set aside higher provisions, totaling Tk1,076 crore in 2024—an increase of 58% over the previous year.
Sohail RK Hussain, Managing Director of Bank Asia, explained, “Under legal procedures, when a borrower fails to fulfill loan repayment obligations on time, the loan becomes classified as defaulted. Consequently, we have issued an auction notice to sell the company’s mortgaged assets in order to recover the dues.”
He emphasized, “Our approach generally favors negotiation. While we pursue legal actions against defaulters, the door for settlement remains open. If the borrower manages to clear the outstanding amount before the auction, we will suspend the process.”
Furthermore, Sohail warned, “The current owners, being defaulters, will face legal consequences. Therefore, it is in their best interest to settle the outstanding loan promptly.”
Rubel Aziz responded to concerns, stating, “We have been facing difficulties since the COVID-19 pandemic. Even though the pandemic has ended, global challenges and the current unfavorable economic environment in the country have hampered our operations.”
He added, “Our company has a Tk350 crore credit limit with the bank. However, due to dollar shortages, the bank was unable to open Letters of Credit (LCs), disrupting our imports and negatively impacting our business.”
Rubel also assured, “None of our business entities have defaulted on loans before, and we intend to repay this loan within the agreed timeframe.”
Following legal procedures under the Money Loan Court Act, 2003, the bank’s Mohakhali branch in Dhaka announced that tenders have been invited for the sale of the mortgaged assets. The bidding will remain open until August 3.
According to the auction notice, Partex Coal, which imports and sells coal locally, owed Tk116.45 crore as of July 9. The loans were classified as non-performing after repeated demands and notices failed to secure repayment.
With legal authority under the relevant law, Bank Asia plans to proceed with the auction of the mortgaged properties, which include 259.36 decimals of land and factory buildings situated across Dhaka and Gazipur.
The notice named Rubel Aziz, late MA Hashem (founder of Partex Group), along with five others, as mortgagors.
Founded in December 2014, Partex Coal began operations in March 2015. The company’s parent group, Partex, started its coal import business in 2014 under MA Hashem and Company before forming Partex Coal. The firm imports coal mainly from Indonesia and South Africa, selling primarily to brick manufacturers through seven sales points across the country.