Padma Bank: A story of politics, power and financial failure

Padma Bank: A story of politics, power and financial failure

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The bank's top loan defaulter is Chattogram's Muhib Steel and Ship Recycling Industries, owned by Mujibur Rahman alias Milan. He has reportedly been hiding abroad for a long time. The total debt of the company is Tk 1.47 billion (Tk 147 crore). Khulna's Mimu Jute Mill, Mullik Aquaculture and Monmi Agro are in the bank's list of top defaulters. The total default loan of these three companies is Tk 1.08 billion (Tk 108 crore). The default loan of Chattogram-based Nahar Farmers Group companies Nahar Farmers, Maya Feed and Nahar Farmers Rice Bran Oil is Tk 1.01 billion (Tk 101 crore).

The debt of Apollo Engineering and Construction and Apollo Trading is 910 million taka (Taka 91 crore), Atlas Green Pack Ltd's is 910 million taka (Taka 91 crore), Alvi Agro Complex, Priyanka Trading and Roseburg Auto Rice Mills is 800 million taka (Taka 80 crore) Taka). ,

Apart from this, loan of Shital Enterprise is 780 million taka (78 crore taka), Rangpur Jute Mills Limited's 700 million taka (70 crore taka), SB Auto Bricks and Sagir Brothers' 630 million taka (63 crore taka), Agro Arena Associates' 630 million taka. It is million taka. (TK 62 crore), Joy Enterprise & Silver Trading TK 580 million (TK 58 crore), Al Farooq Bags Limited TK 530 million (TK 53 crore), Global Trading Corporation TK 510 million (TK 51 crore), Shaheed Ship Breaking TK 48o million (Tk 48 crore), Rana Auto Bricks, Selim Auto Bricks, AR International and MH Enterprises Tk 480 million (Tk 48 crore).

When Padma Bank's head office was visited on April 30 to discuss these matters, Reyaaz Khan, the managing director who recently resigned, was unwilling to speak.

Finance sector analysts believe that people's trust is the main asset of any bank. Mustafa K Mujeri, former chief economist of Bangladesh Bank, speaking to Prothom Alo, said, “It is difficult for a bank to survive after losing trust and reputation, no matter how influential the people involved are. The owners colluded. The bank has been destroyed.” Many banks. These mismanaged banks have been made even more vulnerable due to inappropriate facilities provided by the regulatory institutions, resulting in the entire banking sector being in a critical situation.”

Mustafa K Mujeri further said, good governance should be restored in banks and the culprits should be punished. If this is not done then other people will also be encouraged to do so. Crises will keep coming one after the other. The country will not be able to move forward.

*This report appeared in the print and online editions of Prothom Alo and has been rewritten for the English version by Ayesha Kabir.

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