Social Islami Bank opposes LC scam report, reacts

Social Islami Bank opposes LC scam report, reacts

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Companies did not export goods that were to be produced from imported materials. During the inspection, the central bank officials did not find goods matching the imports in the warehouses of the firms.

Now SIBL is liable to pay for the import of goods worth about Tk 160 billion.

The bank rejected the claim, saying it had approved an investment of a certain amount in Sharp in 2015 and issued 881 local back-to-back LCs to the company to collect raw materials worth Taka 1.39 billion , against which 222.6 million taka is still outstanding.

According to the rejoinder, 1.17 billion taka was also given to Sharp as project finance.

It said Sharp exported 1.44 billion taka.

SIBL said Sharp now owed the bank 1.63 billion taka, including profits.

“Hence, the news of issuance of $1.59 billion or Tk 160 billion back-to-back LCs is completely false.”

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