National Bank Managing Director Mahmood Hussain confirmed that he has received the central bank’s letter and is working on it.
‘We have received a letter in this regard. The reply will be given within the stipulated time,” he said.
The proposal for renewal of loan in favor of Infratech Construction was placed before the 475th meeting of the National Bank Board on December 28.
According to the resolution, the customer defaulted on loans taken from some other banks and opened letters of credit of Taka 478 million beyond the limits. If the loan renewal proposal is accepted, he will be able to withdraw another Tk 22.6 crore from the bank.
Taking note of the proposal on the agenda of the meeting on December 27, Saiful Islam, coordinator of the National Bank appointed by the central bank, sent a letter of objection via e-mail to the bank’s chairman Monowara Sikdar and concerned officials. He also reported the issue to the concerned department of the central bank.
Despite all these efforts, the loan proposal got the approval of the board and the minutes of the meeting do not include the issue of objection of the coordinator.