Staff Correspondent

Abu Bakar Chowdhury is a Board Director of NRB Commercial (NRBC) Bank. At the same time, this person is also a defaulter customer of another private bank -South Bengal Agriculture and Commerce Bank (SBAC).

Despite being loan defaulter of Tk 87 crores of SBAC Bank, he has retained the position of director of NRBC. However, according to the Bank Companies Act, no defaulter is allowed to become a bank director.

According to a report of Bangladesh Bank, at least 87 crores of these defaulted loans are in the name of Abu Bakar Chowdhury. The bank gave him this loan in three installments. Out of this amount 'C ' stands at Tk 45 crore 18 lakh . The company also took a term loan of Tk 25 crore 84 lakh and Tk 15 crore 68 lakh from the same bank. Due to non-payment of installments, these loans also become defaulted. As a result, Abu Bakar Chowdhury's defaulted loan amount to SBAC stands at 87 crores.

Abu Bakar Chowdhury said, "It is not possible to give details about the default loan of the bank." It should be well known to the concerned officials of the company. You can also look for details if you want and the fact is that a borrower remains in the position of director of the bank despite being in default is an issue of Bangladesh Bank. There is not much to say about this.

In this regard, the spokesperson and Executive Director of Bangladesh Bank. Majbaul Haque told media, there are specific laws for the management of banks. According to that law, no defaulter can be the director of the bank. If evidence of default is found against any bank director, he shall be dismissed because no one is above the law.

SBAC Bank has been criticized in just over a decade due to excessive defaulted loans. After being controverted in various incidents of money laundering and asset embezzlement, this time the bank has shown the defaulted loan of Tk 275 crore as regular through manipulation.

However, Bangladesh Bank's inspection finally found their manipulation.
In this regard, SBAC Bank Managing Director Habibur Rahman told media "After I took charge, so many defaulted loans have been hidden, if there is specific information, then action will be taken accordingly."

According to the Central Bank's report, SBAC has concealed the outstanding installments against the Tk 125 crore loan given to Habib Steels Limited. The bank authorities have been regularly showing that loan strategy even after the installments are due, which is a direct violation of banking regulations.

The central bank has again found irregularities in the loan of Tk 89 crore 92 lakh taken by M/s Eastern Corporation from SBAC Bank. SBAC's main branch raises adequate reserves in defiance of central bank's rescheduling proposal.

It has been found that M/s Eastern Corporation, SBAC regularly shows bad debt. The inspection report of the Central Bank shows that 11 installments of the loan are due. However, the bank regularly shows loans.

The same report says that in 2019, the South Bangla Bank authorities gave a one-year overdraft (OD) loan of Tk 10 crore to M/s ESM Corporation. Bangladesh Bank objected to excessive loan status and extension of loan tenure without renewal. At one point, the total amount owed on the loan turned into a defaulted loan of Tk 12 crore 22 lakh.

In addition, Kabir Securities Limited took a loan of Tk 10 crore from SBAC for a period of 28 days in 2022 and later converted it into a term loan. And the reverse installment of the loan was due. But the customer owes the down payment against the loan. The opportunity to reschedule the loan was suspended last March. The bank regularly shows these defaulted loans.

In this regard, Executive Director of Transparency International Bangladesh (TIB) Dr. Iftekharuzzaman said, 'No bank's default information should be hidden. It is a suicidal act. Bank company law states that a bank defaulter cannot be a director. A defaulter has no right to be a director in any bank. Strict intervention of Bangladesh Bank is needed. he added.