Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Sunday, April 8, 2018 11:51:01 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

They are looters, not defaulters

By
09th-Apr-2018       
Comments
Share your thought
Post a comment »
Read all () »

BORROWING money from banks and never paying back -- that is the common tactic followed by the top businesses in the country. News media reported that the business conglomerates declined to be tagged as defaulters and audaciously filed a writ petition in this regard. Significantly, their businesses turn bad only when the issue of loan payment comes forth. The Central Bank, respective commercial banks, and the business groups all seemingly act to serve the defaulters what they wish. The all-pervasive corruption that essentially made the regulator inactive using political connotation is a dangerous sign of a failed economy. Perhaps, we are in a time when morally bankrupt people are bolstered enough to steal State-owned Banks (SoBs) in the name of borrow and fill their own businesses by the amount.
The lead entrepreneurs whose conglomerates control a large share of private commercial banks, pharmaceuticals, apparels, shipping, fashion industry, the newspaper industry and many other markets are loan defaulters with SoBs. Following political turmoil that gripped the country during 2013-14, 11 business groups, led by Beximco, were given a lenient rescheduling benefit of Tk 15,000 crore by the Central Bank. According to the restructuring conditions, if any company fails to pay two consecutive installments, it would be considered defaulting on loans and the banks would then sue the company to recover the loan money. Two years down the line, six of these companies failed to repay the installments.
What it is astonishing that, the Companies are now seeking fresh restructuring and rescheduling of their loans. The Central Bank is also apparently washing off its hands saying the issue should be solved on the basis of "bank-client relationship" contrary to what it had said before the restructuring. Not only that, the BB also allowed some banks to further relax the concessions earlier given to the companies.
The case of Beximco is interesting. It makes a profit, pays a dividend and does not yet pay back loans, something many views as unjustifiable. The five others are also blind followers of this bad culture-- like SA Group which recently occupied two banks. The SA Group, Ratanpur Group, RSRM and MR Group have filed writ petitions with the High Court against its defaulter status. Breaching existing laws, the top loan defaulters also hold an important position with at least four commercial banks and the companies regularly provide share dividend in the capital market.
Surprisingly, all the things are happening before the government's high-ups acknowledgement. If the situation continues in this way, the "rule of law" will remain only in books.
Here, we see the irresponsibility of Bangladesh Bank which is apparently run by an incompetent person. Is there any need of a Central Bank in this country that has no capacity to regulate the banking sector?

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Dhaka-Ctg Highway a bright example of govt`s inefficiency


THE expansion of Dhaka-Chattagram Highway--from two lanes to four lanes to decrease the travel time from Dhaka to Chattagram to 4.5 or 5 hours -- was initiated in 2010; a year after the Awami League took office. However, it turned out to be the most talked-about project after the Padma ...

Football »

Zidane says Real would not honour Barcelona title win


AFP, Madrid :Real Madrid will not give Barcelona a guard of honour if the Catalans have clinched the Spanish title before next month's Clasico, Zinedine Zidane said on Saturday.Barcelona lead La Liga by nine points with eight matches left and entertain Real in the penultimate round of the season. In ...

Entertainment »

Two films hit theaters


Entertainment Desk :Swapnajaal and Palake Palake Tomake Chai hit cinemas across the country.Giasuddin Selim's second directorial movie Swapnajaal comes after a long hiatus of over nine years. Selim's directorial debut film Monpura, which was released in 2009, was a huge success.Swapnajaal, a joint venture film, stars Indian actor Yash Rohan ...

City »

Former Adviser to the Caretaker Government Rasheda K Chowdhury, among others, at a press conference on 'Industrialisation in South Bangla: Citizens' Thoughts' organised by Save The Environment Movement in DRU auditorium on Saturday.


International »

Japan activates first marines since WW2 to bolster defenses against China


Reuters, Tokyo :Japan on Saturday activated its first marine unit since World War Two trained to counter invaders occupying Japanese islands along the edge of the East China Sea that Tokyo fears are vulnerable to attack by China.In a ceremony held at a military base near Sasebo on the southwest ...

Editorial »

Stop destroying the Sundarbans


IT appears nothing can stop the government from harming the nature and the environment of the Sundarbans. Showing utter disregard to nature conservation, by now, as many as 190 industrial units within 10km of the world's largest mangrove forest have been approved by the government. Plans for setting up oil ...

Entertainment »

Salman to spend one more day in jail


Actor Salman Khan who got 5-year jail yesterday in 20-year-old blackbuck poaching case has to spend another day in jail. As hearing of Salman’s bail plea was scheduled today and after the hearing court reserved the order and will pronounce the judgment tomorrow, which means the superstar has to spend ...

City »

BNP Standing Committee Member Amir Khasru Mahmud Chowdhury, among others, at a discussion on 'Politics of Bangladesh and Rule of Law' organised by Shikshak Karmochari Oikyajote at the Jatiya Press Club on Friday.


.

International »

China hopes North Korea leader`s summits with Trump, Moon will defuse tension


Reuters, Beijing :The Chinese government's top diplomat hopes that planned summits between North Korean leader Kim Jong Un and the presidents of South Korea and the United States will "take the fuse" out of the situation on the Korean peninsula.After a meeting with Russian Foreign Minister Sergei Lavrov in Moscow, ...

Editorial »

Formulate pragmatic policies, save education sector


THE New Nation yesterday reported that about three lakh students have dropped out from the ongoing Higher Secondary Certificate (HSC) and its equivalent examinations. As many as 13,03,786 students registered with 10 education boards, but only 10,18,411 examinees are taking part as regular students, that resulting in 2,85,375 students dropped ...

Cricket »

Nazmul Islam of Sheikh Jamal Dhanmondi Club Limited poses with the Man of the Match award after the super league match of the Walton Dhaka Premier Division Cricket League between Sheikh Jamal Dhanmondi Club Limited and Khelaghar SKS at the Sher-e-Bangla National Cricket Stadium in the city's Mirpur on Thursday.


Entertainment »

Nidhhi Agerwal’s version of Havana will make you want to hit the dance floor


Nidhhi Agerwal who made her debut with a dance film took to Instagram to share a video of her showcasing her dance moves. The actress is a brilliant dancer and won hearts of the audience with her debut film. Nidhhi who occasionally keeps sharing insights into her life via social ...

Entertainment »

Anupoma Mukti without mom for first time


 Entertainment Report :Last December popular singer Anupoma Mukti lost her mother Hasna Hena. For the first time he will pass her birthday today without mother for the first time. While asking her about celebration of her birthday Anupoma Mukti became gloomy. She said, “My mother on my birthday always called ...

City »

BNP Secretary General Mirza Fakhrul Islam Alamgir speaking at a press conference on 'Present Situation of the Country' after distribution of nomination papers for Khulna and Gazipur City Corporation polls at the party central office in the city';s Nayapalton on Thursday.


International »

Koreas hold preparatory talks to set up Kim-Moon summit


AP, Seoul :The rival Koreas held preparatory talks Thursday for a summit later this month between North Korean leader Kim Jong Un and South Korean President Moon Jae-in amid a global diplomatic push to resolve tensions over the North's nuclear program.The meeting of working-level officials at the border village of ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news