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Tuesday, March 26, 2019 02:50:40 AM
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Banks turn predator to honest businessmen

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Special Correspondent  :
The suicide of businessman and owner of a garment factory at Fatulla in Narayangonj has come as a big shock to the family and the business community as he died of mounting pressure from loan liabilities to banks and private individuals.
Outwardly the blame goes to him for such cowardly act but the prevailing business environment and banking system also can’t avoid the major part of the blame.
This is because our system is focused on buttering the rich while small and honest businessmen have been left to survive by their own without much support from banks and financial institutions.
Big business and corporate houses and influential people are swindling banks and financial institutions with impunity under the shelter of powerful political quarters.  Matin left a suicide note before he hanged himself in which he said, "None is responsible for my suicide; I commit it being a debtor of around Tk 2.5 crore to banks and different people. It is humiliating and intolerable to live any more.
Mamunul Abed, a police officer at Fatullah Police Station and Investigation Officer (IO) of the case told The New Nation that primarily, it seems to us that he committed suicide for being a debater. But we’re yet to confirm the situation that led  him to commit suicide.  
“Matin earlier took loan from banks to run his factory and his brother repaid it as he was failing. But he has also taken massive loans from his friends and well-wishers and was recently under pressure to repay. He was gloomy and depressed,” police said quoted his brother as saying.
Md Nazrul Islam, elder brother of Matin, could not be reached for further clarifications. .  
“Further investigation is needed to unearth the real cause behind his suicide,” police said.
When asked, the IO said, “We are yet to question Matin’s family and delaying as they are now in grief.”     
Nadia Sultana, wife of the deceased, however said, her husband left them in the dark. If  he had  informed us, we could arrange to pay the debts.
“Actually he (Matin) was in family crisis,” a former BKMEA leader told The New Nation, seeking anonymity. He said Matin’s factory NM Fashion was enlisted with BKMEA but the membership remained suspended.
It appears that Matin was not doing well in business, because he failed to manage it profitable facing problems ranging from paying workers regularity and also repay bank loans.
The cost of doing business shot up while high interest rate on bank loans caused by rampant loan scams pushed him to the wall and disqualified him as an eligible borrowers at the end.
Even though big businesses enjoyed loan-rescheduling facilities he failed avail of such facilities to be able to get fresh loans.  
The situation amply prove that banks turned into predator to small and honest businessman while buttering big ones with repeated impunity by way of loan rescheduling, None came to his rescue and so he lost interest in business and his life as well at the end. He felt helpless and betrayed. The suicide was not the answer to his problem but our present business environment had pushed him to that fatal decision.

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