No settlement between BNP govt and S Alam Group, Finance Minister tells Parliament

Finance Minister Amir Khasru Mahmud Chowdhury has ruled out any possibility of a settlement between the government and the S Alam Group.

He said there is no scope within BNP’s political approach to reach compromises with anyone in economic matters. Legal cases have been filed against all those who have taken money from banks and fled, and efforts to recover the funds are ongoing.

The minister made the remarks on Tuesday (21 April) while responding to a question from NCP lawmaker Hasnat Abdullah (Cumilla-4) during the question-and-answer session in the Jatiya Sangsad. The session began in the afternoon with Speaker Hafiz Uddin Ahmed in the chair.

Earlier, Hasnat Abdullah said Islami Bank holds loans amounting to Tk921.15 billion, of which the S Alam Group alone accounts for Tk800 billion in defaulted loans. He added that the group has also defaulted on Tk250 billion borrowed from Janata Bank.

He asked whether the government has any special plan in the current fiscal year to recover these loans, how attempts are being made to reinstate the S Alam Group without repayment, and whether any understanding has been reached between the government and the group.

In reply, the finance minister reiterated that BNP’s political stance does not allow for any compromise in economic activities. He said that whenever BNP has been in power, there have been no questions regarding financial discipline, macroeconomic strategy, macroeconomic stability, or stock market irregularities.

Expressing optimism about recovering the money, he said cases have been filed against all those who siphoned off bank funds, and efforts are underway to expedite legal proceedings. “On one hand, government-to-government initiatives are ongoing, and on the other, private recovery firms are also working to retrieve the funds,” he said.

However, the minister did not mention the S Alam Group by name in his response.