Thursday, 9 February, 2023

SIBL protests fake, misleading reports by some newspapers

  • Sun Online Desk
  • 29th November, 2022 03:18:53 AM
  • Print news
SIBL protests fake, misleading  reports by some newspapers

Social Islami Bank Limited (SIBL) has termed recent reports published in some newspapers about two  investment recipients false and ill-motivated.

A press statement issued by Md Moniruzzaman, SVP and head of Marketing and Brand Communication Division of SIBL, on Monday said the bank’s attention to the misleading newspaper reports has been drawn.

The investment of the bank in favour of two clients “Sharpe Knitting & Dyeing Ltd” and “Blithe Fashion Ltd” and outstanding figure are not so high as mentioned in the reports.

Besides, the bank is trying utmost to recover the money and the two clients are in touch with the bank to repay the loan.

The claim of the report that the bank opened LC worth Tk 16, 630 crore is totally wrong. In fact, Sharpe Knitting & Dyeing Ltd has been making transactions with Banani Branch of the bank through a current account since 2015. Following an application of the company, the bank made an investment in 2015. Total payable amount to the bank is Tk 163 crore.  The bank opened LCs worth Tk 139,73,00,000 and the company has to pay Tk 22.26 crore dues. To realise the money, the bank lodged a case under the NI Act against the company.  The case is pending with the Artha Rin Adalat.

On the other hand, Blithe Fashion Ltd, a client of Mirpur Branch, is liable to pay Tk11.28 crore debt. The company’s export volume till 2018 stood at Tk 90.65 crore.  The land of the factory and building are mortgaged to the bank. So, the client was not given bonded warehouse and other facilities.

The report based on false information has tarnished image of the bank and confused people. Publication of such misleading report is not expected at all, the press release added.