Monday, 25 September, 2023

SC hits out at big loan defaulters

'Big defaulters spend hundred crores to stop repayment, small lenders face music'

  • Sun Online Desk
  • 31st July, 2023 08:50:42 PM
  • Print news

The Supreme Court came down upon big loan defaulters who spend hundred crores to stop repayment.

On the other hand, poor lenders need to go to jail for failing to pay back, the court said.

Chief Justice Hasan Foez Siddique made the observations as a bench of Appellate Division heard an appeal filed by a Narayanganj businessman on Monday.

The businessman is supposed to repay his loans to the Sonali Bank.

According to the case, Fazlur Rahman and Co had borrowed Tk32 crore from Sonali Bank's Motijheel branch in 1997. After death of Fazlur Rahman in 2017, Sonali Bank filed a case with the court seeking repayment of Tk150 crore including interest.

The SC was upset to know that only Tk5 lakh has been returned to the bank in 26 years.

Rejecting the petition, the SC ordered the repayment of the loan.

In February, Sonali Bank also filed a case against Keya Cosmetics Ltd and its directors for the recovery of defaulted loans amounting to over Tk20 crore.