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SIBL protests ‘misleading’ media reports

  • Staff Correspondent
  • 30 November, 2022 12:00 AM
  • Print news
SIBL protests ‘misleading’ media reports

Social Islami Bank Limited (SIBL) 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 made the remarks.

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

Besides, the bank is trying its best to recover the money and the two clients are in touch with the bank to repay the loan, it added.

The claim made in the reports that the bank opened letter of credits (LC) worth Tk 16, 630 crore is completely wrong, said SIBL.

In fact, Sharpe Knitting & Dyeing Ltd has been making transactions with the Banani branch of the bank through a current account since 2015, it said.

 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 crore 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 a bonded warehouse and other facilities, the bank said in the statement.

It said the report based on false information has tarnished the image of the bank and confused people. "Publication of such misleading reports is not expected at all," the statement added.