Court orders attachment of EXIM Bank head office over loan default

A Dhaka court on Monday ordered the temporary attachment of EXIM Bank’s head office in Gulshan in connection with a loan default case filed by Bank Asia.
Judge Mujahidur Rahman of Dhaka’s 5th Artha Rin Adalat passed the order. In its order, the court also directed EXIM Bank to show cause within 15 days as to why its head office should not be seized and set August 21 for the next hearing.
According to sources, EXIM Bank borrowed Tk400 crore from Bank Asia last year amid a funding crisis.
However, the bank has so far failed to repay Tk389 crore of that amount. In response, Bank Asia filed a case to recover the defaulted loan.