Bangladesh Export Import Company Limited, commonly known as Beximco Limited, and GMG Airlines Limited, both entities of Beximco Group, have defaulted on loans amounting to Tk聽1,544 crore with Sonali Bank PLC.
According to Sonali Bank officials, Beximco Group had availed loans totaling Tk 1,676 crore through four companies.
Of this amount, Tk 1,424 crore borrowed by Beximco Limited and Tk 119.53 crore by GMG Airlines are now classified as defaulted loans.
Loans worth Tk 73 crore taken by Shinepukur Ceramics and Tk 59.54 crore borrowed by Beximco Synthetics Limited remain regular, officials confirmed.
Sonali Bank鈥檚 managing director Md Shawkat Ali Khan at a press conference said that while Beximco Group鈥檚 loans were considered regular until June, most of the loans have now defaulted.
He emphasized that the bank is actively pursuing recovery efforts not only from Beximco but also from other defaulters such as Hallmark and TM Brothers.
Despite the challenges, Sonali Bank posted an operating profit of Tk 5,634 crore in 2024, marking a Tk 1,788 crore increase from the previous year.
Deposits grew by Tk 14,341 crore to reach Tk 1,64,959 crore, although the loan portfolio slightly declined to Tk 99,180 crore due to government loan adjustments.
The bank also recovered Tk 1,170 crore from non-performing loans and Tk 59 crore from classified loans during the year, according to Shawkat.
As of November 30, 2024, Beximco Group鈥檚 78 entities collectively owed Tk 50,098.3 crore to 16 banks and seven financial institutions in Bangladesh. Tk 31,075.67 crore of these loans have been classified as defaulted.
The information, presented in court by Bangladesh Bank鈥檚 lawyer Moniruzzaman on December 15, highlights gross violations of banking regulations by financial institutions such as Janata Bank, IFIC Bank, Sonali Bank, and Rupali Bank.
These banks extended substantial financial benefits to Beximco Group, including repeated loan rescheduling, extended repayment periods, additional loans, and letters of credit (LC) facilities, bypassing permissible limits and prudent practices.
Janata Bank alone provided financial facilities to Beximco Group amounting to nearly 20 times the permissible single-borrower limit.
Approximately half of the loans extended to Beximco Group鈥檚 entities鈥攁round Tk 25,000 crore鈥攚ere from Janata Bank, and nearly the entire amount is now classified as defaulted, according to bank officials.
On November 11, the Bangladesh Bank appointed its executive director Ruhul Amin as receiver for Beximco Group to oversee its operations and manage its assets after an Appellate Division instructed the Bangladesh Bank governor to attach all properties of the Group, including those linked to its vice-chairman Salman F Rahman, who is currently detained.
