Bangladesh Bank governor Ahsan H Mansur on Thursday agreed to allow the rescheduling of defaulted loans taken by the Bashundhara Group, one of the country鈥檚 industrial conglomerates.
The decision was made at a meeting between Mansur and Bashundhara Group chairman Ahmed Akbar Sobhan on Thursday at the Bangladesh Bank鈥檚 headquarters in the capital Dhaka.
Mansur said that the business group must follow all regulations, including making the required down payment, to qualify for rescheduling.
He instructed the deputy governors to coordinate with the banks concerned to expedite the process.
BB deputy governors Zakir Hossain Chowdhury and Kabir Ahmed were also present in the meeting.
Representing Bashundhara Group, former Bangladesh Bank deputy governor Ahmed Jamal accompanied Sobhan along with other officials.
According to BB officials, Sobhan informed the BB officials that his four sons鈥� businesses were separated and the Bashundhara Group was divided into five units, each securing loans individually from different banks.
He said that their total borrowing did not exceed the single-borrower limit.
However, Bangladesh Bank officials pointed out that as per the RJSC Form-12, Sobhan remains listed as chairman in all entities, meaning that the business group cannot be treated as divided.
The central bank insisted that the loan exposure must be brought within regulatory limit.
During the discussion, Sobhan requested for loan rescheduling, to which the governor responded that the application must be submitted following proper procedures with required down payments.
After Sobhan expressed his willingness to comply with the rules, the BB governor consented to the request and instructed the deputy governors to take necessary steps, including discussions with the banks concerned.
Mansur emphasised that while the Bangladesh Bank does not want any institution to shut down or face financial distress, the individuals involved in wrongdoings will be held accountable.
He mentioned that in some cases, personal bank accounts have been frozen as part of legal actions.
Sobhan expressed concerns over the negative perception surrounding the Bashundhara Group due to the Criminal Investigation Department鈥檚 probe into money laundering allegations and the Bangladesh Financial Intelligence Unit鈥檚 account freeze orders.
He claimed that these actions had sent a damaging signal both locally and internationally, with many believing that all of the Bashundhara Group鈥檚 accounts had been frozen.
However, Mansur clarified that no corporate accounts have been frozen so far.
The Bashundhara Paper Mills Limited and the Bashundhara Multi Paper Industries Limited of Bashundhara Group were listed as loan defaulters by IFIC Bank and Rupali Bank, with a total default amounting to Tk 416 crore as of October 2024, according to media reports.
The default arises from the companies鈥� failure to settle their letter of credit payment obligations on time, leading the banks to convert these dues into forced loans before turning sour eventually.
On December 2, 2024, the Financial Institutions Division directed the BFIU to launch joint investigations under anti-money laundering laws. The structure and guidelines for these investigations were revised on January 6, 2025 to enhance their effectiveness.
Following the instruction, the Bangladesh Bank formed 11 joint investigation teams to probe corruption allegations against the ousted prime minister Sheikh Hasina, her family members, and 10 business groups, including Bashundhara.
On January 18, the Dhaka Metropolitan Senior Special Judge Court ordered the seizure of assets of Bashundhara Group managing director Sayem Sobhan Anvir, his wife Sabrina Sobhan and brother and the group鈥檚 vice-chairman Safwan Sobhan Tasvir in the United Arab Emirates, Slovakia and the United Kingdom.
The commission in the petition said that available records revealed that Bashundhara Group chairman Ahmed Akbar Sobhan and his wife Afroza Begum, sons and daughters-in-law invested in six companies in Slovakia and the UK and bought flat at Burj Khalifa Tower in Dubai of the United Arab Emirates.
Ahmed Akbar Sobhan鈥檚 son and daughter-in-law transacted illegal money in the UAE to buy the flat without approval of the Bangladesh government, it said.
As Bangladeshi citizens, they are legally bound to declare all their legal incomes and properties through their income tax returns, but they have not shown the amount of money invested in companies and real estate properties, said the petition.
The commission also said that it got information that they took huge amount of bank loans in the name of the companies from different banks of Bangladesh which were not repaid at the end of the term of those loans and thereby misappropriated.