National
Social Islami Bank assigned a huge loan to Nabil Group in violation of the law
The infamous Nabil Group took a loan of Tk 6,370 crore from 3 private sector banks. Out of this only Social Islami Bank has given a loan of 1 thousand 120 crores to the company. Bangladesh Bank’s preliminary report has revealed that this money has been given in violation of the law.
The report suspects that this loan is an unknown loan in the name of an organization related to the interests of the bank directors. Again, this amount of loan in the name of the same group is more than the loan limit given in favor of a single customer (Single Party Exposure Limit) under the Bank Companies Act.
However, Bangladesh Bank’s Department of Offside Supervision has recommended handing it over to the Special Inspection Department for detailed investigation. Banks have also been asked to submit some necessary documents to Bangladesh Bank.
According to the Central Bank report, on May 30 this year, Social Islami Bank’s 481st board meeting approved a loan of Tk 1,120 crore to Nabil Food and its subsidiaries, Nabil Feed Mills and Shimul Enterprises from the Gulshan branch. Out of this funded (cash) 450 crores and non-funded (LC and bank guarantee) 670 crores. Hence, the investment limit has been newly approved. But where this money will be used is not mentioned. It is important to verify the consideration given to such a large amount of loan to a new customer.
The loan was approved in the 481st board meeting of the bank but the conditions were relaxed in the 482nd and 483rd board meetings. In this case, all the directors and their spouses had guarantees in respect of personal guarantees. But later the conditions were relaxed and only the directors were guaranteed. In the case of saving deposits, it was said that the deposit should be increased. But later it was relaxed and said that adequate deposits should be kept. No explanation was given for this adequacy. The report also mentions that it is important to know under what circumstances conditions are relaxed in the case of a new loan. Also, the customer is anonymous. The board of directors of the bank should also verify whether any institution is related to the interest.
A non-funded loan of Tk 950 crore has been given in favor of Nabil Grain Crops, a new customer of the Gulshan branch. According to the policy of the bank, there should be a security of Tk 230 crore in this loan. The terms of the loan include a deposit or lien of Tk 110 crore. It is said in one place, this money will be used for the import and marketing of agricultural products. But according to the latest CIB report, the total exposure of customers in various banks and financial institutions is only 8.5 lakh taka. After reviewing the project loan, it was found that the customer was brand new. As a result, a completely new customer was given this amount of credit for trading. In this case, it is necessary to verify whether the client’s large business management skills and proper use of funds have been made.
When asked about this, the managing director of Nabil Group told that if the bank violated the law and gave the loan, it is their business. But we have been in business for a long time and we have taken loans according to all the rules.
Managing Director (MD) and Chief Executive Officer (CEO) of Social Islami Bank Zafar Alam was called and he hung up saying that he was in a meeting and would talk later.
Those concerned say that a bank can lend up to 35 pc of its paid-up capital to a single institution, both funded and non-funded. Out of this, 15pc is funded and 20pc is non-funded. And currently, the total paid-up capital of these three banks is 3 thousand 690 crores. In this case, the group can be given a loan of up to 1,300 crores. But given almost 5 times more than that.
Nabil Group’s website mentions 17 companies in the group. These are Nabil Food, Flower Mill, Feedmill, Auto Rice Mill, Dal Mill, Consumer Products, Nabil Farm, Cattle Farm and Nabil Transport. But only 6 products are mentioned in the product option on this website. These include – rice, flour, semolina, pulses and fodder. The chairman of the company is Md. Jahan Bux Mondal, director Israt Jahan, managing director Md. Aminul Islam and Deputy Director. Mamunur Rashid.
National
Professor Dr. Md. Mizanur Rahman Appointed Vice-Chancellor of Northern University Bangladesh
Professor Dr. Md. Mizanur Rahman, a distinguished academic from the Department of Marketing at the University of Dhaka, has been appointed the new Vice-Chancellor of Northern University Bangladesh (NUB). The Ministry of Education confirmed the appointment through an official notification issued on Sunday (23 November), signed by Sultan Ahmed, Assistant Secretary of the Secondary and Higher Education Division, on behalf of the President.
The notice states that, with the approval of the Honorable President and Chancellor, Professor Rahman will serve a four-year term as Vice-Chancellor under Section 31(1) of the Private University Act, 2010. He will receive all salary, allowances, and benefits as determined by the university, and his duties will commence immediately in accordance with relevant laws and regulations.
Professor Rahman has an outstanding academic background. He secured First Class First in his Honors degree from the University of Dhaka’s Marketing Department, achieving record-breaking marks. He completed his MBA with dual majors in Finance and Marketing at Dalhousie University in Canada, graduating in the top 1% of his class. He later earned his Master’s degree (First Class Second) and PhD from the same department at the University of Dhaka.
During his illustrious 35-year career, he has served as Chairman of the Department of Marketing at the University of Dhaka for three years and was elected to both the Syndicate and Senate of the university. He also served as Dean at Daffodil International University and has taught as an adjunct professor at North South University, BRAC University, and Independent University, Bangladesh (IUB).
Professor Rahman has an extensive body of research, with over 35 publications, including four international papers and three research monographs. Several MPhil and PhD scholars have completed their degrees under his supervision. He also served for many years as Vice President of the Dhaka University Marketing Alumni Association.
Outside academia, he has contributed significantly to the corporate sector and educational governance. He has worked as an independent director and strategic adviser to various reputed organizations and has served on the governing bodies of several well-known colleges in Dhaka. He currently holds the position of Chairman of the North South Society.
The Bangladesh Meteorological Department (BMD) has forecasted light to moderate rain or thundershowers accompanied by temporary gusty winds at most places across the Rangpur, Rajshahi, Mymensingh, Dhaka, Khulna, Barishal, Chattogram, and Sylhet divisions. Some areas may experience moderately heavy to very heavy rainfall, according to their latest weather bulletin released on Thursday.
Day and night temperatures are expected to remain nearly unchanged across the country.
The highest rainfall in the country over the past 24 hours was recorded in Kumarkhali, with 104mm of rain by 6 a.m. on Thursday.
The axis of the monsoon trough extends from India’s Madhya Pradesh, Odisha, and West Bengal to Assam, passing through Bangladesh, with one of its associated troughs stretching into the North Bay of Bengal.
The monsoon remains active over Bangladesh and moderate to strong over the North Bay region.
The Bangladesh Meteorological Department (BMD) has forecasted that the mild heat wave currently affecting parts of the country, including the capital, is expected to subside in most areas within the next 24 hours, starting from 9 am today.
“A mild heat wave is sweeping across the divisions of Rangpur, Rajshahi, Dhaka, Mymensingh, and Sylhet, as well as the districts of Jashore, Chuadanga, and Kushtia. It is likely to ease in most regions,” the department reported.
In addition, BMD predicted light to moderate rainfall or thundershowers, accompanied by temporary gusty winds, across most of Rangpur, Rajshahi, Dhaka, Mymensingh, Khulna, Barishal, Chattogram, and Sylhet divisions. Some areas are expected to experience moderate to very heavy rainfall.
Temperatures across the country may drop by 1-2 degrees Celsius during both day and night.
On Monday, Dinajpur in the Rangpur division recorded the country’s highest temperature at 38.6°C, while Bandarban in the Chattogram division saw the lowest temperature at 24.6°C early today.
Meanwhile, rainfall recorded in the past 24 hours, ending at 6 am today, reached 66 mm in Nikli of Dhaka Division.
The sunset in Dhaka is at 5:53 pm today, and sunrise is expected at 5:49 am tomorrow.
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