3 directors of Shah Amin Group banned from leaving country
Court bans the directors from leaving the country over a Tk67 crore default case
A court has banned three directors of Chattogram-based Shah Amin Group from leaving the country over a Tk67 crore loan default case filed by Islami Bank. Judge Mujahidur Rahman of the Chattogram Money Loan Court issued the ban order on Tuesday (6 June).
The three directors are: Managing Director Ahmed Nabi Chowdhury, his wife and Chairman Momtaz Begum as well as his son and Director Syed Mohammad Jahangir.
Md Rezaul Karim, bench assistant of the Money Loan Court, confirmed the ban order.
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According to the court, Islami Bank Chaktai branch filed three money loan cases against three organisations of Shah Amin Group back in 2021 for the recovery of loans worth Tk164 crore. Travel bans have been imposed in the case against Shah Aminullah Lubricants and Grease over Tk67 crore debt, while the other two cases are pending proceedings.
The case documents mentioned that the conglomerate's directors had not lodged any response in the period of 1.5 years after court summons. Later, on 22 November last year, the defendants attended the hearing sessions.
Furthermore, the value of the collateral was minimal in comparison with the Tk164 crore loan. If the defendants are allowed to leave the country, the recovery of general people's money would become uncertain, the court observed.
Thus, the defendants have been ordered to appear before the court with their passports by 21 June. The court has also directed the police to take necessary steps to prevent the accused from leaving the country.
The other two Shah Amin Group subsidiaries awaiting separate court proceedings are: Shah Amin Ullah Oil Agencies and Shah Amin Ullah Filling Station – that owe the Islami Bank Tk70 crore and Tk25 crore respectively.
Businessmen in the banking and related fields have said that Ahmed Nabi Chowdhury has been involved in the trade of oil, motor parts, and petrol pump for a long time.
The group started borrowing from Islami Bank in 2007. With the borrowed money the conglomerate entered the production business of lubricant oil, grease, and black oil. However, the company's "Boss" lubricant business went under within a few years of establishment due to poor management and marketing. The losses incurred from this project led to the failure in repaying bank loans.
