Court allows Lovello Ice Cream MD Ekramul Haque to travel abroad for 15 days
The court, however, rejected the application of his wife, Nargis Haque, seeking permission to travel abroad
A court has granted permission to Md Ekramul Haque, managing director (MD) of Lovello Ice Cream and a loan defaulter of Shimanto Bank, to travel abroad for 15 days.
However, two and a half months ago, the court had imposed a travel ban on him. Dhaka Metropolitan Senior Special Judge Sabbir Faiz passed the latest order on the 8th of this month.
A copy of the order has been obtained by The Business Standard. Ekramul Haque has been allowed to travel abroad from 9 February to 23 February.
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The court has directed him to return to the country on 24 February after completing his medical treatment.
The court, however, rejected the application of his wife, Nargis Haque, seeking permission to travel abroad.
In November last year, following a petition by the Anti-Corruption Commission (ACC), the same court had barred Md Ekramul Haque from leaving the country.
At that time, the court also imposed travel restrictions on his wife Nargis Haque and their two daughters, Muhsinina Sarika Ekram and Muhsinina Tarika Ekram.
Taufika Foods & Lovello Ice Cream PLC is a publicly listed company that manufactures and markets ice cream under the brand name "Lovello." The company's managing director is Mr Ekramul Haque.
The company maintains banking relationships with AB Bank, Trust Bank, LankaBangla Finance, and Shimanto Bank.
According to information provided by lending institutions, the total liability of the Taufika Group stands at approximately Tk550 crore, of which around Tk200 crore has been classified as "Bad & Loss."
While other group entities are currently non-operational, Taufika Foods & Lovello Ice Cream PLC continues its operations. The company's annual sales are approximately Tk100 crore, which is considered limited in comparison to the total outstanding liabilities.
Banks have filed cases in court to recover the outstanding loans.
However, due to court stay orders, the recovery proceedings were temporarily suspended. Subsequently, based on complaints, the matter was submitted to the ACC for investigation.
The court order states that, considering the petition filed by Mohammad Ekramul Haque, the supporting documents, submissions by the learned counsel, and the overall circumstances, and in the interest of justice, permission is granted to the petitioner, Mohammad Ekramul Haque, to travel abroad for 15 days from 09-02-2026 to 23-02-2026, on condition that the passport of his wife, Mrs Shamima Nargis Haque, is deposited with the court.
A Shimanto Bank official has alleged an unauthorised transfer of shares in violation of the Bank Company Act, reportedly notified to the BSEC. There are also allegations of non-disclosure to banks regarding a director holding a foreign passport. These matters have reportedly been communicated to Bangladesh Bank, BSEC, FRC, ACC, and BFIU.
According to the company profile, Md Ekramul Haque holds 21.60% sponsor shares in Lovello Ice Cream.
