Court restricts transfer of Aramit Cement's mortgage properties in loan default case
Show-cause notice served to MD ex-minister Saifuzzaman
The Chattogram Money Loan Court-1 has issued a restriction on the transfer of mortgaged properties, including an apartment, belonging to Aramit Cement PLC.
The order was issued on Tuesday (15 July) by Judge Md Helal Uddin in connection with a loan default case filed by Bank Asia's Agrabad branch. The bank alleged that the company had defaulted on a loan amounting to over Tk14.63 crore.
Court bench assistant Mohammad Ershad confirmed the development to TBS.
Keep updated, follow The Business Standard's Google news channel
In addition, the court has served a show-cause notice to the company's Managing Director and former minister Saifuzzaman Chowdhury Jabed, asking him to explain why the mortgaged property should not be seized.
The court order states: "Until the resolution of the case, the apartment located on the 5th floor, Flat 6/A, of the Gulshan Residential Model Town, along with its associated parking space, cannot be transferred, sold, or registered in anyone else's name."
According to the lawsuit filed by Bank Asia, Aramit Cement mortgaged the property at the time of taking the loan, which was later mutated in favour of the bank. The company allegedly failed to comply with loan repayment terms and has been in a long-standing default. The total dues, including interest, now exceed Tk14.63 crore.
The bank claims that the defendants are attempting to sell or transfer the mortgaged property, prompting them to seek legal protection.
The case names nine individuals as defendants, including the chairman and the managing director of Aramit Cement PLC. Among them, Saifuzzaman Jabed is described as a key decision-maker in the company's operations. He is specifically accused of delaying repayment and breaching prior commitments made to the bank.
