Court attaches EXIM Bank head office over Tk389cr loan default
The next hearing is scheduled for 21 August
A Dhaka court has attached the EXIM Bank head office temporarily over a loan default case involving around Tk389 crore owed to Bank Asia.
Judge Mujahidur Rahman of Dhaka's Artha Rin Adalat (Money Loan Court) No-5 issued the order today (5 August), directing the seizure for a period of 15 days.
According to court sources, Bank Asia—the plaintiff in the case—claimed that EXIM Bank had borrowed Tk388.95 crore about a year ago amid a liquidity crisis but failed to repay the loan even after its maturity.
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The complaint further stated that there is no specific mortgaged property against the loan, although the bank's head office is listed in the loan documents.
Due to the bank's worsening financial condition, Bangladesh Bank has recently initiated efforts to merge EXIM Bank with other banks.
In light of EXIM Bank's vulnerable position, Bank Asia argued that the seizure was necessary to safeguard the possibility of loan recovery.
After reviewing the documents, the court issued a show-cause notice asking why the head office should not be permanently seized, instructing EXIM Bank to respond within 15 days.
Until the response of the bank is submitted, the court has ordered the temporary seizure of the property.
The next hearing is scheduled for August 21, when EXIM Bank is expected to present its reply.
