RSRM MD, sons barred from leaving country in Tk188cr loan default case
The Chattogram Money Loan Court has barred Maksudur Rahman, managing director of the Ratanpur Steel Re-Rolling Mills (RSRM), and two directors of the group from leaving the country in a loan default case.
The two accused directors of the conglomerate are—Mizanur Rahman and Marzanur Rahman – sons of Maksudur.
Judge Muzahidur Rahman of Chattogram Money Loan Court issued the ruling on Sunday responding to an application filed by the Trust Bank.
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Confirming the news, Rezaul Karim, bench assistant of the Chattogram Money Loan Court, said the court also served a show cause notice on the manager of the concerned bank section for not filing the case on time.
The Business Standard, however, could not reach out to any of the RSRM officials for their comments immediately.
As per data obtained from the court, Trust Bank's Chattogram CDA Avenue branch sued M/s Modern Steel Ltd, a subsidiary of the RSRM Group, on 31 March this year, for recovery of Tk188.26 crore.
The court in its observations said that after the filing of the case, the proprietors of the company did not appear in court despite the summons, and notification in the newspaper. The plaintiff (bank) has mentioned in the application that the borrowers are preparing to leave the country.
Different banks and financial institutions owe more than Tk2,500 crore to various institutions of the RSRM Group. The Bangladesh Bank has already given facilities for long-term loan repayment, including interest waiver, but the proprietors of the group are not showing any willingness to repay the loan, the court observed.
Currently, RSRM Group is accused in 25 cases so far on allegations of defaulting Tk2,500 crore from 10 banks and financial institutions.
The conglomerate defaulted Tk1,200 crore from Janata Bank, Tk650 crore from Sonali Bank, Tk150 crore from Mercantile Bank, Tk56 crore from Global Islami Bank, Tk188 crore from Trust Bank, Tk55 crore from LankaBangla Finance Ltd, and Tk24 crore from Prime Finance Ltd.
Production of two factories of the group stopped on 12 December, 2020 due to long-standing power bill dues and lack of working capital.
Banks accused RSRM Group MD Maksudur Rahman, Chairman Shamsun Nahar Rahman, managing director's brother Yunus Ali Bhuiyan, two sons Mizanur Rahman and Marzanur Rahman and Modern Steel Mills Ltd Chairman Md Alauddin are accused in the loan default cases.
