Shimanto Bank loan default: Court imposes travel ban on Lovello Ice Cream MD Ekramul, family
ACC Assistant Director Hafizur Rahman noted that credible sources suggested the accused could flee the country any time.
A Dhaka court has imposed a travel ban on Lovello Ice Cream's Managing Director Ekramul Haque, his wife Nargis Haque, and their daughters, Muhsinina Sharika Ekram and Muhsinina Tarika Ekram, amid an ongoing investigation into an alleged loan default with Shimanto Bank.
Dhaka Metropolitan Senior Special Judge Sabbir Foyez issued the order today (26 November) following a petition from the Anti-Corruption Commission (ACC).
Court bench assistant Riaz Hossain confirmed the development.
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ACC Assistant Director Hafizur Rahman sought the travel ban, noting that credible sources suggested the accused could flee at any time, making the travel restriction necessary to ensure an unhindered and effective investigation.
According to the petition, Ekramul Haque is accused of failing to repay a loan taken from Shimanto Bank Limited.
Attempts to reach him over the phone were unsuccessful, as he did not respond to repeated calls.
Taufika Foods and Lovello Ice-Cream is a publicly listed company, and was listed in 2021.
It declared a 16% dividend combining 11% cash dividend and a 5% stock dividend for the fiscal year ending 30 June 2025.
According to the disclosure, the company reported earnings per share (EPS) of Tk1.65. In comparison, the EPS was Tk1.79 for FY24.
Today, its shares price closed at Tk77.10 each at the Dhaka Stock Exchange (DSE).
Lovello Ice Cream clarifies status of loan accounts
Following the court order, Taufika Foods and Lovello Ice Cream PLC issued a statement tonight (26 November) clarifying the status of its loan accounts with Shimanto Bank PLC.
Managing Director Md Ekramul Haque said the company had taken a loan from Shimanto Bank to meet business needs, but began facing difficulties amid the severe economic downturn under the previous "fascist government," particularly from 2023 onward.
Despite the challenging times, the company "made maximum efforts" to continue regular repayments, he said.
Ekramul Haque noted that following the Mass Uprising of July 2024, adverse business conditions affected the company's ability to maintain routine loan instalments, leading Shimanto Bank to halt regularisation of the loan accounts in April 2025.
However, he said all loan accounts have remained regular under an order of the High Court.
He added that, under Bangladesh Bank's BRPD Circular No. 7 dated 26 September 2025, the company has already deposited the required down payment for loan regularisation.
"We believe the issue has effectively been resolved," the statement said.
According to the company, the court's directive came today because Shimanto Bank has not yet updated the revised repayment schedule.
Taufika Foods and Lovello Ice Cream PLC expressed hope that the matter will be settled promptly once the bank completes the update.
