Travel ban on Western Marine MD over default loan case
The Chattogram Money Loan Court has imposed a travel ban on Sohail Hasan, managing director of shipbuilding company Western Marine, in connection with a default loan case.
Justice Mujahidur Rahman issued the ban in response to a case filed by Bank Asia concerning a default of Tk506 crore.
Confirming the issue, the court's bench assistant Rezaul Karim said Bank Asia's Sheikh Mujib Road branch filed a case regarding this matter on 26 October 2022.
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Following that, the management of Western Marine sought time to settle the defaulted loan through negotiations, but they have not made any down payments in the last two years, he said.
The defendants have already admitted their debt but have shown no willingness to repay it. A review of the case indicates that the defendants are willful defaulters, he added.
As a result, the court has imposed a travel ban on the managing director of the company, Rezaul Karim said.
According to documents from various banks and the court, Western Marine owes at least Tk2,500 crore to 11 banks and eight leasing companies, including Tk938 crore to National Bank, in addition to its obligations to Bank Asia.
