Social Islami Bank's statement regarding 'misleading' news about the bank
Some "misleading, untrue and defamatory" news regarding two investees of Social Islami Bank's in some news portals released Monday (28 November) has come to the attention of the bank authorities.
The two investees are M/s Sharp Knitting & Dyeing Ltd and Blithe Fashions Ltd.
A Social Islami Bank press release disclosed the following information:
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Sharp Knitting & Dyeing opened a current account in 2015 and has been transacting in the Banani branch of the bank.
An investment limit was sanctioned in their favour in 2015 on the application of the customer.
At present, the company's total debt with current profit to the bank is Tk163 crore. The customer company is involved in knit garments business.
A total of Tk139.73 crore have been given in their favour since inception against 881 local back-to-back LCs for procurement of raw materials.
The bank claims that currently there is only Tk22.26 crore outstanding debt.
The customer has exported products worth Tk 144.24 crore from 2016 to 2022.
An additional project financing of Tk117.85 crore was provided.
So, the issue of back-to-back LC-debt of $159,13,74,392 or Tk16,630 crore is fabricated and untrue.
A case has already been filed under the NI Act as the company has not paid the dues regularly. The process of filing the case in the Artha Rin Adalat (Money Loan Court) is underway.
Moreover, the customer is currently in touch with the bank for payment of the dues.
Another customer of the bank's Mirpur branch, Blithe Fashions Limited, has a current liability of Tk11.28 crore only and their export amount till 2018 was Tk90.65 crore.
Both the customers have mortgages against their factory land and factory building in favour of the bank.
Furthermore, they have been given local back-to-back LC facility for supply of raw material from local market.
No bonded warehouse facilities are provided.
The image and reputation of the bank has been tarnished by this false report, the press statement of the bank further reads, adding that the report attempts to create confusion among the general public which is undesired.
