Bashundhara can avail loan rescheduling with down payment: Governor

Bangladesh Bank Governor Ahsan H Mansur has agreed to provide Bashundhara Group with rescheduling facilities for its defaulted loans, provided a down payment is made on the specified amount. 

The governor said the industrial group must adhere to all regulations in order to avail of the rescheduling facility, according to Bangladesh Bank spokesperson Arif Hossain Khan.

According to central bank sources, such discussions took place during a meeting between the governor and Bashundhara Chairman Ahmed Akbar Sobhan at the central bank conference room today. 

Deputy governors Zakir Hossain Chowdhury and Kabir Ahmed attended the meeting, along with Bashundhara Adviser and former central bank deputy governor Ahmed Jamal, who represented Sobhan.

An official present in the meeting said the governor instructed the deputy governors to coordinate with the banks concerned to expedite the rescheduling of Bashundhara loans.

Sources at the meeting said Sobhan explained that his four sons' businesses are separate. Bashundhara has been divided into five units, with loans taken from different banks, ensuring none of the loans exceed the single borrower exposure limit.

The spokesperson said according to RJSC Form-12, Sobhan's name appears as the chairman of all the institutions. While each institution has its own individual chairman, it will not be considered a single group. The debt must be reduced to the prescribed limit as per the rules.

During the meeting, the governor said the loan rescheduling application must be submitted with a down payment as per the rules. After Bashundhara's chairman expressed willingness to make the down payment, the governor agreed and instructed the deputy governors to take the necessary measures.

He advised holding a meeting with the concerned banks to address the issue. The governor emphasised that the Bangladesh Bank does not want any institution to face closure or problems, but individual crimes will be judged, which is why some personal accounts have been frozen.

Sources said Sobhan mentioned in the meeting that Bashundhara's wealth was made in Bangladesh.

He pointed out that the Criminal Investigation Department accused them of money laundering, and the Bangladesh Financial Intelligence Unit blocked their accounts, creating a negative perception both domestically and internationally. 

Many believe that all Bashundhara accounts have been frozen. However, the governor clarified that no organisation's account has been frozen so far, he added.

A joint investigation team formed by the government is probing various allegations against the Bashundhara owners, including money laundering, tax evasion, and fraud. 

The Anti-Corruption Commission has information that Bashundhara has established around two dozen institutions in eight countries. Some of these are individual companies, while others are shareholder entities in the names of Bashundhara Group family members. 

Most of these institutions were established between 2011 and 2024, including assets like banks, real estate, and corporate companies, it added.

On 18 February, following an application by the ACC, the Dhaka Metropolitan Senior Special Judge ordered the blocking of investments in six UK companies linked to the family members. 

Additionally, an order was issued to seize a flat in Burj Khalifa, Dubai. In October last year, the BFIU froze the bank accounts of eight family members, including Sobhan.