Ctg court bars MD of RSRM from leaving the country

Chattogram Orthoreen Adalat in a ruling, barred the managing director of steel industry group RSRM from leaving the country for a loan default case involving Tk313 crore.

Justice Mujahidur Rahman of Chattogram Orthoreen Adalat issued the ruling Wednesday against Maksudur Rahman, MD of RSRM, in response to an appeal by the Laldighi Corporate Branch of Janata Bank.

Janata Bank General Manager and Laldighi Corporate branch chief, Nurul Alam, said the RSRM Group has not been making payments on the loan for a long time now. Although they agreed to pay after rescheduling, they did not pay, and hence it was not possible to reschedule their loan.     

A staggering amount of money from various financial institutions is stuck with Maksudur Rahman.

Apart from Janata, Maksudur took a loan from Sonali Bank amounting to Tk663 crore, Tk150 crore from Mercantile Bank, Tk56 crore from Global Islami Bank, Tk60 crore from Trust Bank, Tk55 crore from Lanka-Bangla Finance, and Tk24 crore from Prime Finance.

According to the Orthoreen Adalat, Janata Bank filed a case on 29 March 2018 to realise Tk312 crore 82 lakh from M/S Ratanpur Ship Recycling Industries Ltd, a sister concern of RSRM.

On 5 January this year, the Laldighi Branch of Janata Bank auctioned off the factory and other assets of Ratanpur Steel Re-rolling Mills Ltd, to realise Tk201 crore.

RSRM is one of the giant steel mills in Chattogram.

Laldighi Branch of Janata Bank has Tk1200 crore stuck with Maksudur. They also have a Tk409 crore outstanding loan to Modern Steel Mills Ltd, Tk313 crore to M/S Ratanpur Ship Recycling Industries, and Tk882 crore to SM Steel Re-rolling Mills.

The accused in various cases filed by banks against the RSRM Group are Ratanpur Group MD Maksudur Rahman, Chairman Shamsun Nahar Rahman, the two sons Mizanur Rahman and Marjanur Rahman, brother of the MD, Yunus Bhuiyan, and Modern Steel Mills Chairman, Alauddin.