Liquidating co-actives, one of Sonali’s options


Tk 25-30b recoverable on assets currently in the possession of the bank: MD

| Update:
April 28, 2022 9:04:39 a.m.

The Hallmark scam impasse will be resolved by next year, either by liquidating its assets or creating a special economic zone on the mortgaged land, says Sonali Bank whose huge money has stalled .

Officials of the country’s largest state-owned commercial bank hope that around 25-30 billion taka would be recovered from the assets in the event of a sale.

“We have been able to put assets, including land, into our possession thanks to the court verdict related to the Hallmark case,” the bank’s managing director and CEO, Md Ataur Rahman, told a conference in press organized on Wednesday on the occasion of the bank’s 50th anniversary celebration. years of operation.

Responding to a question at the press conference at the bank’s headquarters in Dhaka, Mr Rahman said the scam came as a “shock” to the bank and that it had learned a lesson from loan fraud.

“There hasn’t been a scam since the Hallmark scam due to our improved governance,” the MD said.

The amount embezzled by the upstart Hallmark was determined to be Tk 35.46 billion withdrawn from the Ruposhi Bangla Hotel branch of Sonali Bank (now the InterContinental Dhaka Hotel) between 2010 and 2012.

Of this amount, Tk 18.37 billion is funded and Tk 17.09 billion unfunded.

The Anti-Corruption Commission filed about 50 complaints against Hallmark for the funded part of the case.

However, he dismissed the perception that Hallmark was the reason for the bank’s lack of capital.

The bank’s CEO said the bank’s capital shortfall is only on “paper”. In real terms, he said, the value of the services the bank provides to free government projects and other initiatives would far exceed the bank’s existing capital shortfall.

“For example, we did not take any commission on the Rooppur L/C power station project amounting to Tk 50 billion,” he said.

He reminds us that this is a government bank — the government takes the profits. Thus, the loss will also be compensated by the government. He would like to see the capital deficit disappear and balance the accounts.

The CEO said the bank has always been a partner in the country’s growth and wishes to remain so, always.

According to its official account, the profit of the bank increased by Tk 1.35 billion in 2021 compared to the previous year.

The bank’s remittances also rose significantly, from $2.53 million in February to $4.21 million last March. Sonali Bank held the press conference to showcase its performance in the first quarter of the current calendar year.

The bank made an operating profit of 5.68 billion taka in the January-March period compared to 4.33 billion taka in the same period last year. The Bank’s lending also increased by 112.79 billion taka in the first quarter of 2022. The deposit increased by 47.77 billion taka during the reporting period.

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