Zarif Mahmud: The National Board of Revenue (NBR) has listed 480 establishments to pay maximum VAT at the national and district levels in the financial year 2021-22. The list is given to Bangladesh Bank for verifying the credit information of these institutions. A verification of the list showed that 427 institutions were free from defaulters. The owners and directors of the remaining 53 institutions have been identified as defaulters in their respective institutions.
Out of 53 institutions, 17 institutions were also defaulters. This information has emerged in a report sent by Credit Information Bureau (CIB) of Bangladesh Bank to NBR.
It is known that among the 53 companies identified as defaulters, some of them are defaulters in other related companies. Many others are defaulters because of credit cards, because the information of one person’s name is transferred to another’s name, there are also defaulters as defaulters and guarantors. A review of the report showed that out of 53 institutions, 17 institutions are defaulters. Besides, its owners and directors are also debtors. The remaining 36 institutions are not defaulters but the owners and managers of these institutions are defaulters.
17 defaulter companies
According to the report, King’s Confectionery (Bangladesh) Pte Ltd is insolvent. Director of the organization. Shamim Miah as guarantor and defaulter due to private company. Rajmahal Foods and Sweets Industries is also in default; Md. Mirza of the organization. Belal Ahmed is a defaulter due to the interest related debtor institution. Sayham Multi Fiber Textiles Limited is in default; Kashfia Nehrin of the company is insolvent due to related companies. Well Food and Beverage Company Limited is in default; The director of the company, Syed Sirajul Islam, is insolvent due to the related organizations. Northern Agricultural and Industrial Co. Ltd. Debtor. Osman Auto Bricks Industries Limited Debtor; Director of this institution. Osman Sheikh is insolvent due to vested interest in the institution of delinquency. Globe Pharmaceuticals Limited is insolvent; Its director Mamunur Rashid Karin defaulted on loans to related institutions. Next Food and Beverage Industries Limited is in default; Maruf Sattar Ali, the director of the company, is insolvent due to his vested interests. Intra Snacks & Beverages Ind. Limited Debtors; The director of this institution, Mohammad Azad Khan, is a debtor in the related institutions. SK Motors company along with its director. Sabbir Hossain is a debtor. RR Spinning and Cotton Mills Limited is also a defaulter; Nabila Afzal, the director of the institution, is insolvent due to vested interests. Besides, Interfold Trading, Chayana Bangla Foods company and its owner AKM Anichur Rahman, Messrs. Asfakul Alam Chowdhury company and its owner Asfakul Alam Chowdhury, Islami Pachur Hotel company and its owner Md. Shariful Islam and Messrs. Poly Plywood company along with its owner Md. Mohib Ulyah has been identified as a defaulter.
36 Institutions not in default; The owner and director are in default
Analysis of the report showed that the director of Foot Step Bangladesh Limited. Saiful Islam, Director of Heritage Resort Limited Menhazur Rahman, Director of Alam Marine Sheep Builders Limited. Alam Khan, Director, Nettle Cartridge Paper Mills Ltd
Abdul Matlub Ahmed, Director of Highway Inn Limited, Syed AKM Salim, Partner of Marishipa Outfitters, Abul Masud Chowdhury, Owner of M/s Nova Bajaj. Aminul Islam, owner of Rangpur Traders. Jasim Uddin, owner of Messrs. Rezia Sap Factory. Mizanur Rahman, Khalid Hossain Sajjad, owner of Arfat Trading, Shyamal Kumar Vanik, owner of M/s Ratna Traders, Shafiqul Alam Gulzar, director of Hotel Arena (Pvt.) Ltd., director of Western Motors. Taj Rahman Tony, Director of Cameo Plastic Industries. Abdur Rashid, Arafat Auto owner Arafat Hossain, Hasan Pulp and Paper Mills Limited director ATM Shafiqul Hasan (Jewel), Deshbandhu Cement Mills Limited director Golam Rahman, Aristocrat Restaurant owner Atikuzzaman Khan and Prime Distribution owner Jahedul Islam have been identified as defaulters. Most of them are defaulters due to the debtor institutions as guarantors and its stakeholders.
The report also shows that owners and managers of some establishments have been identified as credit card defaulters. Among them, the owner of Hotel Sugandha and Restaurant Shahadat Hossain, owner of M/s Himalaya Auto Bricks. Rahinur Islam, Srijani Trade Center Director M Harun R Rashid, Tamim Enterprises Owner M Harun-R Rashid and Fu-Wang Ceramic Industry Ltd Director S A Mahabub Alam are credit card defaulters.
On the other hand, SC Johnson Private Limited, Jiangsu Jinding Storage Co., Ltd., Hotel Pasur, Hotel Abhi, Olympic Industries Limited and Super Star Electronics Limited are free of defaulters. CIB could not verify the credit information of two of these companies, Arora Manu and Yang Lianlian, directors of SC Johnson Private Limited and Jiangsu Jinding Storage Co., Ltd., respectively, as they did not send personal information as per the inquiry form. Besides, instead of Hotel Pasur, the information of Bangladesh Tourism Corporation has been given in the inquiry form. Nilufar Yasmin’s information is given in the inquiry form instead of the information of Kazi Nurul Huda, proprietor of Hotel Abhi. Instead of the information of the director of Olympic Industries Limited, Mobarak Ali. Nazimuddin has information. And Super Star Electronics Limited Director. Instead of Haroon-R-Rashid. Ibrahim had information.
According to the Bank Companies Act, if the owners or directors of 53 companies are willfully in default of their other related companies, then those companies cannot take loans from any bank or financial institution. If there is no willful default, the loan will be subject to receipt of NOC from Bangladesh Bank.
When asked about this, director of Nettle Cartridge Paper Mills and former president of FBCCI, Abdul Matlub Ahmed told, “I am not a defaulter anywhere.” I was the chairman of a leasing company in 2014. Everything was fine then. Later they defaulted. But most of the banks have given clearance. But the Mutual Trust Bank willfully defaulted when the leasing company went bad.’
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