Bangladesh Bank Governor Ahsan H Mansur has confirmed that Bashundhara Group will be allowed to reschedule its defaulted loans, contingent on the industrial giant making a down payment as stipulated by the central bank’s regulations.
The decision follows a meeting on Thursday (6 March) at the Bangladesh Bank conference room, where the governor met with Bashundhara Chairman Ahmed Akbar Sobhan.
According to Arif Hossain Khan, spokesperson for Bangladesh Bank, the BB governor outlined that Bashundhara must comply with all necessary regulations to benefit from the rescheduling facility.
Discussions regarding the rescheduling took place in the presence of Deputy Governors Zakir Hossain Chowdhury and Kabir Ahmed, along with Bashundhara Adviser and former Deputy Governor of Bangladesh Bank, Ahmed Jamal, representing Sobhan.
An official privy to the meeting revealed that governor Mansur directed the deputy governors to work closely with the concerned banks to expedite the rescheduling process of Bashundhara’s loans.
Sources disclosed that Sobhan clarified during the meeting that his sons operate separate businesses and that Bashundhara has been split into five distinct units.
These units have secured loans from various banks, ensuring that no individual loan exceeds the single borrower exposure limit.
As per the regulations, Sobhan’s name appears as the chairman of all Bashundhara-related institutions, as per RJSC Form-12.
However, each unit is considered independent, and they are not categorised as a single group.
To comply with the rules, the debt must be reduced to the prescribed limits.
During the meeting, the Governor reiterated that the loan rescheduling application must be accompanied by a down payment, as per the central bank’s policy.
Following Sobhan’s expression of willingness to make the required payment, the BB governor agreed to the rescheduling and instructed the deputy governors to take the necessary actions.
Ahsan H Mansur emphasised that while Bangladesh Bank seeks to avoid any institution facing closure, personal transgressions will be dealt with individually, which is why certain personal accounts, including those of Bashundhara family members, have been frozen.
In a revealing statement, Sobhan highlighted that Bashundhara’s wealth was built within Bangladesh, but the company has been tainted by accusations of money laundering by the Criminal Investigation Department (CID) and account freezes by the Bangladesh Financial Intelligence Unit (BFIU).
These actions have contributed to a negative perception both domestically and internationally.
Contrary to popular belief, the BB governor clarified that not all of Bashundhara’s accounts have been frozen, noting that the freezing of accounts only applied to specific individuals.
The conglomerate’s financial dealings are currently under scrutiny by a government-formed joint investigation team, which is looking into various allegations, including money laundering, tax evasion, and fraud.
Anti-Corruption Commission (ACC) has uncovered that Bashundhara has established approximately two dozen institutions in eight countries, involving a mix of individual companies and shareholder entities tied to the Bashundhara family.
The ACC has identified assets such as banks, real estate, and corporate firms acquired between 2011 and 2024.
Among the more notable developments, a Dhaka court issued an order on 18 February to block investments in six UK-based companies linked to family members of Sobhan, while a flat in Dubai’s Burj Khalifa was also seized.
Additionally, in October of the previous year, the BFIU froze the accounts of eight family members, including Sobhan’s.
