On Tuesday (July 14), Bangladesh Bank issued a directive in this regard. The directive states that until December 31, 2027, the provisions of Section 27Ka(3) of the Bank Companies Act will not apply to Shinepukur Ceramics.
Economy
Now Salman F Rahman's company gets special benefit
As a result, the company will be able to open LCs only for importing raw materials through Sonali Bank by depositing 100% margin. However, the government or Bangladesh Bank will not bear any liability for any loans or financing provided under this facility. The directive also clearly states that no financial assistance can be claimed against such loans in the future.
According to Section 27Ka(3) of the Bank Companies Act, a bank or financial institution cannot provide new credit facilities to a defaulting customer.
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According to related sources, after August 5, 2024, Beximco Group was classified as a loan defaulter, causing complications in opening LCs for other companies within the group as well. Although Shinepukur Ceramics itself is not individually a defaulter, being part of the same group, the company faced legal restrictions.
However, there is an exceptional provision in the Bank Companies Act. If a defaulting company within a group is not a willful defaulter, or if Bangladesh Bank believes there is a reasonable cause for the failure to repay the loan, then other companies in the group are not automatically considered defaulters. With prior approval from Bangladesh Bank, these companies can be provided with necessary credit facilities.
Under that provision, after obtaining approval from the Ministry of Finance, Bangladesh Bank granted this special exemption to Shinepukur Ceramics.
Earlier, similar benefits were given to Abdul Monem Group's company Abdul Monem Sugar Refinery Limited. The company was also allowed to open LCs for importing raw materials on a 100% margin basis for a specific period.