Amid a collection of mortgage scams crippling Worldwide Leasing and Finance Providers Restricted, a grave image has come to gentle – the non-bank monetary establishment disbursed loans surpassing mortgaged belongings by tenfold or with none mortgage in some circumstances.
The present board, arrange by the Excessive Courtroom following widespread mortgage scandals, has discovered that the troubled NBFI lent round Tk4,500 crore in opposition to mortgaged belongings valued at Tk437 crore solely.
Now the board needs to promote the belongings.
Md Mashiur Rahman, managing director of the NBFI, mentioned, “There have been quite a few irregularities within the disbursement of loans. In lots of circumstances, not even a single taka was stored as collateral, and a few debtors can’t be traced.
“Restoration efforts are underway by tracing the cash by means of the financial institution accounts the place loans had been disbursed. Circumstances are additionally being filed for this function.”
In line with knowledge from the NBFI, practically one-third of disbursed loans had been obtained by 14 corporations owned by Prashanta Kumar Halder, also called PK Halder, and his associates. These establishments have taken roughly Tk1,300 crore in loans by conserving solely Tk304 crore in belongings as collateral.
Out of 250 debtors, Worldwide Leasing’s mortgage place is over Tk2,000 crore to 31 massive debtors in opposition to mortgaged belongings of Tk322 crore.
Aside from this, the loans disbursed to small entrepreneurs in opposition to collateral quantity to Tk115 crore.
How Worldwide Leasing is planning to show round
Worldwide Leasing is now attempting to make a turnaround by promoting the mortgaged belongings.
The NBFI is unable to return the purchasers’ deposits because it can not get better the loans.
Worldwide Leasing is making ready a long-term scheme to return buyer deposits. Underneath the scheme, the NBFI will search time from depositors to repay their cash over an extended interval however will clear their curiosity quantity.
Md Mashiur Rahman mentioned the deposits had been misappropriated in the course of the earlier board, and the establishment solely exists however has no everlasting belongings, aside from mortgaged belongings. These belongings will likely be offered, and the proceeds will likely be reinvested. From the curiosity revenue, the depositors will likely be paid their curiosity, and the establishment will step by step be revitalised.”
He mentioned no depositors will likely be refunded now.
Worldwide Leasing has additionally determined to situation new shares in opposition to deposits, and a scheme can be being ready on this regard. The legal responsibility will likely be settled by promoting shares of the corporate in opposition to the deposits.
Md Mashiur Rahman mentioned the strain will likely be diminished now that funding by promoting mortgage belongings and the issuance of shares in opposition to deposits are full. Because of this, if the restricted sources are invested, Worldwide Leasing will obtain some revenue.
PK Halder, associates’ 14 companies took Tk1,350cr
Fourteen corporations owned by PK Halder and his associates borrowed Tk1,339 crore from Worldwide Leasing with a mortgage of solely Tk304 crore.
The Worldwide Leasing administration has determined to promote the mortgaged belongings because the house owners are absconding and unable to search out anybody to gather the debt.
Belongings have been frozen in reference to a case filed by the Anti-Corruption Fee. These belongings will likely be offered after getting cleared from the ACC.
A crocodile farm situated in Bhaluka, Mymensingh, has already been offered for round Tk38 crore.
Imexo, Sandeep Company, Moon Enterprises, and Kanika Enterprises, owned by PK Halder, are among the many corporations which have taken loans from Worldwide Leasing.
Amitabh Adhikari, managing director of Annan Chemical substances Industries Restricted, Earthscope, RB Enterprises, SA Enterprises, and P&L Worldwide, can be a cousin of PK Halder.
Land bought on mortgage from ILFSL mortgaged to different establishments
In line with the monetary report, Lipro Worldwide took a Tk126 crore mortgage from Worldwide Leasing and Monetary Providers to purchase 109.78 decimals of land in Inexperienced Street, Dhaka.
However solely 18.975 decimals had been mortgaged to Worldwide Leasing, and the remaining 90.805 decimals had been stored as collateral for FAS Finance.
Nazrul Islam Khan, chairman of Worldwide Leasing, mentioned, “Now we have repeatedly written FAS Finance and Investments and FAS Capital administration looking for to swap the mortgage agreements with Worldwide Leasing and Worldwide Leasing Securities, however the matter shouldn’t be being resolved.”
Wintel Worldwide took Tk100cr with out collateral
A borrower of Worldwide Leasing, Wintel Worldwide owns a 10-storey constructing in Uttara.
The corporate mortgaged the constructing when it took a mortgage from FAS Finance however borrowed Tk100 crore from Worldwide Leasing with out conserving any collateral.
Nazrul Islam Khan mentioned within the 2022 annual report of Worldwide Leasing, “Though Wintel Worldwide took a mortgage with out conserving collateral, Worldwide Leasing has to pay the corporate lease for having an workplace within the constructing 12 months after 12 months. Worldwide Leasing has a debt of Tk142 crore with FAS Finance, which can be not being recovered.”
He mentioned, by transferring the workplace, department, and two subsidiaries to the constructing owned by Wintel by mutual legal responsibility adjustment (Swap), will probably be potential to stop the money movement of round Tk3.55 crore every year in lease and in addition get better the debt.
In line with the annual report for 2022, Worldwide Leasing and Monetary Providers has Tk8,334 crore in liabilities.
Among the many liabilities borrowed from banks, monetary establishments, and brokers are Tk1,312 crore.
Time period deposit and different accounts whole Tk2,869 crore, of which solely the time period deposit quantity is Tk2871 crore, different deposits are Tk52.28 crore, and different liabilities quantity to Tk4,152 crore.
The time period deposit refers to deposits from people and establishments for a interval of not lower than three months.
Different deposits signify deposits acquired in opposition to leases and direct financing on signing of the settlement, that are topic to reimbursement on expiration of the settlement.
The non-bank monetary establishment disbursed Tk4,126.87 crore. Of which, 90.86%, or Tk3,749 crore, is classed. Solely Tk377 crore is unclassified, in accordance with its newest annual report for 2022.