Dhaka, Mar 23 (V7N) –Islami Bank has issued an auction notice to sell the assets of Infinity CR Strips Industries Limited, a subsidiary of S Alam Group, to recover outstanding loans.
The bank published the auction notice in a national daily on Sunday, for the sale of the company's assets.
According to the notice, as of March 20, the total dues of the company to Islami Bank, including principal and interest, amount to Tk2,738 crore.
To recover this amount, the bank will sell 201.75 decimals of mortgaged land, including buildings and structures, belonging to Infinity CR Strips Industries. The properties are located in Chittagong.
The notice states that interested buyers must submit their bidding proposals by April 27.
Notably, the factory of Infinity CR Strips Industries has been shut down due to a shortage of essential raw materials after failing to open a letter of credit (LC).
In 2019, S Alam Group took control of Islami Bank’s board after acquiring its shares. Following this, the group obtained loans amounting to over Tk50,000 crore from the bank under various names.
Currently, S Alam Group holds approximately 83% of Islami Bank’s shares, which have been seized under the directive of Bangladesh Bank.
After the fall of the Awami League government, Islami Bank’s board was also dissolved, effectively ending S Alam Group’s control over the bank.
Previously, Janata Bank also issued auction notices to recover loans by selling mortgaged assets of various subsidiaries of S Alam Group.
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