Desk Report:
Bank Asia has taken the initiative to recover the mortgaged assets of Partex Coal Limited, a subsidiary of Partex Group, worth about Tk 116.45 crore and put them up for auction. It is reported that the mortgaged assets put up for auction include 259.36 acres of land and factory buildings in Dhaka and Gazipur.
The company’s managing director, Rubel Aziz, is currently a director of City Bank.
The auction notice states that Rubel Aziz has been mentioned as one of the mortgagees in the auction notice. The loan will be recovered through the sale of mortgaged assets of Partex Coal Limited, which was recently published from the Mohakhali branch of Dhaka. The auction has been called under the Money Laundering Court Act, 2003. Tenders will be accepted until August 3.
According to the Bank Asia notice, the outstanding loan amount of Partex Coal, which imports and markets coal in the local market, was Tk 116.45 crore as of July 9. The loan has been classified as it has not been repaid despite being given notices continuously. The auction notice includes the names of Partex Coal’s managing director and 50 percent shareholder Rubel Aziz and five others, including the late M.A. Hashem, founder of Partex Group.
Bank Asia Managing Director Sohel RK Hussain said, “According to the law, the company has failed to repay the loan on time. As a result, the loan has been classified. The mortgaged assets are being auctioned following the legal process to recover the loan. We are always in favor of negotiating to recover the loan. The person who is managing the company is also a bank director. He should know all the rules. If the company pays the dues before the auction, we will postpone the auction.”
Although Rubel Aziz was contacted several times by phone in this regard, he did not pick up the phone. He did not respond when a message was sent on WhatsApp.
It is learned that Rubel Aziz is a Bangladeshi businessman and managing director of Partex Group. He is a director of City Bank and president of Banani Club.
Rubel Aziz is serving as the Managing Director of Partex Beverage Limited, Partex Plastics Limited, Partex Jute Mills Limited, Partex Aviation Limited and Partex Properties Limited.
Partex Coal Limited, formed in December 2014, started commercial operations in March 2015. The company imports coal from Indonesia and South Africa and supplies it mainly to brick kiln traders through seven sales centers in the country.
Bangladesh Bank last issued a policy on February 11 regarding the eligibility to be a director in light of the Bank Company Act.
The policy states that if someone’s own or an institution related to them defaults in a bank or financial institution, he will lose his eligibility to be a director. However, if the defaulted loan is regularized, he can become a director again. However, if someone is identified as a wilful defaulter, he will not be able to become a director until five years have passed since he was released from default.
In this regard, Arif Hossain Khan, spokesperson and Executive Director of the Central Bank, said that if the bank wants, it can sell the collateral assets of wilful defaulters as per the rules. The initiatives that banks are taking to reduce their loans are a positive aspect. And defaulters cannot be bank directors. If this comes to the notice of Bangladesh Bank, action will definitely be taken against it.
Dr. Mustafa K. Mujeri, executive director of the private research organization Institute for Inclusive Finance and Development and former chief economist of Bangladesh Bank, said, “Such a bad culture has been going on in our banking sector for a long time. Directors are taking loans in collusion with each other. And defaulters are happening. The central bank has to be strict on these issues. Those who are doing this have to be brought under punishment.”
