Janata Bank has announced an auction of the collateral property of ‘Global Trading Corporation Limited’, a subsidiary of S Alam Group, to recover defaulted loans of Tk 1,850 crore. Janata Bank hopes to recover a fifth of the dues by selling off the group’s collateral land in Chattogram, Gazipur This marks the first time a bank has moved to auction the mortgaged assets of an S Alam Group, a business conglomerate, amid allegations that the group siphoned off billions of taka from various banks through loans during former Prime Minister Sheikh Hasina's 15-year tenure. High Court orders S Alam Group to submit asset list The bank announced the auction, set for November 20, in newspapers on November 1 and invited interested parties to submit their bids. According to bank insiders, the value of the mortgaged assets, consisting of 1,860 decimals of land across Chattogram and Gazipur, have a maximum market value of Tk358 crore, which is less than a fifth of the total amount due. This valuation is almost five times less than the amount owed. It is not possible to fully recover the defaulted debt by selling this property. Further legal action may be required to recover the outstanding balance. According to section 12(3) of the Debt Court Act, the money can be recovered by selling the collateral property before the bank files a case. S Alam Group alone took more than half of loans of Islami Bank: new chairman Al Masud In an audit report of the Comptroller and Auditor General (CAG) of Bangladesh in 2021, the Global Trading Corporation has taken additional loans beyond the credit limit without complying with the guidelines of Bangladesh Bank. According to S Alam Group's website, the global trading corporation established in 2012 was engaged in the trading of industrial raw materials, commercial products, and construction materials. According to the report, in 2012, Global Trading Corporation initially took a loan of Tk 650 crore from Janata Bank's Chittagong corporate branch located in the General Insurance Building. Singapore seeks asset information on S Alam Group This loan has reached a total of Tk1070.65 crore until the year 2021. Of this, Tk 617.47 crore is PAD (Payment Against Document), Tk 223.18 crore is LTR (Trust Receipt) loan and Tk 229.99 crore is CC hypo loan. The amount of loan with interest increased to Tk 1850 crores in September 2024.

Six major state-owned banks—Sonali, Janata, Agrani, Rupali, BASIC, and Bangladesh Development Bank (BDBL)—have been operating without managing directors (MDs) for nearly a month, creating a leadership vacuum in these key financial institutions. The Ministry of Finance sent a letter on September 19, officially canceling the contracts of the MDs for these banks. In response, the chairmen of the banks have urged Finance Adviser Dr. Salehuddin Ahmed to expedite the appointment of new MDs. Banks hit by liquidity crunch: Limited cash withdrawals spark nationwide frustration In a meeting on Monday, Sonali Bank Chairman Mohammad Muslim Chowdhury, Agrani Bank Chairman Syed Abu Nasser Bakhtiar Ahmed, and Rupali Bank Chairman Nazrul Huda met with the finance adviser to discuss the urgent need for leadership in the banks. They stressed the importance of filling the vacant MD positions as soon as possible. A chairman who attended the meeting confirmed that they had formally requested new MD appointments, and the finance adviser assured them that the matter would be reviewed. Finance Adviser urges banks to ensure rigorous loan scrutiny and inclusive lending Since the September 19 letter, the MDs have been officially removed from office, leaving the banks to operate without their top executives.

Janata Bank took solo lead in the Inter Bank Chess Team Tournament securing nine points after the 5th round matches held at Bangladesh Chess Federation Hall-Room on Sunday. Sonali Bank is in the 2nd position with 8 points and BRAC Bank, Eastern Bank and Agrani Bank are sharing the 3rd positions with 7 points each. READ: Women's Chess: Sharmin Sultana Shirin of Ansar emerges champion In the day's 6th or penultimate round matches, Janata Bank beat Rupali Bank by 4-0 game points, Sonali Bank beat Mercantile Bank by 3.5-0.5 game points, BRAC Bank beat Eastern Bank by 2.5-1.5 game points while Palli Sanchay Bank beat City Bank by 3-1 game points.  The 7th or last round matches will be held on Monday from 4:00 pm at the same venue.  

A senior officer of Janata Bank Soptopoti Branch died of coronavirus at a hospital in Bogura on Wednesday evening.

A senior bank officer of the corporate branch of Janata Bank Limited died from coronavirus at a hospital in Bogura district on Friday.   The deceased was identified as AKM Shahjahan Ali, 57, son of Nurul Isalm of Borogola in the district town.   Mizanur Rahman, IT officer of the bank, said Shahjahan had been suffering from fever since June 23. Later, he tested positive on June 24. Since then he was staying in isolation at his residence.   On Thursday night, Shahjahan was taken to TMS Medical College and Rafatulla Community Hospital with respiratory problems where he breathed his last around 5 am, said family sources.

Seven banks filed 4,305 cases against farmers over unpaid loans of around Tk 12.67 crore in the district.

Dhaka, Aug 21 (UNB) - The government has appointed new chairmen to two state-owned banks -- Sonali Bank and Janata Bank.