Bangladesh Bank has forced four banks to pay

Tk 523 crore to Sonali Bank after detection of financial anomalies among these banks regarding a transaction of Beximco Group.

The central bank yesterday deducted the amount from the accounts of Janata, Agrani, Rupali and Exim Bank and gave the money to Sonali Bank.

Two sister concerns of Beximco Group -- Beximco Ltd and Bextex -- transacted goods between themselves by opening letters of credit (LC) locally.

Bextex, which was the seller, opened a local L/C through Sonali Bank and traded goods with Beximco Ltd.

Beximco Ltd committed to pay the price of the goods through the four banks.

Though the transaction was completed last year, Beximco Ltd did not pay the four banks. As a result, the four banks did not pay the dues to Sonali Bank.

Sonali Bank wrote a letter to the BB last week requesting it to settle the matter, which resulted in the BB action.

A BB official said the amount will have to be made a 'forced loan' to Beximco on part of the four banks.

In effect, Beximco remains a defaulter to the four banks who were forced to pay for them.

An official of Sonali Bank said the four banks owed a total of about Tk 650 crore to it regarding the Beximco transactions.

The four banks have already repaid Tk 127 crore to Sonali Bank.

News: The Daily Star/ Bangladesh/ 09-May-2012