B Mirror Report: EXIM Bank has put up for auction the mortgaged properties of subsidiaries under the Beximco Group, one of Bangladesh’s largest industrial conglomerates.
The move comes as part of efforts to recover a defaulted loan of Tk 409 crore. The announcement was made through an auction notice published in national dailies on November 6, marking a new chapter for Beximco, which has been facing a prolonged financial crisis.
According to the auction notice, the bank has announced the sale of 516.50 decimals of land located in Gazipur. Interested bidders have been asked to submit their offers by November 26.
EXIM Bank stated that, as of November 4, the outstanding loan of Beximco LPG Unit-1 stood at Tk 409 crore, borrowed from the bank’s corporate branch at its head office. The auction is being conducted under the Money Loan Court Act, 2003, which allows banks to sell mortgaged properties before filing a case in court. This is the first time since August 5, 2024, that EXIM Bank has exercised this legal right against Beximco.
Several Beximco subsidiaries—SS Company Limited, OK Company Limited, Astra Company Limited, and the publicly listed Bangladesh Export Import Company Limited (Beximco Limited)—served as guarantors and mortgagors for the loan. These entities operate across the group’s core business segments, including energy, textiles, pharmaceuticals, and construction materials.
EXIM Bank officials noted that although Bangladesh Bank has recently dissolved the bank’s board of directors as part of a process to merge it with four other banks, the auction move does not contradict that process. A senior official said, “This step is entirely within the legal framework and has been taken to protect depositors’ interests.”
Meanwhile, Beximco Group Vice-Chairman Salman F Rahman remains in jail following his arrest. Once considered one of the country’s most influential businessmen and policymakers, he now faces multiple financial and legal challenges.
Earlier in August, the Money Loan Court ordered six directors of Beximco Limited to repay Tk 360 crore to United Commercial Bank (UCB) within 60 days. According to government data, Beximco Group owes Tk 23,000 crore to Janata Bank alone, while its total liabilities across the banking sector are estimated at around Tk 35,000 crore.
As the financial crisis deepened, the previous government extended an interest-free loan of Tk 585 crore to Beximco to help pay overdue wages to its workers. Additionally, in May, the Anti-Corruption Commission (ACC), under court order, froze shares of 94 Beximco companies owned by Salman F Rahman and his associates.
