Bangladesh Industrial Finance Company Limited

Last updated
Bangladesh Industrial Finance Company Limited
Company type Public company
DSE:  BIFC
Founded1996;28 years ago (1996)
Headquarters Dhaka, Bangladesh
Area served
Bangladesh
Key people
 Moyeenul Islam Chowdhury (Chairman) [1]
Website bifcol.com

Bangladesh Industrial Finance Company Limited is a major non-bank financial institution in Bangladesh.

In 2021 the company got into financial trouble due to embezzlement by its former chairman Abdul Mannan. [2] The company had given large loans that were not performing to Sunman Group subsidiaries, owned by Abdul Mannan. [3]

The company is listed on the Dhaka Stock Exchange. [4] Bangladesh Industrial Finance Company Limited was one of four financial institutions targeted by Proshanta Kumar Halder; the others were People's Leasing and Financial Service Limited, FAS Finance and Investment Limited, and Reliance Finance Limited. [5] [6] [7]

History

Bangladesh Industrial Finance Company Limited was established on 10 August 1996. [8] It is located in Police Plaza Concord, Gulshan. [8]

Bangladesh Industrial Finance Company Limited was listed on the Dhaka Stock Exchange in 2006. [9]

In 2014, Bangladesh Industrial Finance Company Limited was declared a Z category stock on the Dhaka Stock Exchange. [9]

Bangladesh Bank appointed an observer in the board of directors of Bangladesh Industrial Finance Company Limited in 2015. [10]

From December 2012 to December 2016, defaulted loans at Bangladesh Industrial Finance Company Limited jumped from 12 percent to 90 percent. [9] In 2012 the company had 840 million loan and 2016 it was 7.8 billion taka. [9]

In November 2017, Bangladesh Industrial Finance Company Limited was on the verge of collapse. [9] Its chairman Major (retired) Abdul Mannan, who is also the chairman of Sunman Group, embezzled money from the institution. [9] The chairman was a politician of Bangladesh Nationalist Party. [10] According to Bangladesh Bank, Manan had taken 8.6 billion taka from Bangladesh Industrial Finance Company Limited. [9] Manan blamed a conspiracy by "Chittagong-based conglomerate". [10] The percentage of loans defaulted at the Bangladesh Industrial Finance Company Limited stood at 96 percent in December 2017 with the company on the verge of liquidation. [10] Proshanta Kumar Halder had also embezzled five billion taka from Bangladesh Industrial Finance Company Limited. [11]

On 9 August 2019, Anti-Corruption Commission sued the former Chairman of Bangladesh Industrial Finance Company Limited, Abdul Mannan, for embezzlement. [12]

The Bangladesh High Court appointed former justice Moyeenul Islam Chowdhury as the chairman of the board and four independent board members. [12]

Bangladesh Industrial Finance Company Limited shares on the Dhaka Stock Exchange rose sharply despite being in the negative financially in 2022. [13] It suffered its sixth year of straight loses in 2022. [14] BASIC Bank Limited defaulted on its loan from Bangladesh Industrial Finance Company Limited. [15]

Related Research Articles

Rupali Bank PLC. is a state owned commercial bank in Bangladesh. Its headquarters is in 34 Dilkusha, Dhaka. Kazi Sanaul Haque is the chairman of the bank. Mohammad Jahangir is the managing director of the bank.

<span class="mw-page-title-main">Janata Bank</span> State-owned commercial bank of Bangladesh

Janata Bank PLC. is a state-owned commercial bank of Bangladesh established in 1972. Its headquarters is situated at Motijheel in Dhaka, the capital city of Bangladesh. It is the second largest commercial bank in Bangladesh. In 2019, Janata Bank had a fiscal deficit of 82.56 billion taka, the highest of any bank in Bangladesh ever. It's the best performing public bank in Bangladesh.

Dhaka Bank PLC is a private limited commercial bank in Bangladesh. Its headquarters are situated in Dhaka. Currently the bank has 100 branches and 3 SME Service Centers around the country.

Bangladesh Development Bank PLC. is a state-owned commercial bank in Bangladesh. The bank has one of the highest loan default rates in Bangladesh.

BASIC Bank Limited is owned bank in Bangladesh which was founded on 2 August 1988. The bank was founded to finance small enterprises.

<span class="mw-page-title-main">Bangladesh Commerce Bank</span>

Bangladesh Commerce Bank Limited is a private sector commercial bank in Bangladesh.

<span class="mw-page-title-main">United Commercial Bank PLC</span> A private bank of Bangladesh

United Commercial Bank PLC (UCB) is a commercial bank in Bangladesh. It was established in 1983.

Shahjalal Islami Bank PLC. (SJIBPLC.) is a sharia compliant private sector commercial bank headquartered in Dhaka, Bangladesh.

<span class="mw-page-title-main">South Bangla Agriculture and Commerce Bank</span> 4th Generation Private commercial bank of Bangladesh

South Bangla Agriculture and Commerce Bank Public Limited Company (SBACBPLC) is a private commercial bank headquartered in Dhaka, Bangladesh. It incorporated in 2013 as a banking company under Companies Act, 1994 and is regulated under the Banking Companies Act, 1991. The bank has network of 88 branches and 25 sub-branches around the country.

Prashanta Kumar Halder, also known as PK Halder, is a Bangladeshi-Canadian banker, businessman and finance officer. He is a fugitive and wanted in Bangladesh for embezzlement of more than 102 billion taka, one of the biggest cases in Bangladesh. The Daily Star called him the "Sultan of Swindle".

Global Islami Bank PLC, former known as NRB Global Bank, is a fourth generation Bangladeshi sharia compliant private bank. Nizam Chowdhury is the chairperson of the Bank. Syed Habib Hasnat is the managing director of Global Islami Bank.

Saudi-Bangladesh Industrial and Agricultural Investment Company Limited is an investment and finance company owned by the government of Bangladesh and the government of Saudi Arabia.

International Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh. Md. Nazrul Islam Khan is the chairman and Md. Kazi Alamgir is the managing director of International Leasing and Financial Services Limited. Proshanta Kumar Halder, a banker and known as "Sultan of swindle", had according to media reports embezzled 30 billion taka from the institute and according to Bangladesh Bank 15.69 billion taka. The fraud was aided Amitav Adhikary, a cousin of Proshanta Kumar Halder and senior management at International Leasing and Financial Services Limited.

People's Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh providing leasing and investment services.

FAS Finance and Investment Limited is a major non-bank financial institution in Bangladesh providing lease financing and investment services.

Aviva Finance Limited is a sharia complaint major non-bank financial institution in Bangladesh. It was formerly called Reliance Finance Limited. Mohammed Saiful Alam is the chairman of Aviva Finance Limited and also S. Alam Group. The former managing director of Reliance Finance Limited, Proshanta Kumar Halder, embezzled from Reliance and other financial institutions in Bangladesh through fraudulent loans. According to the Anti-Corruption Commission Proshanta Kumar Halder stole 102 billion taka. The Daily Star gave Proshanta Kumar Halder the name sultan of swindle.

Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange.

Premier Leasing and Finance Limited, also known as PLFL, is a major non-bank financial institution in Bangladesh that provides leasing finance.

First Finance Limited is a major non-bank financial institution in Bangladesh. Khan Mohammad Moinul Hasan is the chairman of the First Finance Limited.

GSP Finance Company (Bangladesh) Limited is a major non-bank financial institution in Bangladesh. Feroz U. Haider is the chairman, Saber Hossain Chowdhury, and A. T. M. Shamsul Huda are the vice chairmen.

References

  1. ↑ "Board of Directors – Bangladesh Industrial Finance Company Limited" . Retrieved 2022-10-11.
  2. ↑ "Sur Chowdhury denies corruption allegations". The Daily Star. 2021-06-23. Retrieved 2022-10-11.
  3. ↑ "6 NBFIs burdened with Tk6,916cr default loans". The Business Standard. 2021-12-27. Retrieved 2022-10-11.
  4. ↑ "Stock turnover soars to two-month high". The Daily Star. 2022-08-02. Retrieved 2022-10-11.
  5. ↑ "Interpol issues red notice against PK Halder". The Daily Star. 2021-01-08. Retrieved 2022-10-11.
  6. ↑ "4 describe to court grief caused by PK Halder". The Daily Star. 2021-01-04. Retrieved 2022-10-11.
  7. ↑ Khan, Mahbubur Rahman (2020-08-14). "Ex-Reliance Finance MD embezzled Tk 3,000cr". The Daily Star. Retrieved 2022-10-11.
  8. 1 2 "company profile – Bangladesh Industrial Finance Company Limited" . Retrieved 2022-10-11.
  9. 1 2 3 4 5 6 7 Alo, Jebun Nesa (2017-11-14). "BIFC on the verge of collapse". The Daily Star. Retrieved 2022-10-11.
  10. 1 2 3 4 Uddin, Zamir (2018-05-11). "BIFC faces liquidation". The Daily Star. Retrieved 2022-10-11.
  11. ↑ "BB officials harboring financial thugs: HC says in full text of Dec 17 order". The Daily Star. 2021-01-04. Retrieved 2022-10-11.
  12. 1 2 "ACC files cases against 12 including ex-BIFC chairman". The Daily Star. 2019-08-09. Retrieved 2022-10-11.
  13. ↑ Habib, Ahsan (2022-09-25). "Shares of loss-making firms rise abnormally". The Daily Star. Retrieved 2022-10-11.
  14. ↑ "Scam-hit BIFC suffers losses for sixth straight year". The Daily Star. 2022-09-15. Retrieved 2022-10-11.
  15. ↑ Uddin, Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-11.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.