Industrial and Infrastructure Development Finance Company Limited

Last updated
Industrial and Infrastructure Development Finance Company Limited
Formation2000
Headquarters Dhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Website iidfc.com

Industrial and Infrastructure Development Finance Company Limited is a non-bank financial institution in Bangladesh. Md Golam Sarwar Bhuiyan is the managing director of Industrial and Infrastructure Development Finance Company Limited. [1]

Financial scamster Prashanta Kumar Halder was the deputy managing director of Industrial and Infrastructure Development Finance Company Limited in 2008. [2] [3]

History

Industrial and Infrastructure Development Finance Company Limited was established in 2000. [4] Mohammed Matiul Islam, first finance secretary of Bangladesh, was the founding chairman. [5] It received its license on 23 January 2001 from Bangladesh Bank. [6]

In February 2007, Investment Promotion Financing Facility became eligible to participate in the Investment Promotion Financing Facility organized by International Development Association and Bangladesh Bank. [7] Bangladesh Bank, under governor Salehuddin Ahmed, asked it to float it's shares on the stock exchange. [8] It led a syndicated loan for Charka Textile Limited, a subsidiary of PRAN-RFL Group. [9] It provided 1.93 billion BDT loan to BSRM Iron and Steel Co Limited, a subsidiary of BSRM Group. [10]

The deputy managing director of Industrial and Infrastructure Development Finance Company Limited Proshanta Kumar Halder was appointed the managing director of Reliance Finance in 2009. [11] [12] The Daily Star would later describe him as the Sultan of Swindle after he scammed 102 billion BDT from financial institutions. [13] [12] [14] Another co-worker of Halder at Industrial and Infrastructure Development Finance Company Limited, Uzzal Kumar Nandi became chairman of People's Leasing and Financial Services Limited and helped Halder in his scams. [15]

In 2010, M Matiul Islam, chairman of Industrial and Infrastructure Development Finance Company Limited, signed a cooperation agreement with HP Kumar, chairman of National Small Industries Corporation, for technical support to establish an ICT village in Bangladesh. [16] It was the issue manager of 1.1 billion BDT bonds of Bank Asia as approved by Bangladesh Securities and Exchange Commission. [17] It worked with World Bank to finance Hybrid Hoffman Kilns in Bangladesh. [18] [19]

Bangladesh Bank fined Industrial and Infrastructure Development Finance Company Limited in 2022 relocating the Uttara branch without proper approval. [20] On 5 January, Md. Ataur Rahman Prodhan, former managing director of Sonali Bank, was appointed Chairman of Industrial and Infrastructure Development Finance Company Limited. [21] [22]

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References

  1. ↑ Afrin, Saudia (2024-05-26). "Driving economic growth". The Daily Star. Retrieved 2024-09-14.
  2. ↑ "Pk Halder's Scam: 2 fake firms, Tk 118 crore shady loans". The Daily Star. 2021-09-11. Retrieved 2024-09-14.
  3. ↑ "The extraordinary rise of PK Halder and the spectacular fall of firms he controlled". Bdnews24.com . Retrieved 2024-09-14.
  4. ↑ "IIDFC". iidfc.com. Retrieved 2024-09-14.
  5. ↑ "IIDFC". iidfc.com. Retrieved 2024-09-14.
  6. ↑ "IIDFC: An NBFI that leads by example". businesspostbd.com. Retrieved 2024-09-14.
  7. ↑ "Bangladesh Bank, IIDFC sign deal". The Daily Star. Retrieved 2024-09-14.
  8. ↑ "9 NBFIs to come under lens". The Daily Star. Retrieved 2024-09-14.
  9. ↑ "Charka Textile to set up composite knitwear plant". The Daily Star. 2008-03-21. Retrieved 2024-09-14.
  10. ↑ Khan, Kawsar (2008-09-19). "BSRM embarks on billet-making project". The Daily Star. Retrieved 2024-09-14.
  11. ↑ "The extraordinary rise of PK Halder and the spectacular fall of firms he controlled". bdnews24.com. Retrieved 2022-10-11.
  12. 1 2 Khan, Mahbubur Rahman (2020-09-27). "From the Archives: So far Tk 10,200cr swindled by PK Halder". The Daily Star. Retrieved 2024-09-14.
  13. ↑ Khan, Mahbubur Rahman (2022-05-21). "Unrestrained, PK Halder became the sultan of swindle". The Daily Star. Retrieved 2024-09-14.
  14. ↑ Khan, Mahbubur Rahman (2020-08-23). "Sultan of swindle". The Daily Star. Retrieved 2024-09-14.
  15. ↑ Khan, Mahbubur Rahman; Uddin, AKM Zamir (2021-02-18). "With a little help from his friends!". The Daily Star. Retrieved 2024-09-14.
  16. ↑ "IIDFC signs deal with Indian company over ICT village". The Daily Star. 2010-03-31. Retrieved 2024-09-14.
  17. ↑ "SEC fines 6 individuals, 4 institutions". The Daily Star. 2012-02-29. Retrieved 2024-09-14.
  18. ↑ "Infrastructure Development Company Limited (IDCOL)". idcol.org. Retrieved 2024-09-14.
  19. ↑ sarwar (2022-04-18). "IIDFC awards five brick kilns with Tk 2.87 crore in carbon credit". CPD Power and Energy Study. Retrieved 2024-09-14.
  20. ↑ Uddin, AKM Zamir (2022-06-19). "IIDFC fined Tk 31 lakh". The Daily Star. Retrieved 2024-09-14.
  21. ↑ "Ataur made IIDFC chairman". New Age. 5 January 2022. Retrieved 14 September 2024.
  22. ↑ "Sonali Bank MD & CEO Prodhan elected Chairman of IIDFC". bangladeshpost.net. Retrieved 2024-09-14.
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