Annotex Group, an export-oriented company, will pay off Janata Bank’s Tk 4900 crore in the next two years by selling a large amount of mortgaged land.
Based on the agreement between the bank, the borrower and the buyer, the amount owed will be collected within two years from the deposit of the money from the sale of the whole land together with Janata Bank as Annotex. According to sources related to the bank, the board of directors of Janata Bank has taken this decision. Anontex said, in the interests of patriotism and economy, they will implement Janata Bank’s decision,
According to the bank sources, 18 companies of Anontex Group owed the bank 8 thousand 178 crores including accrued and uncharged interest till November 2022. Till that time, the amount of interest was about 5 thousand crores, and subsequently, the board of directors of the bank waived the interest of 3 thousand 359 crores under the one-time loan facility (one-time exit). 4 thousand 819 crores after interest waiver were stipulated to be paid by December 2023. Anontex Group failed to do so. With new interest added, now the bank’s debt to these institutions stands at 4 thousand 960 crores 77 lakhs. In view of the customer’s request, the bank has given a new time till 2025.
According to Anontex and bank sources, after taking loan from Janata Bank, the company has paid more than 1 thousand 800 crore 23 lakh rupees so far. In 2014, Anontex Group paid Tk 192 crore to Janata Bank. Then the group paid 236 crores in 2015, 296 crores in 2016, 342 crores in 2017 and 286 crores in 2018. In 2019, Anontex paid Tk 86 crore despite various controversies. And in 2021, it paid about 87 crore takas.
Bank sources informed that from 2014 to 2021, the Anontex Group made regular loan repayments, but even during the Corona epidemic, the export-oriented business continued. But later on the war situation in Ukraine led to the dollar crisis and inability to import raw materials. Like any other business in the world, shocks are also in the company. In this reality, on February 20, the board of directors of the bank decided to collect the loan amount, by maintaining the interest waiver and fixing the recoverable liability at Tk 4 thousand 960 crore to give an opportunity to repay the loan till the year 2025. For this, the group was asked to deposit 30 crores by March 30. However, the group is yet to deposit that amount.
According to bank sources, around 128 acres of land adjacent to Turag River in Ashulia and Tongi are mortgaged with the bank. As it is adjacent to the main campus of various private universities including Uttara Diabari, Metrorail Project, Bus Rapid Transit, Ashulia Expressway, Fashion Institute of BGMEA, Anontex’s land price is five times higher than its purchase price. The bank also said that the bank concerned is aware of this matter.
The owner of Anontex Group, Mohammad Yunus, said that against the loan to Janata bank, they have mortgaged their huge land; whose market value is much higher than bank loans. The bank thought that the loan could be repaid by selling the land. So, they have no objection to selling land through tripartite agreement. He wants to pay the bank money quickly. It may take a couple of years to complete the entire process. He will get the rest after paying the bank loan first with the land sale money.
Mohammad Yunus expressed hope that as a result of the bank’s new decision, both bank borrowers and customers will benefit, and the country’s economy will also be prosperou
