Home ›› 30 Sep 2022 ›› Front
Scam-hit International Leasing and Financial Services Ltd (ILFSL) new board of directors wants to convert its deposit and loan liability into equity to settle its overall liabilities.
The ILFSL said it at a press conference on its office premises after the annual meeting on Thursday.
Mashiur Rahman, Managing Director of the company at the briefing said: “We are working to reconstitute our balance sheet and in the meantime an agreement was signed with Sonar Bangla Capital Management for issue management services to convert our deposit and loan liability into equity.”
After that the organization will match its overall liability with earning assets leading to return to smoother cash flow, he said.
Earlier, 26th Annual General Meeting (AGM) of ILFSL was held through virtual medium at its head office with its Chairman and former secretary Nazrul Islam Khan in the chair.
He said the company had paid around Tk139.6 crore back to its 4,652 clients after resuming the office.
“We have already paid the amount of money back to the clients. Initially, we have targeted the small investors as the number of small investors is huge. Once, the situation improves the authority will pay the entire amount of money of the investors that has remained unpaid.”
According to the company as of June this year, outstanding deposit amount was Tk1, 740 crore. Of the deposit Tk640 crore is individual deposit and Tk1, 100 crore is corporate deposit.
Liability of the scam hit company is Tk2450 crore. The outstanding loan amount was Tk4, 112 crore while the default loan amount was Tk3, 151 crore or 76.63 percent of total outstanding loan.
However, the chairman and MD could not give the information at the press conference about how much money has been collected so far.
While presenting yearly performances at the briefing, Mashiur Rahman said the financial institution is on the verge of recovering and reconstruction after the damage due to the financial scam between 2015-2019 by its former Managing Director PK Halder and others.
Before and after 2014 parliamentary elections, PK Halder bought shares from the capital market under different names and came into the ownership of People’s Leasing, International Leasing, FAS (FAS) Finance and BIFC.
The Anti-Corruption Commission (ACC) is investigating allegations of embezzlement of more than Tk10, 000 crore against him. Out of this amount Tk6, 080 crore has been recovered. ACC has seized this money from different banks of the country.
PK Halder who fled abroad two years ago after committing the scams was recently caught in West Bengal, India. Bangladesh government is trying to bring him back to the country.
