A Chattogram court imposed an overseas travel ban on four people, including Ratanpur Steel Re-Rolling Mills Ltd (RSRM) owner and Managing Director Maksudur Rahman.
The other three are Maksudur Rahman’s two sons--Mizanur Rahman and Marzanur Rahman--and company’s director Alauddin.
Judge Mujahidur Rahman of Artha Rin Adalat imposed the travel ban on Maksudur Rahman, his two sons and company’s director Alauddin on Sunday following a petition filed by Trust Bank, said bench-assistant Rezaul Karim.
At the same time, the court also issued a show-cause notice to the manager of Trust Bank CDA Avenue Branch for not filing a case on time.
The court issued the show-cause notice due to a delay in filing the case on charges of defaulting on a loan of Tk 188 crore from Trust Bank.
According to the case documents, Maksudur Rahman is one of the top loan defaulters in the country. A number of loan default cases were filed with the court against him and the directors of RSRM Group.
A dozen of banks and financial institutions, including Janata Bank and Sonali Bank, owe them more than Tk 2,500 crore. Of them, the court imposed a travel ban on Maksudur Rahman on January 27 last year in a case filed by Janata Bank to recover a loan of Tk 312.82 crore.
The case was filed on March 29, 2018 by Janata Bank Laldighi Corporate Branch with the court demanding recovery of Tk 312.82 crore loan, which was taken from the bank in the name of Ratanpur Ship Re-cycling Industries Ltd.
Three and a half years after filing the case, when the incident came to the notice of the court, it issued a summons by publishing a notice in the newspapers.
On the other hand, Sonali Bank had advertised in the media to auction the company’s immovable property to recover Tk 201 crore of defaulted loans from RSRM.
According to the auction notice published in various newspapers, M/s Ratanpur Steel Re-Rolling Mills owes Sonali Bank Tk 201.43 crore. Against the unpaid loan, 100 decimals of land, including the group’s factory in Chattogram’s Bayezid area, will be auctioned.
It was learnt that Maksudur Rahman was arrested by RAB from Dhaka on June 8 last year following the arrest warrant in multiple cases. Later, he was produced before a Metropolitan Magistrates court in Chattogram. At that time, he was also shown arrested in six other cases over cheque fraud.
However, Maksudur Rahman got bail from the court in the cases.
Around a dozen of banks and financial institutions filed cases against RSRM Managing Director (MD) Maksudur Rahman, Chairman Shamsun Nahar Rahman, MD’s two sons Mizanur Rahman and Marjanur Rahman, Director Yunus Bhuiyan and Modern Steel Mills Ltd Chairman Alauddin on charges of defaulted loans.
In 1973, Maksudur Rahman started up business. As the scope of the business grew step by step, the entrepreneur established RSRM in 1986. RSRM was listed on the stock market in 2014.
The company raised Tk 100 crore from the market through an initial public offering (IPO). In the IPO, the face value of each share was Tk 10, but sold at Tk 30 and Tk 40 with a premium.
