Court orders Noorjahan Group directors to pay Tk580cr in two months

The Money Loan Court in Chattogram ordered six directors of Noorjahan Group to pay Tk 580 crore to Rupali Bank within 60 days in a loan default case filed by the bank.

Judge Mujahidur Rahman of the court issued the order against the six on Monday.

In 2016, Rupali Bank filed three cases against Nurjahan Group subsidiaries Jasmir Vegetable Oil, Marbin Vegetable Oil, and Nurjahan Super Oil Limited over recovery of defaulted loans.

The bank filed three cases against the directors of these companies Zahir Ahmed Ratan, Tipu Sultan, Jasim Uddin, Tasmin Monowar, Iftehar Al Jaber and Farhad Monowar, said Md Rezaul Karim, bench assistant of the court.

He said that in 2011, Rupali Bank provided loans to the Nurjahan Group subsidiaries to import crude edible oil. Despite several rescheduling facilities, Noorjahan Group failed to repay the loans.

Rezaul Karim said that the Jasmir Vegetable Oil Limited Chairman Tipu Sultan is serving the sentence in Chattogram jail in another loan default case filed by Southeast Bank Limited. Zaheer Ahmed Ratan and other accused are absconding after arrest warrants were issued against them.

In the order against these defaulters, the court stated that their defaulted loans to various banks including Janata Bank, Sonali Bank, Agrani Bank, Rupali Bank, Southeast Bank, and National Bank are more than TK 5000 crore.