Hallmark Scam
BB asks Sonali again to settle accepted bills
Bangladesh Bank on Monday asked again Sonali Bank to settle the accepted bills with other banks relating Hallmark scam as the state-owned bank failed to fulfil its own commitment.
The BB also asked the SBL to inform the scheduled banks concerned about which payment of their disputed accepted bills of the Hallmark scam would not be settled.
To this end, the BB issued a letter to managing director and chief executive officer of the SBL asking it to take required measures in the quickest possible time.
BB deputy governor Nazneen Sultana told New Age on Monday that the bank had given a commitment on February 18 in a bankers’ meeting held at the central bank headquarters that it would settle the undisputed accepted bills with other banks by one month.
‘Besides, the bank also gave commitment that it would inform the banks concerned about which payment of their disputed accepted bills would not be settled within the period’, she said.
But, the bank did not fulfil its commitment and it sought directives further from the central bank in this regard.
Against the backdrop, the BB issued the letter along with the minutes of the bankers’ meeting, she said.
The central bank will take strict measures against the SBL if it does not settle the undisputed accepted bills, she said.
Of the Tk 3,547 crore embezzled by the Hallmark Group, Tk 1,709 crore was taken out through letters of credit, and after the scam had come to light, the SBL decided to stop payment of the bills accepted by other banks in fear of fraud is involved in them.
This soured the SBL’s relations with the other banks, with one state-owned bank even threatening to file a case.
As a result, the banking sector plunged in a lack of mutual trust and disinterest in business, which put an adverse impact on the entire banking business.
Under the circumstances, the BB on January 23 sent a letter to the Anti-Corruption Commission chairman requesting completion of the investigation as soon as possible.
According the BB letter, 38 cases have been filed so far for the funded loans (Tk 1,837 crore). But investigation into the alleged irregularities involving the non-funded loans (Tk 1,709 crore) that were taken through LCs has not been completed yet.
The non-funded loans arose when the SBL purchased accepted bills through different branches of 26 banks.
-With New Age input
