Mannan alleges plotters eyeing his BIFC shares

Business Report

Maj (retd) Abdul Mannan, former chairman of BIFC, yesterday claimed that a vested quarter was plotting to acquire his shares in the non-bank financial institution.

“I am a victim of conspiracy and the vested quarter has been trying to acquire the full ownership of Bangladesh Industrial Finance Company (BIFC) illegally,” he told a press conference at National Press Club in Dhaka, protesting the propaganda against the BIFC.

The vested quarter purchased 5 percent of the BIFC shares from the capital market in 2015 and two persons of the group later got directorship in line with the central bank’s instruction, he said.

The group later took over the company’s board by raising false allegations against the sponsor shareholders, said Mannan, who served as chairman and director of the BIFC from 2000 to 2010.

“As a sponsor shareholder, I now fear for losing my shares. Besides, hundreds of shareholders are also now in frustration because of the ongoing uncertain situation,” he said.

Mannan said he owns 15 percent stakes in the BIFC, three foreign companies 50 percent while the public the rest 35 percent.

Mannan said a central bank audit report in 2015 stated that 42 organisations linked to him and his family members had taken loans amounting to Tk 394 crore from the BIFC, which was not correct.

“The central bank also sought explanation from me in this regard but I do not have any information about the majority of the organisations,” he said.

“Despite that, I have already recovered Tk 120 crore from 42 organisations as part of my responsibility and in the interest of my ownership in the BIFC,” said the former BNP lawmaker.

He said he was still trying to recover the rest of the overdue loans.

The vested quarter is now trying to turn the BIFC into a bankrupt financial institution in order to embezzle the value of the shares, he claimed.

He said to have proposed that the central bank governor recover the loans with just the cost of fund instead of imposing high interest.

“The governor verbally accepted the proposal. But it is regrettable that any effective measure is yet to take effect,” said Mannan.