Southeast Bank to auction off assets of two companies

Southeast Bank has moved to auction off the properties of two concerns of Chattogram-based Nurjahan Group for their failure to repay loans worth Tk 297 crore.

“We have resorted to the legal process as the bank has failed to recover the overdue amount from the companies despite repeated attempts,” said M Kamal Hossain, managing director of Southeast Bank.

Accordingly, the bank through two advertisements yesterday announced that it would hold the auction for the mortgage properties on April 18.

The two concerns of Nurjahan Group are Marine Vegetable Oil and Nurjahan Super Oil.

The businesses took the loans from Jubilee Road branch of the bank six to seven years ago by mortgaging 6.06 acres of lands.

Zahir Ahmmad is the managing director of both the companies and Jasim Uddin is the chairman of Marine Vegetable. The two are the owners of the mortgaged properties being put up for auction.

The two entities became defaulters two to three years ago, but they filed writ petitions with the High Court and got stay on the defaulted status, Kamal said.

The bank has already started the legal process to vacate the writs. It will file cases with the Artha Rin Adalat at the earliest.

The principal amount of the loans disbursed to the two companies is about Tk 130 crore, Kamal said.

As of March 15, the outstanding debt, which includes the interest amount, surged to Tk 297 crore.