Lawyers divided over loan rescheduling plan

Sonali Bank's lawyers are split about the proposed rescheduling of Hall-Mark Group's loans worth Tk 2,600 crore loans, taken out through fraudulence.
“Some of the lawyers are of the opinion that the amount was not a loan but embezzlement, so the question of rescheduling does not even arise. Rather, the steps taken in case of fraud need to be enforced,” said a high official of Sonali Bank upon condition of anonymity.
The other lawyers, however, are in favour of rescheduling, as it will ensure the recovery of at least a portion of the amount. They suggested that the bank gets hold of proper documentation and collateral and reschedules the loan against them.

“They are of the opinion that those funds are gone forever, otherwise,” the official added.
Of the outstanding amount, around Tk 200 crore was taken out as loan and the rest through various irregularities. The official cited the withdrawal of Tk 1,000 crore against a mere “slip” as an example of the irregularities that took place.
The official said the proposal together with the legal team's differing views would be placed before the board today. “What the board decides, we will put into action.”
Meanwhile, Sonali Bank, upon finance ministry's instruction in March, has evaluated the assets of Hall-Mark Group and found their value to be in the region of Tk 700 crore.
The ministry also asked the bank to come up with ways to resume Hall-Mark Group's operations, such that its 40,000 workers can continue to be gainfully employed. The move, however, faced staunch criticism from different quarters.