Court bars RSRM MD from leaving country

The Money Loan Court in Chattogram in a ruling yesterday barred the managing director of Ratanpur Steel Re-Rolling Mills (RSRM) from leaving the country in a case filed over the company allegedly defaulting on a Tk 312.82 crore loan.

The ruling was issued on Maksudur Rahman based on a case filed by the Laldighi branch of Janata Bank on March 29, 2018.

Justice Mujahidur Rahman issued the ruling in response to an appeal.

As many 10 cases have been filed so far against the RSRM over cheques being dishonoured and non-repayment of loans worth Tk 1,500 crore taken from different financial institutions, including banks.

The RSRM took the loans between 2010 and 2015 and the cases were filed between 2017 and 2019 as the company did not repay any of the loans, said court sources.

Advocate Maruf Chowdhury, legal advisor of Janata Bank, told The Daily Star, "I could not attend court today (Wednesday) due to illness. However, I have learned that the court has banned the MD of RSRM from leaving the country."

"The appeal was made out of fear that the accused would flee without paying the bank dues," he added.

Maksudur Rahman's mobile was found to be switched off when this newspaper attempted to reach him for comments last night.

The defendant's lawyer, advocate Rafiqul Islam, told The Daily Star, "The next step will be taken following talks with my client."