Govt probes Beximco loan securities from banks

Industry: Healthcare & Pharma, Pharma
Company: Beximco Group

The government has asked nine banks, which lent Tk 40,000 crore to Beximco, to provide details of the collateral backing the loans. Beximco’s collateral, including 75 acres of land valued at Tk 1,200 crore, is inadequate compared to the loans, with over half of the Tk 50,000 crore debt becoming non-performing. Some banks did not conduct audits since 2011, leading to poor loan assessments. The government has already disbursed Tk 223.43 crore for employee arrears and is considering further actions regarding Beximco’s shuttered textile factories.

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