Janata Bank has given Annotex Group the opportunity to repay its loans within two years by selling mortgaged properties. Annotex’s 128 acres of land will be sold to recover BDT 5,000 crore in debt. The proceeds from the land sale will first go towards repaying the bank’s loans, with any remaining land reverting to Annotex. The process will involve a tripartite agreement between the bank, borrower, and buyer. Annotex Group’s owner, Yunus Badal, mentioned that the pandemic-induced economic downturn hindered their ability to repay the loan. This initiative aims to benefit the bank and help it reduce its non-performing loans below 10% by 2026, in line with IMF requirements.
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