Singer Bangladesh Posts Tk 185M Net Loss in Q3

Padma Bank, facing severe financial difficulties, has requested Tk 1,300 crore in liquidity support from Bangladesh Bank to repay depositors. The bank's CEO, Kazi Md Talha, stated that the application for support was made last week, but no response has been received yet.

The Anti-Corruption Commission (ACC) is investigating Salman F Rahman, former adviser to the PM, and Shah Alam Sarwar, former MD of IFIC Bank, for their involvement in a loan scam totaling Tk 19.07 billion. Allegations include abuse of power, irregularities, and loan disbursements without proper competition, with funds misused for five companies.

Bangladesh's interim government accuses Adani Power of breaching a 2017 power deal by withholding tax benefits from its Godda plant, which supplies energy to Bangladesh at significantly higher costs than similar deals.

The National Board of Revenue (NBR) has revoked the indefinite tax exemption on loan interest for SS Power Limited, a subsidiary of S Alam Group, effective January 2024. The exemption, granted since March 2019, ends following an SRO issued on 17 December.

Janata Bank has been partially exempted from the Bank Companies Act-1991 to lend money to Beximco Group, a major loan defaulter, to help pay employees of Beximco Industrial Park. Despite Beximco owing Tk 23,328 crore to Janata Bank—410% of its own capital—the bank will lend Tk 180 crore to the conglomerate.