Court orders seizure of Clifton Group Chairman Kamal’s residence over defaulted loans
A Chattogram court has ordered the seizure of the residence of M Kamal Uddin Chowdhury, chairman of Clifton Group, over a defaulted loan.
Judge Mujahidur Rahman of Chattogram Money Loan Court issued the order today, in connection with a case filed by the BASIC Bank against a Tk69 crore debt.
Confirming the matter, the court's bench assistant Rezaul Karim said in 2018, BASIC Bank filed a case claiming a defaulted loan of Tk69.55 crore.
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In the case, MRF Trade House Limited's Managing Director Rashed Murad Ibrahim, its Chairman M Kamal Uddin Chowdhury and its directors Kaniz Farzana Rashed and Murshed Murad Ibrahim were named as defendants.
According to the court and the creditor bank's information, MRH Trade House Limited took out a loan in 2010 from BASIC Bank's Jubilee Road branch for importing goods. This loan was not repaid until 2018. Later, the bank filed a case to recover the loan. In lieu of which, Kamal mortgaged a house along with 98 katha of land. Since the loan was not repaid within eight years of the case being filed, the court ordered the seizure.
An official of the BASIC Bank, speaking on condition of anonymity, confirmed that the primary beneficiary of the loan is Rashed Murad Ibrahim, also the director of Crystal Group.
"Rashed is Kamal's son-in-law. Kamal became chairman of MRH Trade House Limited to help his son-in-law obtain the bank loan. As his son-in-law did not repay the loan, Kamal is now in trouble."
Kamal could not be reached for comment on the matter.
