Loan default: Court orders halt in fuel supply to Shah Amin Group's fuel stations
Chattogram Money Loan Court Judge Mujahidur Rahman gave the order on Monday after hearing a writ petition filed by Islami Bank against the group over non-repayment of Tk164 crore loan.
A Chattogram court ordered Meghna Petroleum Ltd to stop supplying fuel to two fuel stations owned by transport trading company Shah Amin Group as the conglomerate did not pay back loans taken from Islami Bank Ltd to build the stations despite making huge profits.
Chattogram Money Loan Court Judge Mujahidur Rahman gave the order on Monday after hearing a writ petition filed by Islami Bank against the group over non-repayment of Tk164 crore loan.
Confirming the matter to The Business Standard, the court's bench assistant Rezaul Karim said the Islami Bank's Chaktai branch filed three loan cases in 2021 against three organisations of Shah Amin Group over alleged default of Tk164 crore.
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Ahmad Nabi Chowdhury, proprietor of the company, is not paying the defaulted loans despite the group earning huge profits by operating two petrol pumps with bank financing, according to the case documents.
However, talking to TBS, Nabi Chowdhury claimed that his group has paid almost all the dues to the bank.
"I have almost paid the dues against the loan. Still, the bank filed a case in court demanding additional money. I will face loss due to the court's decision before the matter is settled.
"If fuel supply is stopped at petrol pumps, it will not be possible to pay the dues of the public-private organisations and traders concerned. In the future, payment to the bank will be harder," he said.
Earlier on 6 June, the same court also banned Shah Amin Group's Managing Director Ahmad Nabi Chowdhury, his wife and the company's Chairman Mumtaz Begum as well as his son and Director Syed Mohammad Jahangir from leaving the country.
According to the information of banks and businessmen of related sectors, Ahmad Nabi Chowdhury has been doing oil, motor parts and petrol pump business in the port city for a long time.
Since 2005, Shah Amin has been in the transport business.
In 2007, the group took a loan of Tk125 crore from Islami Bank at various times to expand its business.
