A Ctg shipbreaker and Tk2,000cr of unpaid loan

Ashikur Rahman Lashkar Maheen, a seemingly prosperous entrepreneur in the port city's shipbreaking industry, left the country without repaying a massive Tk2,000 crore loan he had taken from 10 banks and financial institutions.

He and his family flew to Dubai through Chattogram Airport on 6 March, just a day after the court banned him from leaving the country, according to his creditor banks and immigration officials.

Chattogram saw some 33 businesspeople owing banks over Tk20,000 crore leave the country in the last decade.

Maheen is the latest addition to the list of 13 who were able to cross the airport immigration even after a court ban on travelling abroad.

Lawsuit against Maheen

In 2018, Maheen obtained a Tk175 crore loan from National Bank's Khatunganj branch for his ship-breaking business – Grand Trading Enterprise.

Filed documents stated the company was located in North Sonachari of Sitakunda, but upon investigation, no such establishment was found, bank officials said. 

Unearthing the matter, the bank filed a loan case against three individuals, including Maheen on 1 December last year.

Reviewing the case, Chattogram Money Loan Court ordered a travel ban on Maheen on 5 March. 

A letter in this regard was sent to the central bank governor, Inspector General of Police (IGP) and Superintendent of Police (Immigration) on 19 March and Maheen's passport was suspended (stop list) on 21 March, said Muktadir Moula, record keeper at the Money Loan Court in Chattogram.

The gap between the court order and the passport ban was due to procedural length and workload, he said, adding that such cases need special requests to expedite the process.

The court order stated that the loan was disbursed in violation of existing banking norms. 

Furthermore, no repayments have been made since the loans were issued in 2019, it said. 

Shahadat Hossain, a former manager of the Khatunganj branch of National Bank admitted to The Business Standard, "Maheen was able to obtain this loan by using his connections with the higher-ups and without adhering to any legal procedures."

Maheen's creditors

Maheen obtained Tk1,500 crore from AB Bank's Agrabad branch, Tk185 crore from Dhaka Bank's Agrabad branch, Tk100 crore from Mercantile Bank's Agrabad branch, Tk100 crore from Agrani Bank's Laldighi branch, Tk29 crore from Premier Bank's Pahartali branch, and Tk24 crore from IFIC Bank's Agrabad branch.

Furthermore, he obtained Tk72 crore from Phoenix Finance, Tk19 crore from Fareast Finance and Investment, and Tk12 crore from Meridian Finance and Investment.

These loans were taken in the names of Maheen Enterprises, Grand Trading Enterprises, ARL Shipbreaking, and ARL Garments, according to Maheen's creditors.

Maheen's rise

Maheen's father, Atiur Rahman Lashkar, was a marine surveyor for a Germany-based company. After retiring from his profession, he began a consumer goods business in Chattogram in 2000 and eventually transitioned into the shipbreaking industry.

Subsequently, his son Maheen assumed control of the family business. 

Maheen earned a bachelor's degree from the UK where he developed close relationships with the children of various industrial group owners of Bangladesh.

AB Bank loans

Allegedly, Maheen used this friendship to secure a loan of around Tk1,500 crore from AB Bank with only nominal collateral, bank people said. 

According to AB Bank sources, Maheen took his first loan from the bank in 2004. From 2007-08 onwards, he gradually started taking out larger amounts of loans, they said, but none of them wished to be named. 

Although he initially made proper loan repayments for the first few years, after 2013-14 he failed to make any significant repayments.

Despite being a defaulter, Maheen managed to obtain a loan worth Tk133 crore in February 2020 for importing scrap ships using his influence. 

Although he rescheduled the loan last year, he has not been making regular instalments since January. 

The officials concerned of AB Bank Agrabad branch declined to comment on Maheen's loans.

However, they expressed concern about the loan repayment since he has already left the country.

According to sources, there are only five flats worth Tk5 crore that serve as collateral for a loan of Tk1,500 crore.

Dhaka Bank loans

Maheen's ARL Shipbreaking imported 10 scrap ships from 2006 to 2018 through Dhaka Bank's Agrabad branch in the port city. 

Initially, he repaid the loan, but later he failed to repay the price of several ships worth Tk185 crore.

Although the loan was rescheduled last year, three instalments remain due since January.

The collateral for this loan includes a 160-decimal shipyard in Sitakunda, a building in the Sholashar area, and 26-decimal land in Khulshi. 

The combined maximum value of these assets is Tk80 crore.

Maheen owns multiple properties in the posh Khulshi residential area of Chattogram. 

Recently, he constructed another luxurious house on a 100-decimal plot of land in the North Khulshi area, equipped with modern amenities such as a swimming pool and gymnasium.

According to an engineer involved in the construction, the building has been constructed using modern and high-end materials. 

The total cost of the house, including the land, is estimated to be more than Tk100 crore.

During a visit to the head office of ARL Shipbreaking in the BGMEA Building in Khulshi, on 30 March, no senior executives were found.  An employee said, "Maheen is not in the country. I do not know when he will return."

Meanwhile, calls made to Maheen's two phone numbers and WhatsApp have gone unanswered.