Travel ban imposed on HRC Group chairman, wife over loan default
The order was issued today by Chattogram Money Loan Court Judge Mujahidur Rahman in a loan default case filed by Southeast Bank
A Chattogram court has imposed a travel ban on Sayeed Hossain Chowdhury, chairman of HRC Group and former chairman of ONE Bank, along with his wife, Farzana Chowdhury, due to a loan default case.
The order was issued today (16 October) by Chattogram Money Loan Court Judge Mujahidur Rahman in a loan default case filed by Southeast Bank.
Rezaul Karim, bench assistant of the money loan court, said Southeast Bank initiated the case against HRC Group in December 2022 to recover nearly Tk12.39 crore.
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"Overall, it appears to the court that they are wilful loan defaulters. According to the provisions of the Banking Company Act, a loan defaulter cannot hold the position of director in any bank. Consequently, Sayeed Hossain was ordered to vacate his position as director of One Bank on September 1," he added.
Southeast Bank sources said, HRC Group secured a loan from its Agrabad branch in 2009 and has since rescheduled the loan multiple times, up until 2019, without making any repayments. Furthermore, the loan was issued without collateral.
After reviewing the case, the court noted that Sayeed Hossain Chowdhury and his wife, Farzana, hold shares in One Bank valued at Tk 84.90 crore, indicating their capability to repay the loans. However, the court determined they have been exploiting legal procedures to avoid repayment of their outstanding debts.
In addition to the Tk 12 crore owed to Southeast Bank, the HRC Group is also reported to owe Standard Bank Tk 1.72 billion, as noted by the court.
