Court orders confiscating Mustafa Group building for defaulting Commerce Bank's Tk35cr
The Money Loan Court in Chattogram has ordered to confiscate the corporate building of the Mustafa Group in a case filed against the company for defaulting loans.
Judge Mujahidur Rahman of the court gave this order on Wednesday in a case filed by Bangladesh Commerce Bank.
According to court documents, the Agrabad branch of Commerce Bank filed a case against Mustafa Corporation, a sister concern of the Mustafa Group, for failing to repay a loan of Tk35 crore in 2019.
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Rezaul Karim, bench assistant of the Money Loan Court, said the court gave the order to confiscate the eight-storey building in the Agrabad area of the port city against an appeal of the bank.
Lawyers Syed Anwar Hossain and Aktarul Islam represented the bank at the court hearing.
The Mustafa Group, once a leading manufacturer in the consumer goods sector, is currently experiencing a difficult period and has not been involved in the consumer goods business for the past few years.
The group currently owes more than Tk2,000 crore to more than 30 banks and financial institutions.
