Uddipan buys fugitive PK Halder’s crocodile farm

The non-bank financial institution International Leasing and Financial Services Ltd has sold a crocodile farm previously owned by Prashanta Kumar Halder, a fugitive banker and businessman known as PK Halder and accused of financial crimes including money laundering, due to his failure to repay loans.

Uddipan, a private development organisation, bought the crocodile farm established on around 13.8 acres of land in Bhaluka, Mymensingh, at a recent auction for around Tk38 crore.

The farm currently has around 2,500 crocodiles, according to the company.

Entrepreneur Mushtaq Ahmed established the pioneering crocodile farm named Reptiles Farm Limited in 2003, marking the country's first venture of its kind, with the primary objective of exporting crocodile skin.

In 2013, PK Halder and his associates bought the farm from Mushtaq. It started exporting crocodile skin in 2014.

Mushtaq, who was also known as a writer, faced arrest in May 2020 under the Digital Security Act for allegedly posting anti-government articles on Facebook. He died while in custody at Kashimpur jail in Gazipur in February 2021.

PK Halder is one of the accused in an Anti-Corruption Commission (ACC) case, facing allegations of acquiring assets beyond his known income and engaging in money laundering. Currently, he is a fugitive, evading authorities. Fourteen other individuals have also been named as accused in the case.

Md Mashiur Rahman, managing director of International Leasing and Financial Services, told The Business Standard, "The auctioning of Reptiles Farm was conducted as a part of our debt recovery efforts. Uddipan submitted the highest bid during the auction to acquire the farm."

He said although the outstanding debt amount was considerably higher, the farm has been sold for around Tk38 crore, which is still a favourable price.

An official from Uddipan confirmed the acquisition of the farm, saying, "We have indeed secured the highest bid, and we are now in the process of completing the payment. The ownership transfer will follow accordingly."

Uddipan – United Development Initiatives for Programmed Actions – was established in 1984 for the economic and social empowerment of vulnerable people through various development initiatives.

Currently, Uddipan is actively involved in a range of social projects, including initiatives such as Palli Ambulance, Krishi Patshala, Pakhi Palli, seed ball plantation, family farming, women-friendly model pharmacies etc.

Tk57 crore loan by mortgaging assets worth Tk4 crore

Following the acquisition of the crocodile farm in 2013, PK Halder and his associates embarked on a venture to expand crocodile production. To facilitate this endeavour, they secured a loan of Tk57.87 crore from International Leasing and Financial Services Ltd, using 13.40 acres of land from The Reptile Farm as collateral. This loan was extended in the name of the farm in 2015 and 2016.

According to International Leasing sources, the sale price of the mortgaged land, which was used as collateral for the loans, amounted to Tk4.28 crore.

Presently, the outstanding loan has escalated to approximately Tk108 crore, and it remains in a state of default. Since 2019, International Leasing has faced difficulties in recovering the loan due to the absence of the farm's management, who are currently evading authorities.

Moreover, the farm has experienced a decline in its crocodile population over time, primarily attributed to both food shortages and financial crises stemming from mismanagement.

In response to an application by International Leasing, the High Court has constituted a six-member board of directors to address the situation.

Currently, internationally recognised crocodile expert Enam Haque is serving as the managing director of the organisation.

Mashiur Rahman said that since the new board assumed control, they have prioritised and successfully implemented enhancements in the areas of food security, intensive care, and modern treatment for crocodiles. Furthermore, the adoption of advanced technological methods has led to a notable increase in the reproductive capacity of crocodiles.

"Prior to the new board's intervention, the farm housed 1,730 crocodiles, a number that has since risen to 2,458," he said.

Reptiles Farm at a glance

The Reptile Farm Ltd was established in 2004 with an initial stock of 75 crocodiles imported from Malaysia.

According to information available on its website, the farm consistently produces around 100 baby crocodiles each year through artificial means during the breeding season.

The crocodile hide is utilised in the production of various items such as bags, belts, and shoes.

Additionally, bones are used in the production of perfumes, while teeth are utilised in crafting jewellery and various other luxury items. Crocodile hide across the belly sells for about $15 per centimetre.

Crocodile meat, a sought-after delicacy, is also exported and sold abroad at prices ranging from $40 to $50 per kilogram.