Thursday | 9 January 2025 | Reg No- 06
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Thursday | 9 January 2025 | Epaper

Janata Bank puts S Alam Refined Sugar's land for auction

Published : Tuesday, 31 December, 2024 at 12:00 AM  Count : 374
State-owned Janata Bank has put up for auction the land of S Alam Refined Sugar Industries, a concern of S Alam Group.

The company owes Tk 1,777 crore to the bank, with the loan recorded at the Sadharan Bima Corporation Branch in Chittagong. To recover the dues, the bank is auctioning 2,971 decimals of land.

Janata Bank announced the auction in a notification published in a newspaper on Monday.

The majority of S Alam Group's Tk 10,000 crore loans from Janata Bank have defaulted. Consequently, the bank is auctioning land mortgaged against the loans one by one.

According to banking laws, the land will first be auctioned, and if unsuccessful, the dues will be recovered through other means. Previously, Janata Bank auctioned other properties of S Alam Group to recover defaulted loans.

On November 20, the bank auctioned 1,860 decimals of land to recover Tk 1,850 crore in unpaid loans owed by the group's subsidiary, Global Trading Corporation.

This loan was also issued by the Sadharan Bima Corporation Bhaban Corporate Branch of Janata Bank in Chittagong, where the auction was held.



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