Non-bank financial institution FAS Finance and Investment was under sole control of Nitol Niloy Group in 2012. Family members of the group owner and representatives of their business entities were on the board of FAS Finance.
The institution was known as a standard financial organisation at the time.
PK Halder destroyed several financial institutions. He has to be brought back home and steps have to be taken to recover the money. It was not possible for him alone to commit such big corruption. Certainly more powerful people are involved. All have to be brought to book.
Representatives of P&L International and Reptile Farms started joining the board of FAS Finance, buying shares from the share market in 2013.
Meanwhile, the Nitol-Niloy Group started pulling out of the institution.
The entire institution went to the controversial Proshanto Kumar (PK) Halder in 2017.
Two more institutions- Simtex, and Design and Source backed by PK Halder joined FAS Finance. Then the looting began.
About Tk 13 billion was withdrawn, in various names, true and fictitious, and the major beneficiary was PK Halder. This money was taken away in the name of loans, but the loans have not been recovered. The depositors are not getting back their money.
Bangladesh Bank investigations find about Tk 13.29 billion in were taken different names from the institution in 2015-2917. PK Halder alone is the beneficiary of Tk 11.81 billion.
According to annual report of share market company FAS Finance in 2018, the organisation's total loans were Tk 14.02 billion at the end of December in 2017. Of the total loans, PK Halder was the beneficiary of Tk 11.81 billion (84 per cent).
Speaking to Prothom Alo on 3 October, Nitol Niloy Group chairman and Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) former president Abdul Matlub Ahmad said the syndicate looted the organisation taking the entire board under their control. Bangladesh Bank willingly backed them. BB knew who brought the organisation to this stage. Before the control by PK Halder, Abdul Matlub Ahmad was the chairman of the institution for long.
The syndicate looted the institution, taking the entire board under their control. Bangladesh Bank willingly backed them. BB knew who brought the institution to this stage.
Different companies and persons related to Nitol Niloy Group owned 35 per cent share of FAS Finance till 2012.
Reptiles Farm, P & L International, Simtex, and Design and Source joined the institution in 2013.
Meanwhile, persons related to Nitol-Niloy Group started leaving, and on the other hand Simtex former chairman Siddiqur Rahman, Design and Source managing director Jahangir Alam, Peoples Leasing's last chairman Ujjal Kukmar Nandi, Anjan Kumar Roy, Kazi Mahjabin Momtaj, Soma Gosh, Mafuza Rahman, Anita Kor, Birendra Kumar Shom, Ataharul Islam, Uddab Mallik and others joined the board of FAS Finance. All of them are close to PK Halder. PK Halder himself is one of the owners of P&L International and Reptile Firm.
Associates of PK Halder faring well
In this way, FAS Finance went to the control of PK Halder in 2017. The representatives of P&L International and Reptile Farm are now controlling the FAS Finance. Reptiles Farm owns 7.83 per cent of the share while P&L International only 5.37 per cent of share. P&L International and Brokerage House KHB Securities MD Rajib Shom and his wife Shimu Roy have ownership in Reptiles.
Speaking to Prothom Ao, Rajib Shom said, "I have 3 per cent of share in Reptiles Farm. I don't know anything out of the activities of the firm."
Loans in names of those
A total of Tk 730 million was taken in the name of BR International, Tk 370 million in the name of Hal International, and Tk 400 million in the name of Nature Enterprise.
Money was also taken in the name of these companies from International Leasing. All three companies are the shareholders of International Leasing. PK Halder was chairman of International Leasing.
Besides, Tk 620 million was taken as a loan in the name of Anon Chemical, Tk 420 in the name of Earthscope Limited, Tk 710 million by Sawandip Corporation, Tk 770 million by Drynoon Apparels, Tk 680 million by Barna, Tk 730 million by SA Enterprise, Tk 710 million by Arbi Enterprise, Tk 490 million by MTB Marine, Tk 600 million by Sukhada Properties, Tk 770 million by A and B Trading, Tk 800 million by G and G Enterprise, Tk 610 million by Moon Enterprise, Tk 540 million by Konika Enterprise, Tk 700 million by Sigma Capital Management, Tk 450 million by Wintel International and Tk 15 million by Obontika were taken as loans from FAS Finance.
Speaking to Prothom Alo on Wednesday, FAS Finance Pritish Kumar Sarker said, "We are trying to recover the loans. I am not aware of everything as to how and who took loans."
In 2014, PK Halder bought shares in name of International Leasing, Peoples Leasing and Financial Services, FAS Financial and Investment and Bangladesh Industrial Finance Company, and took the companies under his control.
One of these four companies is on the brink of closure, and remaining three are unable to pay the clients.
When asked about the overall situation, former deputy governor Khondaker Ibrahim Khaled said PK Halder destroyed several financial institutions.
He has to be brought back home and steps have to be taken to recover the money. It was not possible for him alone to commit such big corruption. Certainly more powerful people are involved, the former deputy governor said adding all have to be brought to book.
*This report, originally published in Prothom Alo print edition, has been rewritten in English by Rabiul Islam.