IFIC Bank issues notice to Shakib for Tk 4.13cr loan repayment

IFIC Bank has served a legal notice to Shakib Al Hasan Agro Farm Ltd, an entity owned by its namesake and the former captain of the Bangladesh national cricket team, after a cheque issued by the company bounced.
The legal notice, which demanded the repayment of loans amounting to Tk 4.13 crore within the next 30 days, was published through a newspaper advertisement last week under the Negotiable Instruments Act.
In 2017, IFIC Bank lent Tk 1 crore as working capital to the agribusiness before approving another Tk 1.5 crore term loan.
The initial loan was converted into a term loan facility, which was rescheduled for Tk 2.42 crore. Besides, the previous term loan was rescheduled for Tk 95 lakh in 2023, according to the legal notice.
In September this year, the company issued two separate account payee cheques, totalling Tk 4.13 crore.
However, these cheques were dishonoured on October 20 as there were insufficient funds in the company account maintained with IFIC Bank.
“You availed the financial facilities in full, but failed to adjust the outstanding dues as per the terms and conditions of repayment within the stipulated time as mentioned in the loan sanction letter…,” the legal notice said.
“Because of your serious irregularity in repayment of your outstanding liabilities, the dues have increased due to the application of interest.”
It added: “It is apparent that you have intentionally and with malafide motive issued the two cheques only to avoid repayment of the outstanding liabilities.”
The notice stressed that the issuance of a cheque without sufficient funds is a clear breach of trust and constitutes a punishable offence.
Two directors and the managing director of Shakib Al Hasan Agro Farm were also named in the legal notice.
To inquire about the status of the dues, The Daily Star messaged and called the country’s ace cricketer several times, but did not receive any response.
IFIC Bank Managing Director Syed Mansur Mustafa also did not respond to requests for comment.
Shakib, a former member of the Awami League, lost his position as a member of parliament after former Prime Minister Sheikh Hasina was ousted by a student-led mass uprising in early August.
The veteran cricketer was not in Bangladesh during the political changeover and chose not to return home afterwards amid outrage and protests.
Last month, the Bangladesh Securities and Exchange Commission (BSEC) fined Shakib Tk 50 lakh for manipulating the share price of Paramount Insurance in 2023.
Shakib’s e-commerce company, Monarch Mart, was fined Tk 1 lakh in the same case.
In 2022, the BSEC flagged similar stock manipulations regarding the shares of Fortune Shoes, BDCOM Online, NRB Commercial Bank and One Bank through serial trading.
Shakib’s name came up as a significant trader during these share manipulations. However, the BSEC did not take any action against him.