Islami Bank Bangladesh PLC has moved to recover BDT588.930m (US$48.3m) in defaulted loans from Aramit Cement PLC by auctioning its mortgaged assets. The country’s largest private bank issued a notice on 4 September through its Chattogram Jubilee Road branch, inviting bids until 28 September.
The collateral includes 15 acres of land in Kalurghat Heavy Industrial Area, alongside factories of Aramit Cement, Aramit Power, Aramit Steel Pipes, and Aramit Thai Aluminium. Aramit, in which former land minister Saifuzzaman Chowdhury holds a 14.97 per cent stake, had borrowed heavily between FY22 and FY23 but consistently failed to service debts, bank officials said.
This is the latest in a series of legal actions against the loss-making company, which faces around BDT8000m in liabilities. Earlier this year, Bank Asia and Social Islami Bank also filed cases over unpaid dues. Aramit suspended production in July after running out of raw materials and cash.
