Ex-land minister's Aramit Cement to face criminal case over dishonoured cheque
The bank recently issued a notice in a newspaper, warning of legal actions against the company and its directors
Aramit Cement is set to face a criminal case due to a dishonoured cheque related to the repayment of an outstanding loan from Social Islami Bank.
The bank recently issued a notice in a newspaper, warning of legal actions against the company and its directors.
Aramit Cement, a sister concern of the Aramit Group, was established by the late Awami League leader Akhtaruzzaman Chowdhury. Following the leader's death, his son Saifuzzaman Chowdhury Javed took charge of the group.
Saifuzzaman is the former land minister of the ousted Sheikh Hasina-led government.
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According to the notice issued by Social Islami Bank, Aramit Cement and its top executives, including Managing Director Rukhmila Zaman, wife of the former land minister, and directors Khourshedul Alam, Habib Ullah, and Shafiqul Islam, Deputy General Manager AKM Maruf, and chief operating officer and chief financial officer Shah Alam took loans from the bank's Jubilee Road Branch in Chattogram in the name of the company.
On 8 August, six cheques dated 7 August, totaling Tk3.30 crore, were given to the bank with the consent of the directors and officers of the company for payment of outstanding dues. However, the cheques bounced due to insufficient funds in the company's account.
Social Islami Bank stated in the notice that the act of issuing cheques, with mutual agreement and consent, without depositing sufficient money in the account constitutes an offence under Sections 138 and 140 of the Negotiable Instruments Act.
The bank has given the company 30 days from the notice date to settle the dues, failing which criminal proceedings and other legal actions will be initiated against those involved.
Rukhmila Zaman, the managing director of the company, could not be contacted for comments in this regard as her mobile phone was switched off.
However, the company's CFO Shah Alam told The Business Standard on Tuesday, "We have not yet received any letter from the bank in this regard. We will take appropriate action as soon as we receive the letter."
Rukhmila was also the former chairman of United Commercial Bank. But after the fall of Sheikh Hasina's government on 5 August, she stepped down from the bank's board.
On 12 August, the Bangladesh Financial Intelligence Unit (BFIU) ordered all banks to freeze the accounts of Rukhmila Zaman, Saifuzzaman Chowdhury, their sons and daughters, and the companies owned by them, citing accusations of illegal wealth accumulation.
According to the annual report for FY23, Aramit Cement has loans totaling Tk467 crore, which was 256% higher than the previous year.
The bulk of these loans, Tk352 crore, is owed to Islami Bank, with additional debts from First Security Islami Bank, SBAC Bank, Social Islami Bank, and Bank Asia.
By the end of March this year, the total loan amount had risen to Tk511 crore.
Aramit Cement was listed on the stock exchanges in 1998. Its share price closed at Tk16.50 yesterday, which was 1.20% lower than the previous session. In the last three years till FY23, its revenue dropped over 93% to Tk13 crore.
At the end of March this year, its loss increased to Tk41 crore.
