Legal notice sent to Shakib Al Hasan Agricultural Farm requesting repayment of loan of Tk 4.13cr

IFIC Bank has issued a legal notice to Shakib Al Hasan Agro Farm Ltd, an entity bearing its name and former captain of the Bangladesh national cricket team, after two checks issued by the company bounced.

The legal notice demanding repayment of the loan amounting to Tk 4.13 billion within the next 30 days was published through a newspaper advertisement under the Negotiable Instruments Law last week.

In 2017, IFIC Bank loaned Tk 1 billion as working capital to agribusinesses before approving another Tk 1.5 billion term loan.

The initial loan was converted into a term loan facility and this loan was rescheduled for Tk 2.42 billion. Also, as per the regulatory notice, the previous term loan has been rescheduled for Tk 95 lakh in 2023.

In September this year, the company issued two separate accounts payable checks totaling Rs 4.13 crore.

However, since there was not sufficient balance in the company’s account at IFIC Bank, these checks remained dishonored on October 20.

“You have made full use of the financial facilities but have not adjusted the outstanding dues as per the terms and conditions of repayment within the period specified in the loan sanction letter…” the legal notice stated.

“Your dues have increased due to the application of interest due to serious irregularities in the repayment of your outstanding debts.”

The letter added: “It is clear that you deliberately and maliciously issued these two checks solely to avoid repayment of outstanding debts.”

The statement emphasized that issuing a check without sufficient funds is a clear breach of trust and constitutes a punishable offence.

To inquire about the status of the dues, The Daily Star texted and called the country’s top 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 in early August due to a mass uprising led by students.

The veteran cricketer was not in Bangladesh during the political change and subsequently chose not to return home due to anger and protests.

Last month, 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 also fined ₹ 1 lakh in the same case.