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Sick industry owners keep issues still unresolved

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December 20, 2000 

Dhaka--(UNB)- As an extended life of the committee to recommend waiver of bank loan interest nears expiry, scores of sick industry owners thronged the committee office with unresolved issues.

The term of the Committee for Interest Waiving was earlier extended up to December 31 following demand from the trade bodies for completing some 1700 pending applications.

“Some 20 cases are in hand now. We expect those will be settled by the end of this week,” a member of the committee told this correspondent yesterday (Tuesday).

Anxious entrepreneurs were not however satisfied with the assurances as there are only two workdays left before the offices shut down for a long vacation from December 22.

They said there were still some 100 cases, including around 30 revision appeals, pending with the committee for its decision.

They felt the tenure of the committee should be further extended at least by three months to relieve both the suffering entrepreneurs and the banks involved with dealing with the bailout.

Meanwhile, Bangladesh Association for Promotion and Rehabilitation of Industries (BAPRI) already talked to the Commerce Minister and the Bangladesh Bank governor explaining the need for extension of the tenure of the committee. It will also meet the Finance Minister to seek further extension.

The government referred some 1634 cases of sick industries to the five-member body in early 1999 to recommend interest waiver up to 100 per cent or less.

Although the committee has settled almost all the cases referred to it, but it should exist to deal with fresh disputes between the parties and dealing banks. Besides, there should be a permanent structure for constant monitoring and follow-up.

A number of small entrepreneurs alleged banks in some cases declined to accept the committee’s recommendations, forcing the parties to rush back to the committee.

Cases so far disposed of would help the banks recover Tk 400 crore in next three years, which the banks could not do in so many years, a committee member said, suggesting all other small loan disputes be referred to such bodies to avoid lengthy legal process.

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