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Palmal Group co violates foreign loan conditions AKM Zamir Uddin Saffa Sweaters Ltd, a sister concern of Palmal Group of Industries, misused the foreign loan approved by the Board of Investment as the company used a significant amount of the loan in purchasing a factory instead of importing capital machinery and equipment.
A Bangladesh Bank inspection team recently unearthed that the company grossly violated the rules and regulations of foreign loan as such loan is approved to import capital machinery and industrial raw materials.
The company purchased a bicycle factory by using the foreign loan which enjoys lower interest rate.
The BB team conducted the inspection between January and February of this year. The rate of interest on foreign loan is maximum 6 per cent in the country considering the LIBOR rate.
Saffa Sweaters dodged huge amount of interest as it used the foreign loan in purchasing a new project, he said. The BB earlier asked banks to use foreign loans to import only the capital machinery and industrial materials as the local banks usually face trouble in disbursing fresh loan due to injection of foreign loans.
Companies have to take loans from the local banks if they want to purchase a project. The BB report said Saffa Sweaters had not used its imported capital machinery and equipment for its own purpose. The company used the capital machinery to expand its newly-purchased German Bangla Bicycle Ltd.
The BB issued a show-cause notice to the managing director of Premier Bank on February 22, asking him why the bank failed to monitor the foreign loan accurately. After receiving the reply to the show-cause notice, the BB sternly warned Premier Bank that it BB would take punitive measures against the bank if it Premier Bank violates the rules and regulations of the foreign loan again.
The BoI issued a show-cause notice to the managing director of Saffa Sweaters on May 11, asking him to explain by seven working days why the company violated the conditions set by the organisation BoI. The BoI also asked Saffa Sweaters to explain why it would not take punitive measures against the company.
The BB official said that the misuse of foreign loan was a punishable offence and the BoI might take punitive measure against Saffa Sweaters in the quickest possible time. Mahmudul on Friday said that no other senior officials of the Group would give comment about the matter.Interested candidates may also send their detailed C.V with a recent P.P size color photograph mentioning the post on the top of the envelope to: HRM Department, Palmal Group of Industries, Corporate Head Office, Confidence Center (5th floor), 9/Kha, .
Merchandiser (Knit Garments) Vacancy: Job Nature: Full-time Educational Requirements Bachelor/ Masters in any discipline, Textile Engineering or MBA in Apparel Merchandising from BUFT will .
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Thousands of companies like you use Panjiva to research suppliers and competitors. The US $ million Palmal Group has been expanding at a steady rate, going from just 6 to 30 factories in a decade.
The company has plans to setup 2 more factories by the end of this year through acquisition of ‘dead’ or inactive factories, as the rising real estate cost and gas connection.