Some 12 Banks and Financial institutions of the country, including Islami Bank Bangladesh Limited (IBBL) made the investment to Ananda Shipyard taking the company’s reputation and prospects of the country’s ship-building industry into consideration.
Necessary banking rules regulations were followed accordingly in respect of this investment. Apart from that, required collaterals have also been taken from the company against the investment.
Out of the eight ships, construction of six ships has been completed fully or partially and necessary raw materials of the remaining ships have been preserved in dockyard under the Bank’s custody.
Bangladesh Bank investigated the issue. The IBBL was making necessary provisioning against its investment in line with the Bangladesh Bank’s instruction. So, there is no scope to have irregularities relating to such investments.
We are optimistic and confident that the Bank will be able to recover all of its dues along with profits just after normalize the price of Ships in international market.