The Bangladesh Bank (BB) has relaxed lending restrictions for two loan-defaulting companies of the Beximco Group to help them maintain regular business operations. The central bank issued two separate circulars yesterday, granting exemptions to Beximco LPG Unit-1 and Shinepukur Ceramics.
To qualify for the new credit facilities, Beximco LPG Unit-1 must deposit all its income into a designated bank account. It must then use that income to repay its dues to National Bank regularly on a proportional basis, according to the central bank circular.
Under the exemption for Beximco LPG Unit-1, the company will be allowed to open letters of credit (LCs) against 100 percent cash margins and receive working capital financing, despite being a loan defaulter to National Bank. A similar exemption has been granted to Shinepukur Ceramics, which has defaulted on loans from state-owned Sonali Bank.
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https://www.thedailystar.net/business/economy/news/two-beximco-firms-get-bb-lifeline-keep-business-going-4297226