[An E-Bangladesh report.]
E-Bangladesh has confirmed that General Moeen U Ahmed’s Taka 99,69,215 loan amount at the end of 2005 that is stated in the Trust Bank prospectus is consistent with the loan amount stated in the bank’s 2005 financial statement. The audited financial statement for 2005 available on the Trust Bank website indicates that loans to directors of Trust Bank at the end of 2005 was Taka 10,974,435. This is the same loan amount indicated on page 20 of the Trust Bank prospectus.
[Click image to enlarge: Section 8.2.1 of the “Auditor’s Notes to the Financial Statements” showing the 2005 loan amount in the left column.]
On the Trust Bank prospectus filed with the Securities and Exchange Commission, the total loan amount to directors at the end of 2005 is given as Taka 10,974,435 of which Taka 9,969,215 was loaned to General Moeen U Ahmed and Taka 1,005,220 was loaned to Brigadier General Shawkat Hossain.
[Click image to enlarge: Page 20 of the Trust Bank prospectus showing 2005 loan amounts to directors.]
Trust Bank’s financial statements from 2003 and 2004 available on the Trust Bank website also show that there were no loans outstanding to any directors at the end of years 2003 and 2004, before General Moeen U Ahmed joined the board of directors.
[Click image to enlarge: Section 1.3 of the Financial Statements for 2003 and 2004 showing no loans to directors for both years.]