Financial statement confirms Trust Bank loan

E-Bangladesh

E-Bangladesh

E-Bangladesh is a News/Headlines service and a group blog aimed at bringing the news and analysis from Bangladesh to its readers.

[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.]

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E-Bangladesh is a News/Headlines service and a group blog aimed at bringing the news and analysis from Bangladesh to its readers.


8 Responses to “Financial statement confirms Trust Bank loan”

  1. Rashed Shahriar

    Yes he took the loan but how does its prove that he is a defaulter?

  2. IQO

    Dear Rashed: No one is saying he was a defaulter. The problem is he denied taking it in the first place. According to his version, he could take 35 lakh under trust bank regulation and he did take only that much. But you can see, he definitely took 99 lakhs! Read the previous couple of posts in E-Bangladesh, it will help you to understand the issue.

    We are asking questions, not giving any verdict.

  3. IQO

    After MUA’s “Bankgate” revelation and this new phenomenon — http://www.daily-dinkal.com/details.php?nid=10685&pubdate=2007-10-26 — show how power corrupts. This is my objection about a long term unelected government like present one. All their objectives sound good, but none of them have proven their own honesty at power. Power corrupts people and absolute power corrupts absolutely. It is true for everyone. Unfortunately present government has more power than any of the two Netris had. Can anyone find any corruption charge against any of the leaders when they were not in position of power? We all are “shujoger ovabe choritroban.” When you get power, your test of character starts there.

    We can all remember how Ershad started, he also started with eradication of corruption and “sontrash.” He also put politicians in jail for corruption. We all know the rest. Corruption is the most popular justification for military all over the world to take power from civilian leadership. But please don’t misunderstand me that I am trying to defend any corruption by politicians. What I am trying to say is: what made our civilian leadership corrupt (absolute power), is more obvious in present government. None of them are tested leaders or proven anything that shows they are immune to the vice of power.

    Now we are in a situation where we feel intimidated to ask any question! The silence or one-sided report of all news outlet about the controversy of Mr. MUA proves it so vividly.

    I prefer the one where I can vote them out if I don’t like them, than the one I am afraid to discuss their activities even in private.

  4. Sudhir Mitra

    Since “amra sobai chor amader ei chorer rajatye,” I am sure we all agree that it is preferable to have a thief-king we can kick out, after calling all sorts of names in public, than one who stifles our voice and threatens us with all kinds of emergency torture. I sent a few letters to editors of Dhaka dailies, none was printed, for all newspapers are obviously being censored. So it is obvious that the next elections will be rigged so as to bring to power persons who will give full pardon to all the corrupt people now in power.

  5. Iconus Clustus

    Sudhir Mitra:

    You are absolutely correct I feel… in fact, I think, anyone who has been the way this CTG has been, with its connections with the army, DGFI, selective political purging and all, they should frantically be looking for a decent and acceptable exit plan, if not a drastic and ugly one. The fact is, sooner or later, they will have to bow out, but before they do that, they will have to make sure they gain the confidence of at least 200 seats in the whatever kind of elections they let the people of Bangladesh participate in.

  6. Md. Shakhawat Hossain

    Sir,

    I am a government officer of 6th grade in PWD . My gross salary is approx. 33000 tk. per month. I want to know about the maximum general loan which I can get from you for 4 years. If I get, can you please inform me to whom I should contact with.
    Thanking you with best regards.

    Md. Shakhawat Hossain.
    Sub Divivisional Engineer
    PWD Project Circle -2
    Puta Bhaban, Segun Bagicha, Dhaka

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