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Industrial and Infrastructure Development Finance Company Limited

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Industrial and Infrastructure Development Finance Company Limited
Formation2000
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websiteiidfc.com

Industrial and Infrastructure Development Finance Company Limited (IIDFC) is a non-bank financial institution in Bangladesh. Md Golam Sarwar Bhuiyan is the managing director of Industrial and Infrastructure Development Finance Company Limited.[1]

Financial scamster Prashanta Kumar Halder was the deputy managing director of Industrial and Infrastructure Development Finance Company Limited in 2008.[2][3]

History

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Industrial and Infrastructure Development Finance Company Limited was established in 2000.[4] Mohammed Matiul Islam, first finance secretary of Bangladesh, was the founding chairman.[5] It received its license on 23 January 2001 from Bangladesh Bank.[6]

In February 2007, Investment Promotion Financing Facility became eligible to participate in the Investment Promotion Financing Facility organized by International Development Association and Bangladesh Bank.[7] Bangladesh Bank, under governor Salehuddin Ahmed, asked it to float it's shares on the stock exchange.[8] It led a syndicated loan for Charka Textile Limited, a subsidiary of PRAN-RFL Group.[9] It provided 1.93 billion BDT loan to BSRM Iron and Steel Co Limited, a subsidiary of BSRM Group.[10]

The deputy managing director of Industrial and Infrastructure Development Finance Company Limited Proshanta Kumar Halder was appointed the managing director of Reliance Finance in 2009.[11][12] The Daily Star would later describe him as the Sultan of Swindle after he scammed 102 billion BDT from financial institutions.[13][12][14] Another co-worker of Halder at Industrial and Infrastructure Development Finance Company Limited, Uzzal Kumar Nandi became chairman of People's Leasing and Financial Services Limited and helped Halder in his scams.[15]

In 2010, M Matiul Islam, chairman of Industrial and Infrastructure Development Finance Company Limited, signed a cooperation agreement with HP Kumar, chairman of National Small Industries Corporation, for technical support to establish an ICT village in Bangladesh.[16] It was the issue manager of 1.1 billion BDT bonds of Bank Asia as approved by Bangladesh Securities and Exchange Commission.[17] It worked with World Bank to finance Hybrid Hoffman Kilns in Bangladesh.[18][19]

Bangladesh Bank fined Industrial and Infrastructure Development Finance Company Limited in 2022 relocating the Uttara branch without proper approval.[20] On 5 January, Md. Ataur Rahman Prodhan, former managing director of Sonali Bank, was appointed Chairman of Industrial and Infrastructure Development Finance Company Limited.[21][22]

References

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  1. ^ Afrin, Saudia (2024-05-26). "Driving economic growth". The Daily Star. Retrieved 2024-09-14.
  2. ^ "Pk Halder's Scam: 2 fake firms, Tk 118 crore shady loans". The Daily Star. 2021-09-11. Retrieved 2024-09-14.
  3. ^ "The extraordinary rise of PK Halder and the spectacular fall of firms he controlled". Bdnews24.com. Retrieved 2024-09-14.
  4. ^ "IIDFC". iidfc.com. Retrieved 2024-09-14.
  5. ^ "IIDFC". iidfc.com. Retrieved 2024-09-14.
  6. ^ "IIDFC: An NBFI that leads by example". businesspostbd.com. Retrieved 2024-09-14.
  7. ^ "Bangladesh Bank, IIDFC sign deal". The Daily Star. Retrieved 2024-09-14.
  8. ^ "9 NBFIs to come under lens". The Daily Star. Retrieved 2024-09-14.
  9. ^ "Charka Textile to set up composite knitwear plant". The Daily Star. 2008-03-21. Retrieved 2024-09-14.
  10. ^ Khan, Kawsar (2008-09-19). "BSRM embarks on billet-making project". The Daily Star. Retrieved 2024-09-14.
  11. ^ "The extraordinary rise of PK Halder and the spectacular fall of firms he controlled". bdnews24.com. Retrieved 2022-10-11.
  12. ^ a b Khan, Mahbubur Rahman (2020-09-27). "From the Archives: So far Tk 10,200cr swindled by PK Halder". The Daily Star. Retrieved 2024-09-14.
  13. ^ Khan, Mahbubur Rahman (2022-05-21). "Unrestrained, PK Halder became the sultan of swindle". The Daily Star. Retrieved 2024-09-14.
  14. ^ Khan, Mahbubur Rahman (2020-08-23). "Sultan of swindle". The Daily Star. Retrieved 2024-09-14.
  15. ^ Khan, Mahbubur Rahman; Uddin, AKM Zamir (2021-02-18). "With a little help from his friends!". The Daily Star. Retrieved 2024-09-14.
  16. ^ "IIDFC signs deal with Indian company over ICT village". The Daily Star. 2010-03-31. Retrieved 2024-09-14.
  17. ^ "SEC fines 6 individuals, 4 institutions". The Daily Star. 2012-02-29. Retrieved 2024-09-14.
  18. ^ "Infrastructure Development Company Limited (IDCOL)". idcol.org. Retrieved 2024-09-14.
  19. ^ sarwar (2022-04-18). "IIDFC awards five brick kilns with Tk 2.87 crore in carbon credit". CPD Power and Energy Study. Retrieved 2024-09-14.
  20. ^ Uddin, AKM Zamir (2022-06-19). "IIDFC fined Tk 31 lakh". The Daily Star. Retrieved 2024-09-14.
  21. ^ "Ataur made IIDFC chairman". New Age. 5 January 2022. Retrieved 14 September 2024.
  22. ^ "Sonali Bank MD & CEO Prodhan elected Chairman of IIDFC". bangladeshpost.net. Retrieved 2024-09-14.
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