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International Leasing and Financial Services Limited

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International Leasing and Financial Services Limited
Formation1996
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitewww.ilfsl.com

International Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh. Md. Nazrul Islam Khan is the chairman and Md. Kazi Alamgir is the managing director of International Leasing and Financial Services Limited.[1] Proshanta Kumar Halder, a banker and known as "Sultan of swindle",[2] had according to media reports embezzled 30 billion taka from the institute and according to Bangladesh Bank 15.69 billion taka.[3][4][5] The fraud was aided Amitav Adhikary, a cousin of Proshanta Kumar Halder and senior management at International Leasing and Financial Services Limited.[6]

History

[edit]

International Leasing and Financial Services Limited was established in 1996.[7] The institution received licence from the government of Bangladesh on 19 February 1996.[8]

On 5 July 2004, Standard Bank Limited 150 million taka loan to International Leasing and Financial Services Limited.[9]

In 2007, Dr Salehuddin Ahmed, Governor of Bangladesh Bank ordered the monitoring of nine non-banking financial institutions including International Leasing and Financial Services Limited.[10]

On 24 June 2008, the International Leasing and Financial Services Limited established a branch in Chittagong.[8]

The institute bought Hongkong Bangladers Securities Limited on 25 October 2009.[8] Stock Brokerage Operations began in Sylhet and Khatunganj branches in 2010.[8]

In 2018, the International Leasing and Financial Services Limited made a profit of 180 million taka.[11] In 2019, the International Leasing and Financial Services Limited made a loss of 28.02 billion taka.[11] The chief financial officer of International Leasing and Financial Services Limited, Syed Abed Hasan, blamed the losses on bad loans.[11] An Investigation by Bangladesh Bank found violation of banking rules and fraudulent loans to individuals and companies linked to Proshanta Kumar Halder.[11]

In February 2020, the Bangladesh Supreme Court ordered the seizure of the passports and banks accounts of 20 former and current officials of International Leasing and Financial Services Limited, including Proshanta Kumar Halder, for embezzling money from the institute through fraudulent loans.[12] The Court appointed Khondker Ibrahim Khaled, a former deputy governor of Bangladesh Bank, as chairman of International Leasing and Financial Services Limited on 19 January and who reported the financial condition of the institute had declined since 2016.[3][11] Aside from International Leasing and Financial Services Limited, Proshanta Kumar Halder had also embezzled money from FAS Finance and Investment Limited, People's Leasing and Financial Services Limited, Reliance Finance Limited, and NRB Global Bank Limited totaling 102 billion taka.[13][14]

The International Leasing and Financial Services Limited remained in the red in 2021.[15]

In 2022, the accumulated loss of International Leasing and Financial Services Limited stood at 34.36 billion taka and despite that the prices of its shares rose significantly in the Dhaka Stock Exchange.[16] The company offers shares to debtors in exchange of the debt.[17] It signed an agreement with Sonar Bangla Capital Management Limited for cooperation.[18] The price of its shares increased after the arrest of Proshanta Kumar Halder in India.[19] Its chairman, Md. Nazrul Islam Khan, received the Bima Padak.[20]

References

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  1. ^ "Board of Directors". www.ilfsl.com. Retrieved 2022-10-09.
  2. ^ Khan, Mahbubur Rahman (2022-05-21). "Unrestrained, PK Halder became the sultan of swindle". The Daily Star. Retrieved 2022-10-09.
  3. ^ a b "Embezzlement at leasing firm: SC questions Bangladesh Bank findings". The Daily Star. 2020-02-25. Retrieved 2022-10-09.
  4. ^ "PK Halder helped loan forgery in ILFSL". The Daily Star. 2021-11-15. Retrieved 2022-10-09.
  5. ^ Khan, Mahbubur Rahman (2021-08-17). "PK Halder's Scam: Officials were punished for not signing off loans". The Daily Star. Retrieved 2022-10-09.
  6. ^ Khan, Mahbubur Rahman (2022-06-17). "How one instt helped PK Halder embezzle Tk 70cr". The Daily Star. Retrieved 2022-10-09.
  7. ^ "Company At a Glance". www.ilfsl.com. Retrieved 2022-10-09.
  8. ^ a b c d "History Key Milestone". www.ilfsl.com. Retrieved 2022-10-09.
  9. ^ "Standard Bank extends Tk 150m credit facility to Int'l Leasing". The Daily Star. Retrieved 2022-10-09.
  10. ^ "9 NBFIs to come under lens". The Daily Star. Retrieved 2022-10-09.
  11. ^ a b c d e "ILFSL sinks to Tk 2,802cr loss". The Daily Star. 2020-11-11. Retrieved 2022-10-09.
  12. ^ "Embezzlement at leasing firm: SC upholds order to freeze bank accounts of 20 people". The Daily Star. 2020-02-26. Retrieved 2022-10-09.
  13. ^ Uddin, AKM Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-09.
  14. ^ Khan, Mahbubur Rahman (2020-09-27). "From the Archives: So far Tk 10,200cr swindled by PK Halder". The Daily Star. Retrieved 2022-10-09.
  15. ^ "Scam-hit ILFSL incurs losses for 3rd straight year". The Daily Star. 2022-08-29. Retrieved 2022-10-09.
  16. ^ Habib, Ahsan (2022-09-25). "Shares of loss-making firms rise abnormally". The Daily Star. Retrieved 2022-10-09.
  17. ^ "International Leasing eyes conversion of Tk2,000cr equity". The Business Standard. 2022-09-21. Retrieved 2022-10-09.
  18. ^ "MoU signed between ILFSL and Sonar Bangla Capital Management". Dhaka Tribune. 2022-09-26. Retrieved 2022-10-09.
  19. ^ "International Leasing, FAS Finance shares soar after PK Halder's arrest". The Business Standard. 2022-05-16. Retrieved 2022-10-09.
  20. ^ "International Leasing Chairman N I Khan gets Bima Padak". Dhaka Tribune. 2022-03-05. Retrieved 2022-10-09.
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