The Financial Express

People's Leasing: Clients urge BB to refund money by Dec

| Updated: October 15, 2019 12:41:10

Lankabangla and Fianancial Express Lankabangla and Fianancial Express
People's Leasing depositors urge BB to refund money by Dec

Depositors have urged the central bank high-ups to take initiatives to return their investment from the liquidated People's Leasing and Financial Services Limited (PLFSL) by December 2019.

The appeal was made at a meeting of five-member delegation of the PLFSL depositors, held at the Bangladesh Bank (BB) in Dhaka on Monday, with BB Governor Fazle Kabir in the chair.

"We want to get our deposited money back from the liquidated leasing company by the end of this December," Samia Binte Mahbub, an individual depositor of the PLFSL, told the FE after the meeting.

Samia, a master degree-holder from the University of Dhaka, deposited Tk 2.0 million with the PLFSL at 13 per cent interest rate in 2017. But she is yet to get any return from her investment.

At the meeting, the central bank high-ups assured them that the individual depositors will get their money back before others from the PLFSL after complying the existing rules and regulations concerned.

"We'll give priority to the individual depositors of the PLFSL, and pay their money back before other parties," a senior BB official told the FE after the meeting.

An external audit firm has been working since September 15 to assess financial condition of the liquidated non-banking financial institution (NBFI), according to the central banker.

"We'll start loan recovery drives after calculating assets and liabilities of the PLFSL," another BB official told the FE while replying to a query.

The audit firm has already sought four months' time for assessing financial condition of the PLFSL, while the BB has asked the firm to complete their assessment within two months.

"We're trying to settle the PLFSL-related issues as early as possible," the central banker added.

Md Asaduzzaman Khan, deputy general manager of the BB's Department of Financial Institutions and Markets, is now working as the liquidator for the NBFI.

Considering fragile financial state of the PLFSL, the Ministry of Finance asked the central bank to liquidate the NBFI on June 27, and protect the interest of its depositors.

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