Home Scam/Fraud Social Islami Bank protests LC scam report, bdnews24.com responds

Social Islami Bank protests LC scam report, bdnews24.com responds

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The companies did not export goods that were supposed to be produced with imported materials. Central bank officials did not find the goods matching the imports in the firms’ warehouses during an inspection.

Now the SIBL is liable to pay for the imports of goods worth around Tk 160 billion.

The bank rejected the claim, saying it had approved a certain amount of investment in Sharp in 2015 and  issued 881 local back-to-back LCs for the company to collect raw materials worth Tk 1.39 billion, against which Tk 222.6 million is still due.

Sharp was also given Tk 1.17 billion as project finance, according to the rejoinder. 

It said Sharp exported goods worth Tk 1.44 billion.

Sharp now owes the bank Tk 1.63 billion, including profits, the SIBL said.

“Therefore, the news of issuing $1.59 billion or Tk 160 billion back-to-back LCs is utterly false.”

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