PLFS liquidator seeks asset list
The liquidator of People’s Leasing and Financial Services (PLFS) on Monday asked the existing management to provide him with affidavit information on the company’s assets and liabilities by July 27.
It means the management has three working days as July 26 and 27 comprise a weekend.
“It is impossible to give all the information on assets and liabilities within this short time. We will apply for a time extension,” said a senior PLFS official wishing not to be named.
The High Court gave Bangladesh Bank the go-ahead on July 14 to appoint a liquidator for the non-bank financial institution (NBFI).
Md Asaduzzaman Khan, deputy general manager of the central bank’s financial institutions department, was then appointed as the liquidator.
On June 27, the finance ministry first instructed the central bank to shutter the NBFI, a first for Bangladesh’s financial sector, for its failure to improve its conditions.
Previously two banks, the Bank of Credit and Commerce International alongside Oriental, were restructured, but not liquidated, for being on their last legs.
Liquidation of the PLFS means closing its operations permanently and the BB, with the court’s permission, will take steps to settle liabilities by selling off its assets.
Some 15 banks and NBFIs have Tk 850 crore stuck in the PLFS. There are another 6,000 accounts of individuals in the company.
Investors who have 68 percent stakes in the PLFS are in uncertainty over whether and how they will get back their money, amounting to nearly Tk 200 crore based on the present market value.
