FT Online

Published:
2019-07-20 11:17:59 BdST

PLFSL: Liquidator to take charge in a day or two


The newly-appointed liquidator for the People's Leasing and Financial Services Limited (PLFSL) is expected to take over the responsibility of the trouble-torn non-banking financial institution (NBFI) soon.

"We've received the certified copy of the High Court (HC) order in this connection on Thursday," a senior official of the Bangladesh Bank (BB) said on Friday.

The taking over of the responsibility by the liquidator now depends on the BB's official formalities only, according to the central banker.

"We expect that the liquidator will take the PLFSL's responsibility within Sunday or Monday after completing the formalities," the BB official added.

Md Asaduzzaman Khan, deputy general manager of the BB's Financial Institutions Department, has already been appointed as the liquidator.

Officials concerned said the liquidator, after taking charge, will hire an external audit firm to conduct a functional audit to assess the NBFI's actual financial health.

They also said the liquidator will prioritise settling the small investors' claims first.

"The liquidator will also focus on recovery of non-performing loans (NPLs) by taking help from other government agencies concerned," another senior official noted.

Considering the PLFSL's vulnerable financial condition, the Ministry of Finance asked the central bank on June 27 to liquidate the company and protect the interest of its depositors.

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