Elias Brothers owners jailed for loan default

The money loan court in Chattogram yesterday slapped five owners of Messers Elias Brothers (MEB) with a five-month jail sentence for defaulting a loan of Tk 185 crore.

Judge Mujahidur Rahman of Chattogram Money Loan Court issued the ruling against MEB Managing Director Shamsul Alam, Chairman Nurul Absar and Directors Kamrun Nahar Begum, Tahmin Begum and Md Nurul Alam based on a case filed by the National Bank on April 5 in 2015.

According to the money loan court, 25 cases have been filed against the company so far for defaulting around Tk 938 crore loan taken from 17 different banks and financial institutions.

Mohammad Elias started commodity trading in 1962, when he was 25 years old.

Initially, MEB's concentration was in consumer goods. Gradually, it expanded into areas such as galvanised plain sheets, ship-breaking, agro-industry, glass sheet, soybean oil, beverages, paper, board, garments, and brickfields.

Rezaul Karim, bench assistant of the money loan court, told The Daily Star: "MEB took out Tk 185 crore in loans from the bank but did not repay the loan despite several notices issued by the bank authorities. Today the money loan court gave an order in favour of the bank."

This correspondent tried several times to reach Shamsul Alam and Nurul Absar over phone, but their mobile phones were found switched off.