The Chittagong Port Authority (CPA) is facing difficulties in reclaiming over Tk 1,300 crore in fixed deposit receipts (FDRs) held in seven banks, many of which are associated with the controversial S Alam Group.

According to a letter sent by the CPA to the Bangladesh Bank on August 29, these FDRs include Tk 421.7 crore in Union Bank, Tk 212.15 crore in Social Islami Bank, Tk 179.31 crore in Padma Bank, Tk 191.76 crore in First Security Islami Bank, Tk 137.24 crore in BASIC Bank, Tk 115 crore in Global Islami Bank, Tk 25 crore in National Bank, and Tk 72.49 crore in the state-owned Investment Corporation of Bangladesh (ICB).

Before the Bangladesh Bank dissolved the boards of several banks, the S Alam Group had representatives on the boards of five banks—Union Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and National Bank. Padma Bank was represented by the controversial businessman Chowdhury Nafeez Sharafat.

Concerned about the situation, CPA Chairman Rear Admiral Syed Mohammad Moniruzzaman recently urged the Finance Ministry to take appropriate steps to recover the funds.

The CPA had invested its own funds, along with pension and provident funds for its officials and employees, in these banks. It now seeks to encash these FDRs, deposited at various times.

“Despite repeated requests for the FDR encashments, the banks have failed to return the money,” the CPA Chairman told The Mirror Asia recently.

In an effort to resolve the issue, the CPA held a meeting with the banks on August 27, but the banks informed that they were unable to repay the funds.