Premier Leasing and Finance Limited
Non-bank financial institution
From Wikipedia, the free encyclopedia
Premier Leasing and Finance Limited , also known as PLFL, is a major non-bank financial institution in Bangladesh that provides leasing finance.[4]
| Industry | Financial services |
|---|---|
| Founded | 1995 |
| Headquarters | , |
Key people | Md. Ashekur Rahman (Chairman), Subash Chandra Moulick FCS (Managing director current charge)[1][2][3] |
| Website | www |
History
Premier Leasing and Finance Limited was established on 26 September 2001 as Premier Leasing International Limited.[5]
Bangladesh Securities and Exchange Commission approved initial public offering by Premier Leasing and Finance Limited in 2005.[6] At the same time, it approved the IPO's of Progressive Life Insurance Company Limited, Sonar Bangla Insurance Company Limited, and Islamic Finance and Investment Limited.[6]
In 2007, Premier Leasing International Limited was renamed to Premier Leasing and Finance Limited.[5]
Mizanur Rahman Shelley was reelected chairman of Premier Leasing and Finance Limited in 2009.[7] SM Shamsul Alam was appointed managing director of Premier Leasing and Finance Limited in 2010.[8]
In June 2012, AZM Akramul Haq was re-elected chairman of Premier Leasing and Finance Limited.[9]
SM Shamsul Alam was re-appointed managing director of Premier Leasing and Finance Limited in 2013.[8] SM Shafiqul Islam Mamun was reelected chairman of Premier Leasing and Finance Limited in 2015.[10] Abdul Hamid Mia was appointed the managing director of Premier Leasing and Finance Limited in 2016.[11]
In 2019, almost 30 percent or 450 million taka of all loans of Premier Leasing and Finance Limited had defaulted.[12] AZM Akramul Haq was elected chairman of Premier Leasing and Finance Limited in 2019.[13] Its creditors, Bangladesh Commerce Bank Limited and Janata Bank Limited, were having difficulty recovering their money from it.[14]
On 4 December 2020, Bangladesh Bank appointed AKM Mohiuddin Azad administrator of Premier Leasing and Finance Limited following an order of Bangladesh High Court.[15] Bangladesh Bank refused to accept the resignation letter of Abdul Hamid Mia, the managing director of Premier Leasing and Finance Limited, in March 2021.[16] During his tenure at the institution its financials declined significantly.[16] The loans were defaulted with the help of Md. Shah Alam who was a senior official of Bangladesh Bank and an aid of swindler PK Halder.[17] The total defaulted loan of Premier Leasing and Finance Limited stood at 7.66 billion taka.[18] It has also failed to recover 1.94 billion taka deposit from BASIC Bank Limited.[18]
Subash Chandra Moulick, managing director of Premier Leasing and Finance Limited, said it was finding it difficult to pay back large amounts to banks in February 2022.[19] In April 2022, Md. Fazlur Rahman was appointed the managing director of Premier Leasing and Finance Limited.[20] In August 2022, ASM Feroz Alam, vice-chairman of Mercantile Bank Limited, was elected chairman of Premier Leasing Securities, subsidiary of Premier Leasing and Finance Limited.[21]