Election Commissioner Abdur Rahmanel Masud, while approving a candidate’s nomination, reportedly remarked, “Your nomination is accepted—but please make sure to repay the bank loan.”

Aslam Chowdhury told Prothom Alo on March 16 that he had partially repaid his bank loan. He added that he had obtained a fresh court order suspending his default status for another six months. According to him, the bank has also withdrawn its case, and the matter is now under process. He expressed hope that a gazette notification declaring him an MP would be issued soon.

Chattogram-2: Sarwar Alamgir

This constituency includes Fatikchhari upazila in Chattogram. According to unofficial data, BNP candidate Sarwar Alamgir, contesting with the paddy sheaf symbol, received 138,545 votes. His closest rival, Jamaat-e-Islami’s Mohammad Nurul Amin, secured 62,160 votes. However, the result remains on hold and no official gazette has been published yet.

Sarwar Alamgir owns a company named NFZ Terry Textile, which had defaulted loans amounting to Tk 201 crore at Standard Bank’s Agrabad branch. Bangladesh Bank records indicate that a High Court order is still in effect preventing him from being listed as a defaulter in the Credit Information Bureau (CIB) until the appeal is resolved.

Following his writ petition, the High Court ruled on February 3 that he could participate in the election. However, the results would remain suspended until the appeal is settled. The Election Commission issued a similar directive on February 12, election day.

Speaking to Prothom Alo on March 17, Sarwar Alamgir said his loan is being serviced regularly and that there are no active cases against him by the bank. He claimed that five cases had been filed against him by Jamaat-e-Islami, of which four have already been dismissed. The remaining case is scheduled for final hearing on April 28, after which he expects the official gazette to be issued.

Three more BNP winners

In Cumilla-9 (Laksam and Monohorgonj), BNP candidate Md. Abul Kalam won the seat. In Tangail-4 (Kalihati), Lutfur Rahman (Matin) emerged victorious, and in Moulvibazar-4 (Sreemangal and Kamalganj), Md. Mujibur Rahman Chowdhury secured the win.

Abul Kalam has a court order suspending his defaulter status until the appeal is resolved. Lutfur Rahman’s stay order is valid until May 24. Similarly, Mujibur Rahman Chowdhury is protected by a High Court order that prevents him from being classified as a loan defaulter until the appeal process is completed.

Others barred from contesting

Several candidates were unable to participate in the election due to loan default issues. Among them were Jatiya Party (faction) leader Mujibul Haque (Kishoreগঞ্জ-3), Islami Andolon Bangladesh candidate Mujibur Rahman Shamim, Jatiya Party candidate Golam Sarwar, and LDP’s Hasan Imam.

Legal perspective

Senior Supreme Court lawyer Shahdeen Malik explained that some individuals intentionally default on loans, while others fall into default due to business failures or by acting as guarantors. He noted that courts may grant relief if candidates can present valid arguments. In such cases, temporary relief orders are often issued.

He added that courts can direct that individuals not be listed as defaulters in the CIB until final verdicts are delivered, but such orders should not remain indefinite. He emphasized that individuals who fail to repay large loans should ideally not become lawmakers, as this creates conflicts of interest, discourages investment, reduces employment opportunities, and harms the economy.

Similar issues in 2018

During the 11th parliamentary election in 2018, several candidates had their nominations canceled due to loan default status. Some of them, including Aslam Chowdhury and Gias Uddin Quader Chowdhury, later managed to regain eligibility through court orders. Reports suggest that some habitual defaulters have been able to restructure loans with minimal payments and obtain court permission to contest elections.

Economic concerns

Former professor of economics at the University of Chittagong, Moinul Islam, criticized the decision to allow loan defaulters into Parliament. He said that despite attempts by former central bank governor Ahsan H Mansur to prevent this, the provision allowing loan rescheduling with a small cash deposit enabled many businesspeople to become MPs.

He further expressed concern that the current government and central bank’s approach toward loan defaulters may negatively impact the banking sector and the broader economy.