Monem sugar refinery's import-export suspended, bank account frozen

The Bangladesh Customs authorities have suspended the imports and exports of Abdul Monem Sugar Refinery Limited, a subsidiary of Abdul Momen Group, over alleged irregularities.

The company's bank accounts have also been frozen, resulting in a complete halt to the import of sugar and other goods by the refinery, customs officials said.

The Customs Bond Commissionerate Dhaka South sent a letter to all customs houses and banks in these regards on 23 April, sources said.

The Customs Commissioner of Chattogram Customs House Mohammad Fyzur Rahman confirmed the receipt of the letter to The Business Standard.

"We have received the letter regarding the company and necessary action has been taken," he said.

"Amid the actions taken by the Bond Commissioner, their Business Identification Number (BIN) has been automatically locked in the NBR software (ASYCUDA World system). As a result, their import and export activities have stopped."

A senior official of the customs department told TBS on condition of anonymity, "The company is required to store imported sugar for home consumption in bonded warehouses. But due to irregularities in this regard, more than Tk1,000 crore demand was issued to them."

"They paid a part of that money. But nearly Tk675 crore were not paid on time, following which, the NBR took action according to the Customs Act," the official said.

When contacted, Mainuddin Monem, managing director of Monem Group told TBS, "I do not know the details about this. Because I oversee the construction business part of our group. And my younger brother takes care of the sugar refinery part."

"If there is any legal liability, then our organisation will definitely pay it," he said.

ASM Mohiuddin Monem, deputy managing director of Monem Group, could not be reached for comments immediately.