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State-owned Basic Bank has finally regained possession of its unfinished building in the capital’s Motijheel area after more than 12 years of legal complications and disputes over its occupancy.
Representatives of the Metropolitan Commercial Court-2 conducted an operation on Tuesday (November 10), cleared the building of occupants and handed over the bank’s designated portion to its authorities.
The development has paved the way for the bank to complete the construction work and eventually shift its head office operations to the building.
According to bank sources, Basic Bank signed an agreement with developer Business Resources Limited in 2010 to construct a building for its own head office.
Under the agreement, the developer was supposed to complete the construction and hand over the building in a ready-to-use condition by September 2013. However, the work remained unfinished, and complications also arose over handing over possession.
The bank had entered into an agreement worth around Tk 80 crore to purchase the building and paid approximately Tk 76 crore. Despite making the substantial payment, it failed to obtain possession in accordance with the contractual terms.
As a result, the bank’s investment remained tied up for years, while its plan to relocate the head office to its own premises could not be implemented.
The matter also came under scrutiny by the Anti-Corruption Commission (ACC) following allegations of misappropriation of money in the building acquisition process. Subsequently, disputes over ownership and possession reached the courts.
Basic Bank had to pursue a lengthy legal battle, starting from lower courts and extending to the Supreme Court, to regain possession of the property.
After years of litigation, the bank finally obtained possession through the court on Tuesday. Representatives of the Metropolitan Commercial Court-2 visited the building on Tuesday morning and handed over the bank’s designated portion in a vacant condition.
Basic Bank’s Acting Managing Director Abu Mohammad Mofazzal said the bank had signed the agreement with Business Resources Limited in 2010 to establish its own head office.
He said the developer had failed to complete the construction within the agreed deadline of September 2013, leaving the building unfinished for years.
The bank eventually had to seek legal intervention to obtain possession, he said, adding that it had secured favourable verdicts at every stage, from the lower courts to the Supreme Court.
“Finally, the bank received possession of the building through the Metropolitan Commercial Court-2 on November 10. The portion allocated to the bank was handed over in a completely vacant condition,” he said.
Mofazzal added that the bank would now take steps to complete the remaining construction work as quickly as possible and make the necessary arrangements to start its head office operations there.
Relevant sources said the bank had been forced to operate under alternative arrangements despite owning a property in Motijheel, one of the country’s most important commercial areas.
This not only left a substantial amount of the bank’s investment tied up but also prevented it from implementing its plan to use its own infrastructure.
With possession finally secured, Basic Bank can now move ahead with completing the building and relocating its head office.
However, the bank has yet to disclose how long it will take to make the building fully operational or how much additional investment will be required to complete the construction.
