Dhaka, May 27 -- Bangladesh Bank has authorised active and revenue-generating entities within the Beximco Group to open Letters of Credit (LCs) under strict conditions, despite the conglomerate's entanglement in a series of loan default scandals and corruption investigations.

Governor Ahsan H Mansur approved the measure during a high-level meeting with executives from 20 banks and seven non-bank financial institutions, according to multiple officials who attended the session.

The move is intended to ensure the survival of the group's relatively stable units while facilitating loan recovery efforts.

The central bank has mandated a 100 percent margin requirement and individual approval from Bangladesh Bank for each LC opened by Beximco c...