[🇧🇩] Corruption Watch

[Saif]

'Take action against corrupt employees'

Public admin ministry directs all secretaries and heads of government offices and agencies

www.thedailystar.net

'Take action against corrupt employees'
Public admin ministry directs all secretaries and heads of government offices and agencies

The Ministry of Public Administration has directed all secretaries and heads of government offices and agencies to take action against corrupt employees working across various ministries, departments, and organisations.

The directive was issued on March 20, a month after the decision was made by the Advisory Committee on Public Administration on February 20.

In a letter signed by Deputy Secretary Jamila Shabnam addressed to all secretaries, the ministry said, "Officials and employees who are widely perceived as corrupt based on intelligence reports are to be subjected to departmental action as per directives."

Following the decision of the Advisory Committee on Public Administration, the directive has also been sent to the directors general, executive directors, managing directors, and chairpersons of government agencies, as well as divisional commissioners and deputy commissioners.

The government formed the Advisory Committee on Public Administration on January 8, with Finance Adviser Salehuddin Ahmed as the chairman and Information Adviser Mahfuj Alam as member secretary, to provide recommendations on the recruitment, transfer, and disciplinary matters of officials from the rank of joint secretary and above, including divisional commissioners and deputy commissioners.​

 

[Saif]

Case filed against former BNP leader for illegally storing VGF rice in Kurigram

he VGF rice was recovered from a maktab (a centre for teaching Arabic) run by the imam of a local mosque

www.thedailystar.net

Case filed against former BNP leader for illegally storing VGF rice in Kurigram

VGF rice recovered at Kaliganj Bazar area of Nageshwari, Kurigram. Photo: STAR

A case was filed against a former BNP leader this morning on charge of illegally storing around 3,800 kilogrammes VGF (Vulnerable Group Feeding) rice in Nageshwari upazila of Kurigram.

The VGF rice was recovered from a maktab (a centre for teaching Arabic) run by the imam of a local mosque at Kaliganj Bazar next to the union parishad yesterday.

Locals alleged that BNP leaders and activists forcibly took share of VGF cards from the chairman and members of Kaliganj Union Parishad. The rice was withdrawn through the VGF cards and deposited in the maktab by a group of people led by Jamal Uddin, who was the former general secretary of Kaliganj union unit of BNP.

Nageshwari Upazila Cooperative Officer Nur Kutubul filed the case today with Kaliganj Police Station in connection with the incident.

The Upazila Assistant Commissioner (land) Mahmudul Hasan said Jamal Uddin has been in hiding since the VGF rice recovery incident.

He added that locals found the VGF rice kept in the maktab and then informed the administration. "I visited the scene and seized the rice. It is being investigated whether the Union Parishad chairman and members are involved in this matter."

When contacted, Kaliganj Union Parishad Chairman Reazul Islam said that VGF rice was distributed among the beneficiaries yesterday. However, he said that no local BNP men forcibly took the VGF cards.

Since the incident happened outside the union parishad, the chairman and members are not responsible for it, he added.

When asked about that how Jamal Uddin collected the VGF rice, he replied that he did not know.

Kaliganj Bazar Jame Mosque Imam Ismail Hossain said, "Jamal Uddin took the key of the maktab from me. He had stored VGF rice in the Maktab. I am not involved in this matter."

Jamal Uddin's mobile phone was found switched off when this correspondent tried to reach him for comment.

Nageshwari Police Station Officer-in-Charge (OC) Rezaul Karim Reza said that a drive is being launched to arrest the accused. He said, "The Imam of the mosque, Ismail Hossain, was questioned and released last night."​

 

[Saif]

Will the construction of roads paved with gold continue?

High construction costs in our mega infrastructure projects raise concerns.

www.thedailystar.net

Will the construction of roads paved with gold continue?

The cost of the two-lane Cox's Bazar-Matarbari road is likely to be more than double the cost of the country's most expensive highway from Dhaka to Bhanga in Faridpur via the Padma Bridge. FILE PHOTO: STAR

A common feature of mega infrastructure projects undertaken by the previous government was the extremely high construction costs. Due to planning flaws, irregularities, corruption, etc, Bangladesh had one of the highest highway construction costs in the world.

The White Paper on the State of the Bangladesh Economy, commissioned by the interim government, also highlighted the huge expenditure on highway construction. According to it, during the previous government's tenure, the construction cost of four-lane highways in Bangladesh averaged $6.35 million per kilometre, which was 4.4 times higher than in India, 2.15 times higher than in Pakistan, 1.6 times higher than in China, and 3.7 times higher than in Turkey.

It was expected that things would change under the interim government, which came to power through a popular uprising. But in reality, the construction of "roads paved with gold" has not stopped even during this government's tenure. A recent Prothom Alo report shows that the construction of the Cox's Bazar-Matarbari two-lane road will cost Tk 476 crore per km.

The most expensive highway in the country so far was the expressway from Dhaka to Bhanga in Faridpur via the Padma Bridge. The 55-kilometer-long, four-lane highway cost Tk 11,440 crore to build. That is, the cost of constructing the expressway per kilometre was about Tk 201 crore, which was widely criticised.

It appears that the cost of the two-lane Cox's Bazar-Matarbari road, to be built during the interim government's tenure, will be more than double that of the most expensive four-lane Dhaka-Bhanga Expressway, built during the Awami League era. Muhammad Fouzul Kabir Khan, an adviser to the interim government, has also raised questions about this huge expenditure. At a seminar in Dhaka on February 25, while informing the audience that he had to approve the highway being implemented with a foreign loan, he also raised the question: "will this road be paved with gold or diamonds?"

What could be the reason for such a huge cost in constructing the road? According to Prothom Alo's report, this huge cost cannot be explained by the increase in the price of construction materials alone. One of the reasons for such a high cost could be non-competitive bidding and the conflict of interest of the lending agency.

The Japan International Cooperation Agency (JICA) is providing the loan for the Matarbari coal power plant and deep-sea port project in Maheshkhali, Cox's Bazar. The road will be constructed under this project. The consultant hired to design the project is from Japan, the project financer. The conditions for the construction tender were prepared in such a way that contractors from countries other than Japan could not compete effectively. The estimated cost for constructing the 27.2 km long road was Tk 7,382 crore (which is also very high, at Tk 271 crore per km). However, the combined bid of the Japanese contractors stood at Tk 11,500 crore, which is 58 percent more than the estimated cost.

Normally, if a bid exceeds the estimated cost by more than 15 percent, re-tendering can be done. But that could not be accomplished due to JICA's objections. JICA stated that re-tendering just to reduce costs or select the lowest bidder is not in line with their procurement policy. As a result, just like during the Awami League era, roads are being built at costs per kilometre that are several times higher than in India, China, or Europe.

Meanwhile, the interim government's Task Force Report on Re-strategizing the Economy and Mobilizing Resources for Equitable and Sustainable Development recommended avoiding such conflicts of interest. The report mentioned that Bangladesh secures infrastructure project financing from JICA, China, India, etc, under government-to-government (G2G) bilateral frameworks with limited tendering, which results in high project costs. Particularly, projects where feasibility studies, detailed designs, construction, and supervision are all managed by the lending country create conflicts of interest and tend to drive up construction costs.

A few examples of such projects include the railway bridge on the Jamuna River (JICA-funded, with detailed design, supervision consultancy, and contractors from Japan), the third terminal (JICA-funded, with detailed design, supervision consultancy, and contractors from Japan), and the Karnaphuli Tunnel (China-funded, with detailed design, supervision consultancy, and contractors from China). The task force recommended that no project should be implemented with foreign loans where the terms of the loan contradict competitive bidding, requiring the project's consultants, contractors, and materials to be sourced from the lending country.

It is true that the loan agreement for the Matarbari project was signed during the previous government's tenure. However, the present government could have followed the recommendations and tried to address these disparities in the loan agreement. The government could have told JICA—just because you are lending money for the road, we are not bound to agree to unfair conditions. Since the people of Bangladesh will have to repay the loan with interest, the government must have the authority to determine how the loan money is spent. Otherwise, if necessary, Bangladesh could construct the 27 km of road with its own funds, but it should not adhere to unfair conditions.

Similar initiatives need to be taken regarding ongoing projects under the Indian Line of Credit (LoC) as well. Several infrastructure construction projects in Bangladesh are being funded by Indian loans to facilitate transit with India. According to the terms of the Indian loan, 75 percent of the raw materials required for these projects must be purchased from India, and contractors must be hired from there. Moreover, there is a question about how essential these hugely expensive infrastructure projects are for Bangladesh at this time.

For example, as reported by Samakal, a 50-kilometre-long, four-lane highway is being constructed from Ashuganj River Port through Sarail, Kasba, and Dharkhar in Brahmanbaria to Akhaura Land Port under the Indian LoC. This road, which is being constructed at a cost of Tk 5,791 crore, will connect Agartala in Tripura, India, with Ashuganj River Port. Additionally, the road from Mainamati in Cumilla to Dharkhar will be upgraded to four lanes with Indian LoC funding at a cost of Tk 7,188 crore. This will make it easier to transport goods unloaded at Chittagong Port to Tripura and Assam. Although India will benefit from these two roads worth Tk 12,979 crore, there is a question as to what benefit Bangladesh will receive.

Bangladesh will also have to bear the cost of regular maintenance of the roads after construction. There is a question as to whether the huge expenditure being made to increase connectivity between Sylhet, Cumilla, and Chattogram will be recovered merely by transporting Indian goods.

One piece of good news is that the two countries have agreed to scrutinise projects under the Indian LoC that are still in the process of appointing consultants and contractors or preparing project proposals. However, it is not just the project list that needs reevaluation—the terms of the project loans must also be reviewed.

If the interim government could genuinely reform the unfair terms of loans from various foreign lenders in accordance with the task force recommendations, its commitment and sincerity towards reform would be more evident to the people.

Kallol Mustafa is an engineer and writer who focuses on power, energy, environment and development economics.​

 

[Saif]

Tycoons open trust fund, then siphon off funds

Tycoons first opened trust fund and then siphoned off funds to tax-haven island nations before transferring to developed countries for finally settling in the chosen destinations, financial intelligence has found out. This is a common pattern of asset accumulation and laundering by big guns

thefinancialexpress.com.bd

Asset outflow to tax-haven islands en route to rich countries
Tycoons open trust fund, then siphon off funds
Financial sleuths nose out common pattern in huge money laundering by 11 top suspects during past regime
Doulot Akter Mala
Published :
Mar 24, 2025 00:06
Updated :
Mar 24, 2025 00:06

Tycoons first opened trust fund and then siphoned off funds to tax-haven island nations before transferring to developed countries for finally settling in the chosen destinations, financial intelligence has found out.

This is a common pattern of asset accumulation and laundering by big guns during the long reign of the past autocratic government, toppled in the August-5th uprising, according to the findings reported by Bangladesh Financial Intelligence Unit (BFIU) in a geared-up recovery hunt.

Officials concerned have said this common pattern was followed in laundering "significant amounts" of money by 11 big-name individuals and businesses linked to the deposed Sheikh Hasina regime.

According to the discoveries of tracks, funds were used to establish trust fund and then transferred from Bangladesh to overseas tax havens--particularly island nations. And subsequently the funds were parked into developed countries such as the UK, the USA, and Singapore, says a senior BFIU official, on condition of anonymity.

He said all the 11 suspects under investigation possess "significant undisclosed assets" abroad but none shown in their tax files in Bangladesh.

"Last week, we submitted the last one, on Summit Group, out of 11 intelligence reports," he added, declining to give details.

Officials of the BFIU and the National Board of Revenue (NBR) say tax recovery emerged as a crucial tool in asset recovery as existing tax laws allow authorities to claim the equivalent market value of undisclosed overseas assets.

Alongside the 11 priority cases, the government has decided to investigate around 200 more individuals and businesses, mostly ex- MPs of the ousted Awami League regime, in its drive to recover stolen assets.

The alleged launderers who are under suspicion of the government on laundering Tk 2.0 billion to Tk 5.0 billion from Bangladesh would be brought to book too in the probe process.

During a recent visit to the United Kingdom, Bangladesh Bank governor Dr Ahsan H Mansur sought political support and proposed that the UK government impose sanctions on both large-and mid-scale money launderers.

Talking to the FE earlier, Dr Mansur had said the government would not spare the midsize launderers in an effort to recover as much asset as it can.

"Bangladesh will appoint a private law firm for civil suit for middle- ranged launderers while launch criminal proceedings over tycoons' illicit money transfers," said the governor.

Already, investigations against 11 large business-group owners are going great guns under the joint investigation taskforce comprising BFIU, ACC, NBR and CID officials.

Officials involved in the efforts have said there has been a significant progress in asset recovery following the unveiling of a roadmap at a meeting of the council of advisers recently.

The roadmap is aimed at bringing back an estimated amount between $75 billion and $100 billion--from spotted destinations in the US, the UK, Malaysia, Singapore, Hong Kong and the Cayman Islands.

At the council-of-advisers meeting Chief Adviser of the interim government Prof Mohammed Yunus called for expediting efforts to bring back billions in stolen money -- both from the banking system and by other means.

The central bank governor's visit to the UK has been pivotal in placing requests for sanctions on property sales and travel bans for individuals implicated in money laundering.

Asset recovery is a time-consuming process, often taking three to five years, and needs a rigorous exercise with the help of international litigation agencies.

Monthly taskforce meetings will be held under the roadmap, with updates provided to the head of post-uprising government.

Efforts to secure collaboration from the governments of Singapore and Malaysia are underway, as their cooperation is crucial in tracking siphoned-off assets.

A pre-negotiation strategy is being explored for individuals willing to voluntarily repatriate a significant portion of their siphoned-off funds. The Dr Yunus-led interim government has targeted 11 business groups' cases initially to bring back smuggled-out assets, the sources said.

The top-listed cases are against former Prime Minister Sheikh Hasina and her family members, Aramit Group owned by former land minister Saifuzzaman Chowdhury, S. Alam Group tycoon S. Alam, Nasa Group's Nazrul Islam Mazumder, Bashundhara group owner Ahmed Akbar Sobhan, Summit Group owner and Forbes billionaire Aziz Khan, former private- sector adviser to the Hasina Government and Beximco owner Salman F Rahman, Gemcon Group, Sikder Group, Nabil Group and Orion Group.

The recently released White Paper on Bangladesh economy reveals an approximate $16 billion annual illicit transfer abroad in the 15-year Sheikh Hasina regime. Also, Dr Ahsan H Mansur earlier estimated $17 billion siphoned off through the banking system.

As the roadmap says, the interim government would finalize the draft terms of reference (ToR) for international law firms this month.

April-June 2025 (quarter 2) period would be spent for hiring law firms, exerting push for freezing Bangladeshi stolen assets abroad and launching settlement process of asset recovery.

In Q3, Bangladesh would start international criminal and civil cases, find litigation funders to engage law firms and investigations.

In the last quarter (October-December), Bangladesh targets to achieve settlements in at least 50 per cent of the 11 priority cases, freeze assets of entire 11 business groups and establish an asset-recovery agency.

Bangladesh has instances on the sending back of UK's stolen assets in 2010 and 2015 upon request from the UK government.

The investigators also cite the instance of having repatriated assets worth Tk 230 million of former premier Khaleda Zia's son Koko in 2007 from Singapore.​

 

[Saif]

Bangladeshis own dozens of Dubai properties

The National Board of Revenue (NBR) has identified dozens of properties in Dubai owned by Bangladeshis, a senior official familiar with the matter has told The Daily Star.

www.thedailystar.net

Bangladeshis own dozens of Dubai properties
NBR investigation finds

The National Board of Revenue (NBR) has identified dozens of properties in Dubai owned by Bangladeshis, a senior official familiar with the matter has told The Daily Star.

The discovery comes two months after the tax administration sent two teams of tax intelligence officers to the United Arab Emirates to assess tax compliance and track overseas assets held by Bangladeshi citizens.

"During on-site visits, we found several dozen properties owned by Bangladeshis in Dubai," the NBR official said.

A 2021 estimate by the EU Tax Observatory revealed that Bangladeshis own $260 million (Tk 3,114 crore) worth of offshore real estate in Dubai, making it their second-most popular destination for second homes after Singapore.

In a separate investigation, The Daily Star found 929 properties registered in the names of 461 Bangladeshis in Dubai. Of these properties, 259 are registered under the names of politicians, business magnates, and bankers.

All 461 names and the number of properties listed under them are based on 2020 and 2022 data compiled by The Center for Advanced Defense Studies, a Washington-based non-profit.

The NBR official said they are also looking into other such hubs, including London.

"This is a large-scale investigation and it's not limited to Dubai. We are also working on cases in the UK, the US, Singapore and other locations."

One subject of the ongoing scrutiny is Mohammed Mahtabur Rahman Nasir, owner of Bangladesh's Al Haramain Perfumes chain, who stands alleged of tax evasion and illegal money transfers (hundi) disguised as perfume sales and import-export activities.

Nasir, a prominent businessman in Sylhet, denies wrongdoing.

"We have conducted raids at Nasir's residence, Kazi Castle in Sylhet, and obtained important documents," the official said. "We are verifying the gathered information."

Among the seized records were 104 land deeds tied to Nasir and his family.

The NBR also found discrepancies between the land values declared in his tax filings and those in official records.

Tax investigators further found properties in his name in Dubai and Sharjah, including a large showroom.

On 22 January this year, the NBR froze Nasir's and his family's bank accounts.

Their tax records are under review and land registry offices have been asked to supply further details.

Nasir dismissed the allegations, saying that he has invested in Bangladesh in full compliance with the law.

"I have been doing business in the Middle East for a long time. To this day, I have never taken a loan from any bank. I have never engaged in any illegal activities. As for hundi, far from being involved in it, I consider it my greatest enemy," he told The Daily Star over the phone from Saudi Arabia recently.

"In the Middle East, we have operations with goodwill in Saudi Arabia, Oman, Kuwait, Qatar, Bahrain, and the UAE. Additionally, we have offices in the USA and the UK," he said.

Regarding the 104 land deeds, Nasir said most were small purchases made by his father in 2008 in their village.

"The majority of our properties are properly declared in our tax records. If anything is missing, I have no issue -- I am willing to provide all necessary documents," he added.

The NBR expects to finalise its report soon.

The National Board of Revenue (NBR) has detected tax anomalies amounting to over Tk 58 crore involving five individuals and their companies, including a former president of the Chittagong Stock Exchange (CSE).

On Friday,

The NBR flagged tax anomalies amounting to over Tk 58 crore involving Fakhor Uddin Ali Ahmed, a former president of the Chittagong Stock Exchange, and four of his relatives.

The tax administration said it had found an undisclosed offshore investment made by Fakhor in an under-construction 33-storey complex in Dubai.

Additionally, the official said the anti-graft agency has blocked another business tycoon from leaving Bangladesh over undisclosed Dubai assets.

"Our teams have found a hotel, an apartment, and land in his name in Dubai. We suspect that he may try to sell the properties abroad if he leaves the country."​

 

[Saif]

Ex-SSF director general Mujibur’s huge asset

A 4,050 square foot flat in Mirpur, and 10 plots in Mirpur, Cantonment, Khilkhet, Purbachal areas Dhaka have been found in the names of former director general of Special Security Force (SSF) Lieutenant General (retd) Mujibur Rahman and his wife.

en.prothomalo.com

Ex-SSF director general Mujibur’s huge asset
Nurul Amin
Dhaka
Published: 30 Mar 2025, 22: 50

Former SSF director general Mujibur Rahman

A 4,050 square foot flat in Mirpur, and 10 plots in Mirpur, Cantonment, Khilkhet, Purbachal areas of Dhaka have been found in the names of former director general of Special Security Force (SSF) Lieutenant General (retd) Mujibur Rahman and his wife.

Apart from this, the Anti-Corruption Commission (ACC) has also found another flat in the Cantonment area, a house in Purbachal and another land along with a tin shed house in Savar.

In addition to these immovable assets of Mujibur Rahman and his wife Tasrin Mujib, information about transactions of a huge amount of money in 15 bank accounts has been found during the investigation the ACC conducted.

Mujibur Rahman has gone into hiding since the fall of the Sheikh Hasina government on 5 August last year.

ACC sources say that Mujibur Rahman has amassed illegal assets in the name of family members through abuse of power and irregularities and corruption while holding various important government posts.

A huge amount of corruption and bribery money were deposited and withdrawn from various bank accounts of Mujibur and his wife, the source added.

The ACC has appealed to the court to seize Mujibur Rahman and his wife’s two flats and 10 plots in Dhaka and another plot and the house in Savar.

The anti-graft watchdog has also appealed to freeze their 15 bank accounts.

ACC deputy director Mohammad Sirajul Haque made the appeal to the court on Monday.

Mujibur Rahman was the director general of SSF until the fall of the government of Sheikh Hasina. Later, he was suspended on 12 September.

Earlier, Lieutenant General Mujibur Rahman carried out the responsibilities of a Quarter Master General (QMG) at the army headquarters. He was also the additional director general of the Rapid Action Battalion (RAB) and Border Guard Bangladesh (BGB).

ACC sources said Tasrin Mujib owns seven plots in various areas of Baunia mouza of Dhaka Cantonment area, with the largest plot size being seven kathas. The mouza price of the plot has been shown as a bit more than Tk 9.82 million (98.25 lakhs).

According to the source, there is also a flat in the name of Tasrin Mujib in Joar Sahara area of Dhaka Cantonment.

The 4,050 square foot flat, situated in Matikata area of Mirpur, is in the name of Mujibur Rahman. He has shown the price of the flat as Tk 18 million.

Besides this, there are three more plots in his name in Matikata, Cantonment and Khilkhet area of Dhaka. The largest plot in Mujibur’s name is located in Khilkhet area, with the size being seven katha.

Apart from this, there is a house and a plot in his name in Purbachal area in Dhaka. There is also a tin shed house in Savar on five decimal land.​

 

[Saif]

BB officials connected to reserves heist to face action: Asif Nazrul

Law Adviser Asif Nazrul has said many Bangladesh Bank (BB) officials are involved in the 2016 cyber-heist of the central bank and urged it to take action against employees connected with the case. On Sunday, a review committee formed to scrutinise the incident said the investigation into the heist

thefinancialexpress.com.bd

BB officials connected to reserves heist to face action: Asif Nazrul
bdnews24.com
Published :
Apr 13, 2025 20:32
Updated :
Apr 13, 2025 20:32

Law Adviser Asif Nazrul has said many Bangladesh Bank (BB) officials are involved in the 2016 cyber-heist of the central bank and urged it to take action against employees connected with the case.

On Sunday, a review committee formed to scrutinise the incident said the investigation into the heist suffered “reckless disregard” during the Awami League regime.

“The CID [Central Investigation Department] was instructed to not name Bangladesh Bank employees involved in the case while pressing charges,” Nazrul said.

While the CID was investigating the case, the finance ministry had appointed a committee headed by former Bangladesh Bank Governor Md Farashuddin.

“I’ve seen the report submitted by Farashuddin. The committee has sought the names of those the initial CID report mentioned. We’ve talked about what steps must be taken,” Nazrul added.

Nazrul is the chairman of the review committee with Faiz Ahmed Tayyab, special assistant to the chief adviser of the information ministry, the member secretary. Power Adviser Fouzul Kabir Khan and Bangladesh Bank Governor Ahsan H Mansur are among the members of the committee.

On Feb 5, 2016, Bangladesh Bank lost $81 million from its account in the Federal Reserve Bank of New York. The transfer was traced to three casinos in the Philippines.

The Philippine government recovered $15 million from the owner of a casino and returned it to Bangladesh, but the remaining $66.4 remained elusive.

Nazrul said, “The plan was to steal $2 billion from Bangladesh Bank… a plan to loot Bangladesh on the whole. If $2 billion had been stolen, we’d likely be facing a famine today.”

In 2019, Bangladesh Bank filed a case with New York’s Manhattan South District Court in hopes of recovering the stolen money. Rizal Commercial Banking Corporation (RCBC) appealed for the scrapping of the case.

In April 2022, a New York court dismissed Bangladesh Bank’s conspiracy charges against RCBC in April as the New York Supreme Court said it was out of its jurisdiction to take the case. Later, Bangladesh Bank said it filed a lawsuit with another New York court.

Those related to the investigation at that time believed a group from inside the country was behind the transfer of the large amount of money.

As the news of the theft spread, Atiur Rahman, the central bank governor at the time, stepped down over the heist, while two deputy governors were suspended. The top tier of central bank officials was also reshuffled.

The initial case over the heist was filed by the central bank’s Accounts and Budgeting Department Joint Director Md Zubair Bin Huda. No one was accused in the case filed under the Money Laundering Prevention Act.

The CID has time and again failed to produce probe reports, deferring hearings in the process. The investigation officer of the case has also changed over time.

On Dec 31, the Anti-Corruption Commission sent a letter to the CID asking to be handed over the responsibility of investigating the case following the change in the political landscape of the country. The CID, however, has yet to respond to the request.

Nazrul said, “I won’t disclose the names of those responsible [for the theft] right now. We’re looking into whether Bangladesh Bank is taking sufficient action to prevent such crimes from repeating.”

The adviser suspects that an overseas legal firm appointed to recover the stolen money could also have “irregularities”.

“The government then appointed several legal firms to recover the reserves money. [One of] the firms had a lawyer who was close to the previous government. This firm was paid millions of dollars. Even exchanging emails with them required payment.

“We’ve asked for a probe into what link this lawyer has with the selection of the firm in exchange for so much money. We’ll look into whether any financial irregularities occurred.”

The review committee formed on Mar 12 has been asked to submit recommendations in three months.​

 

[Saif]

Committee soon to accelerate financial crimes trial

A panel will accelerate trials of financial offenders under provisions of a decree styled Bank Resolution Ordinance the interim cabinet approved Thursday "to protect depositors' interests through better governance". The interim government in its meeting of the council of advisers also appr

thefinancialexpress.com.bd

Interim cabinet endorses several major reforms
Committee soon to accelerate financial crimes trial
Bank Resolution Ordinance approved to cleanse banking sector, protect depositor interests

FE REPORT
Published :
Apr 18, 2025 00:32
Updated :
Apr 18, 2025 00:32

A panel will accelerate trials of financial offenders under provisions of a decree styled Bank Resolution Ordinance the interim cabinet approved Thursday "to protect depositors' interests through better governance".

The interim government in its meeting of the council of advisers also approved another ordinance to bifurcate the National Board of Revenue into two entities, in tune with longstanding recommendations from think-tanks and foreign financiers, including the IMF.

The meeting, with Chief Adviser of the interim government Prof Muhammad Yunus in the chair, also in principle endorsed a proposal amending the Audit Ordinance to ensure international standards in audit, and an amendment to the existing Civil Penal Code (CPC) to expedite delivery of justice.

"We have seen how a single business group has siphoned off a huge amount of money from the country through establishing control over several banks. So, we have approved the Bank Resolution Ordinance to ensure governance in the corporate sector, and accountability in the banking sector so that such things cannot happen in future and the depositors' interests can be protected," said adviser Syeda Rizwana Hasan while briefing the press on the decisions of the council meeting.

Previously the central bank's power was not clearly defined in ensuring depositor interests and in ensuring accountability in the banking sector, she said, adding that a set of rules have been decided in the Ordinance entrusting specific powers to the central bank.

Regarding the Ordinance on revenue policy and management, she said it was done in line with the recommendations of the reform commission on the public administration.

The ordinance proposes dividing the revenue-authority body into two separate authorities - one will be responsible for determining revenue policy and another one for administering revenue collection.

The council of advisers also decided to form a committee to initiate trial for those involved in financial crimes.

This panel will be responsible for investigation and trial process of the pecuniary crimes-as a taskforce has already dug out many cases of offence and frozen bank accounts and assets of suspects.

"We have done the preliminary works and now we are going to form the committee to complete the trial," said Ms Rizwana, in an indication of quick trials of umpteen cases being instituted and arrests of high-profile suspects being made.

The proposed amendment of the Civil Penal Code envisages rules to shorten the trial process so that the public can get justice quickly.

This set of rules includes provisions for sending summons through mobile- phone short message service.

There will also be provisions so that the lawyers of any side cannot drag the trial process through seeking time several times as there will be specific number for time petition.

The advisory council also approved an amendment so that the public auditing can be made more transparent.​