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[🇧🇩] Corruption Watch
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POLLING CENTRES WITH 100PC TURNOUT
Election officials under ACC scanner
Travel ban imposed on ex-minister Hasan Mahmud, wife


Staff Correspondent 23 June, 2025, 23:50

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The Anti-Corruption Commission has launched an inquiry into corruption allegations against the officials involved in the polling centres that reported 100 per cent voter turnout in the controversial parliamentary elections in 2018.

The ACC in January this year formed a five-member inquiry team to probe into allegations of the ‘midnight voting’ in the 2018 elections to identify individuals involved in the alleged vote rigging and abuse of power.

As part of the inquiry, the ACC on Monday sent a letter to the Election Commission seeking information on the officials involved in the polling stations where 100 per cent voter turnout was recorded in the 2018 Jatiya Sangsad polls.

Asked, ACC director general (prevention) Md Akhtar Hossain at a press briefing on Monday said that the inquiry team sent the letter to collet necessary information regarding the inquiry over the allegation of vote rigging.

He said that the ACC was conducting an inquiry into the individuals allegedly involved in vote rigging and power abuse during the JS elections.

A member of the inquiry team said that the ACC had already obtained documents related to several officials and they were collecting information to identify the officials involved in vote rigging and their illegal wealth allegedly accumulated by way of irregularities in the elections.

According to the allegations, Awami League leaders and activists of various tires executed the so-called ‘midnight voting’ during the 2018 elections upon instructions from the then prime minister Sheikh Hasina, and AL general secretary Obaidul Quader.

Besides, the then inspector general of police Javed Patwary, former Dhaka Metropolitan Police commissioner Asaduzzaman Mia, former RAB chief Benazir Ahmed, former IGP Shahidul Haque, Sheikh Hasina’s defence adviser Tarique Ahmed Siddique, then public administration adviser HT Imam, now late, as well as various government and Election Commission officials at different levels allegedly helped in committing the polls irregularities.

Meanwhile, the Dhaka Metropolitan Senior Special Judge Court on Monday imposed a travel ban on former foreign minister Mohammad Hasan Mahmud and his wife Nuran Fatema over graft allegations.

DMSS judge Md Jakir Hossain passed the order, allowing an ACC plea.

The court also ordered freezing Hasan Mahmud’s nine and his wife’s 12 bank accounts over the same allegations. It also ordered seizing an SUV of the former minister.

The ACC earlier on April 6 filed two separate cases against Hasan Mahmud and his wife over allegations of amassing illegal wealth of Tk 6.63 crore and suspicious transactions of Tk 722 crore.

After the Sheikh Hasina-led Awami League government was overthrown on August 5, 2024, Hasan Mahmud, also a former lawmaker for the Chattogram-7 constituency, fled the country.

The ACC on Monday filed a case against former lawmaker Ziaur Rahman on charges of amassing illegal wealth worth Tk 1.8 crore.

ACC DG Akhtar Hossain at a briefing said that the ACC also found suspicious transactions of Tk 10 crore in five bank accounts of Ziaur Rahman who was former lawmaker for the Chapainawabganj-1 constituency.

The ACC also issued a notice asking Ziaur Rahman’s wife Kashmeri Begum to submit her wealth statement to the commission.​
 

ACC opens investigation into its director general’s alleged bribe demand

bdnews24.com
Published :
Jun 26, 2025 20:11
Updated :
Jun 26, 2025 20:11

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The Anti-Corruption Commission (ACC) has launched an investigation into allegations made by National Citizen Party (NCP) leader Hasnat Abdullah on Facebook regarding ACC officials demanding bribes.

On Thursday, the commission's Director General (Prevention) Md Akhtar Hossain told journalists, “We have issued numerous notices warning against fraud. Despite this, many continue to fall victim to scammers.

“So far, we have received four general diaries (GDs) from people who have been cheated.”

Hasnat, NCP’s chief organiser (southern region), recently wrote in a Facebook post: “In independent Bangladesh, the ACC’s tea bill is Tk 100,000,” claiming that officials demanded this amount from Dr Mahmuda Mitu as a prerequisite for clearing her name, despite no corruption charges being filed against her.

“Mahmuda was told, ‘you’re a doctor, so you have money; pay Tk 100,000 for clearance’.”

He also shared three recorded phone conversations with the doctor in the form of video clips.

In a statement on Tuesday, the agency said the accusations were “unverified and defamatory”.

According to the statement, signed by ACC spokesperson Md Akhtarul Islam, Hasnat made “defamatory remarks against the director general and senior officials without any verification”.

Meanwhile, on Thursday, Akhter said: “We have informed the media through a notification about the information provided by a political party organiser.

“The fraudster who contacted the complainant’s number has been linked to four more similar incidents. A complaint has been filed with the relevant police station.

“These cases are currently under investigation by both our team and the concerned police stations. It will soon be revealed that this is the work of a fraudster, as we now have all the necessary information in our hands.”

He said, “The fraudsters are very smart. Facebook and WhatsApp accounts were created using the ACC chairman’s name, and money was extorted through Nagad and bKash.

“We have arrested four individuals, including the man impersonating the ACC chairman. They are currently on remand.”

“We have also decided to investigate the video clips,” he added.​
 

ACC probes appointments of 21 as cadre officers
Solamain Salman 27 June, 2025, 00:12

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The Anti-Corruption Commission on Thursday initiated an inquiry into allegations of appointing 21 people to different cadre positions illegally under the 29th Bangladesh Civil Service examinations during the Awami League regime which was ousted past year.

The 21 officers were recommended by the Bangladesh Public Service Commission to be appointed to the non-cadre services not to the cadre services under the BCS examinations, the anti-graft agency said.

The ACC made the move as it got preliminary information that the then authorities appointed the 21 non-cadre officers as carder officers under the 29th BCS, 13 months after the publication of the final results of the BCS examinations conducted by the Public Service Commission.

The 21 officers recommended by the PSC for appointments as non-cadre officers, but later appointed as BCS cadre officers as identified by the anti-graft agency include Asmaul Hosna Liza, Shajia Afrin, Most Nasrin Parvin, Sultana Razia, Momtaz Begum, Shamim Ahmed, Alpora Borua, Farida Yasmin, Fahmid Mehjabin, Ruksana Khatun, Shiukta-ul-Jannah, Farhana Yasmin, Jamal Al Naser, Mohammad Kaiser Khasru, Suvana Ikram Chowdhury, Asaduzzuman, Mahfuza Aktar Shimul, Shafiqul Islam and Kamrunnahar Shampa, according to a document.

Out of them, five were appointed in the administration cadre, one in the Ansar cadre, four in the customs and VAT cadre, two in the economic cadre, two in the family planning cadre, one in the foreign service cadre, two in the police service cadre, three in the taxation cadre and one in the general education cadre.

The remaining two other officers were also appointed to cadre services.

ACC director general (prevention) Md Akter Hossain at a briefing at the commission’s headquarters in the capital’s Segunbagicha said that the Public Service Commission recommended a number of people to be appointed to the non-cadre services under the 29th BCS after completing all formalities.

But, after 13 months of the recommendation, 21 non-cadre candidates were appointed to different cadre services through corruption and misusing power, he said.

He, however, did not disclose the names of the officers.

A senior ACC official told New Age that they had information that the 21 non-carder officers under the 29th BCS were appointed to different cadre services through massive corruption.New age fashion

He also said that they got information that not only the PSC officials, senior officials of the past government were also involved in the illegal appointments.

The 29th Bangladesh Civil Service examinations were the first BCS exams under the Sheikh Hasina-led Awami League regime that came to power in 2009.

The preliminary exam of the 29th BCS was held in August 2009, while the final results of the BCS examinations were published in 2011.

The PSC came under heavy public criticism due to irregularities in the government recruitments and involvements of its officials in question paper leaks during the Hasina regime, which was ousted by a student-led mass uprising on August 5, 2024.​
 

What drives BD money into Swiss banks?

Asjadul Kibria
Published :
Jun 28, 2025 21:17
Updated :
Jun 28, 2025 21:17

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The news that Bangladesh-linked money in Swiss banks increased by around 23 per cent last year has drawn attention of various quarters in the country. The significant rise in deposits has triggered widespread discussions, because of the fact that the notable increase did happen during a year when the country witnessed a mass uprising and the ouster of autocratic Prime Minister Sheikh Hasina. Many argued that the rise in deposit recorded since beneficiaries of the ousted regime transferred their ill-gotten financial assets and parked them in the safe vaults of the Alpine banks.

The data, released by the Swiss National Bank (SNB) on June 19, showed that Bangladesh-linked funds in the banks in Switzerland stood at CHF (Swiss Franc) 598 million in 2024, equivalent to Tk. 89.12 billion at the current market price. The amounts were CHF 58.38 million (approximately Tk 8.69 billion) in 2022 and CHF 26.38 million (approximately Tk 3.93 billion) in 2023. Bangladeshi money in the Swiss banks reached its peak in 2021 when the amount was CHF 871.76 million.

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It is worth noting that Bangladeshi money in Swiss banks refers to deposits linked to Bangladesh in various ways. Besides Bangladeshi institutions and citizens, money deposited by firms and individuals with links to Bangladesh is also included. Several Bangladeshi nationals working in Switzerland and other European countries have their money in these banks. Bangladesh-based business houses also have accounts there. Moreover, there should be no reason to claim that all money deposited in Swiss banks are dirty or illegal money.

The popular perception is that people across the world keep their illicit income in Swiss banks, where the secrecy of depositors is highly protected. This perception is not baseless. The nature of secrecy makes Switzerland one of the leading tax havens, where individuals' or businesses' income or wealth is taxed at very low rates, if at all. As the beneficiaries of tax havens typically don't reside or operate in these countries or jurisdictions, tax havens also provide secrecy to conceal non-residents' incoming wealth from other governments. Therefore, tax havens offer lower tax rates, along with a legal system that ensures confidentiality for non-residents. That's why tax havens are termed as offshore jurisdictions or secret jurisdictions.

However, the significant surge in Bangladeshi money in Swiss banks over the past year is a cause for concern. It's not improbable that those who illegally transferred money from Bangladesh to various destinations in recent years have once again moved their funds to Swiss banks for better protection of their ill-gotten financial assets. The fall of the Hasina regime and the subsequent efforts of the Yunus-led interim government to identify and recover illegally flown money may have alerted those who have stashed their black money in different tax havens. There are indications that over the years, some prominent businessmen, along with several politicians and bureaucrats, have stashed their black money in Singapore, the United Arab Emirates (UAE), Canada, Hong Kong, the United Kingdom (UK), and the United States (US). Some of them may now be switching to Swiss banks, as Bangladesh lacks an agreement with Switzerland on the exchange of information on financial accounts.

Due to pressure from various countries, primarily the United States (US), the Swiss government has begun to relax the rules of bank secrecy. By joining the OECD accord on the exchange of banking information in 2014, the country opened the window to share information of the non-resident account holders in Swiss banks with the respective countries. In 2017, legislation was passed there allowing the Swiss government to share data with other countries under the Automatic Exchange of Information (AEOI). It has been on the rise. So far, more than 100 countries have AEOI agreement with

Switzerland. Switzerland implements the AEOI in accordance with the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). Within the European Union (EU), the AEOI has been implemented based on a bilateral international treaty. India and Pakistan are the two countries in South Asia that have an AEOI agreement with Switzerland.

Under the AEOI system, banks in Switzerland disclose financial account data to the Swiss authorities. The Swiss authorities then automatically forward the data to the authorities in India or Pakistan, enabling them to examine the foreign financial account data. The primary purpose of the AEOI is to determine the extent to which taxpayers in a country hold bank accounts in Switzerland or any other country and whether they have transferred funds in a manner that avoids or evades taxes. The Swiss authorities, however, are committed to ensuring that information shared with a country does not breach international data protection requirements. Data sharing and receiving countries must adhere to the confidentiality clause of the AEOI. India has received a series of data about the Indian nationals and entities who have stashed money in Swiss banks after signing a bilateral agreement with Switzerland regarding AEOI in 2017.

During the Hasina regime, discussions arose about recovering Bangladeshi funds from Switzerland. The autocratic government, however, did not take any effective measures to sign a bilateral agreement with the Alpine nation. In other words, the ousted regime kept the window open for illicit financial flows from the country. At that time, the central bank prepared an analytical note on Bangladesh-linked Swiss money, which claimed that both the assets and liabilities in the Swiss banks were generated mainly due to foreign trade transactions. This situation underscores the urgent need for bilateral agreements to prevent such financial flows in the future.

There is, however, another source to know the amount of Bangladesh-linked money in the Swiss banks. Locational Banking Statistics (LBS), prepared and released by the Bank for International Settlements (BIS) quarterly, also provides some information. LBS data showed that money deposited by Bangladeshis (non-bank or individual) in Swiss banks declined in the last two years. The amount was $100 million in 2022, which decreased to $63 million by the end of 2023 and further declined to $43 million in 2024. The table also showed that (table-1) individual deposits in Swiss banks are much lower as per SNB statistics than shown in BIS locational banking statistics. The Bangladesh Bank may investigate the matter further and provide a comprehensive explanation on the issue.​
 

ACC opens probe against 6 NBR officials, including NBR Reform Unity Council president
Staff Correspondent Dhaka
Published: 29 Jun 2025, 18: 31

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The Anti-Corruption Commission (ACC) on Sunday launched an investigation into six officials of the National Board of Revenue (NBR) over allegations of accumulating illicit wealth by facilitating tax evasion for taxpayers in exchange for bribes.

The six NBR officials facing investigation are: AKM Badiul Alam, member of income tax policy division; Hasan Muhammad Tarek Rikabdar, additional commissioner of audit, intelligence, and investigation directorate; Mirza Ashiq Rana, additional commissioner of tax region-8, Dhaka; Monalisa Shahreen Sushmita, additional commissioner of tax region-16, Dhaka; Sadhan Kumar Kondu, additional commissioner of Dhaka south customs, excise, and vat commissionerate; and Mohammad Morshed Uddin Khan, joint tax commissioner of BSS Tax Academy.

ACC deputy director (public relations) Akhtarul Islam said an investigation opened against the six NBR officials for allegedly acquiring wealth beyond their known sources of income through corruption and irregularities.

According to NBR sources, at least five of the officials under investigation are directly involved in the ongoing movement within the NBR.

Hasan Muhammad Tarek Rikabdar is the president of the NBR Reform Unity Council, the platform that is waging the NBR protest, while Mirza Ashiq Rana and Shahreen Sushmita are vice presidents of the Unity Council.

NBR officials and employees have been staging protests over the implementation of revenue reform initiatives since 12 May. As a result, a stalemate hit the agency, which is responsible for revenue collection on behalf of the government, disrupting its services.

On 12 May, the government issued an ordinance abolishing the NBR and the Internal Resources Division (IRD), creating two separate divisions: Revenue Policy Division and Revenue Administration Division. The goal is to separate policy-making tasks, like determining tax rates, from tax collection activities.

Economists, researchers, and business leaders have long been advocating for reforms in the revenue sector. One of the conditions of the $4.7 billion loan from the International Monetary Fund (IMF) was to establish separate entities for revenue policy and revenue collection.

NBR officials do not object much to the formation of the two divisions. They, however, want appointment preferences for revenue sector officials in the newly-formed divisions. The government said it will appoint competent individuals, which may bring more officials from the administrative cadre.

The protesters also demanded the resignation of NBR chairman Abdur Rahman Khan, alleging that the he is ignoring NBR officials and employees in the reform process and is instead suppressing and harassing those involved in the movement.

Meanwhile, the government issued a statement today, Sunday saying that it has decided to declare all categories of NBR jobs as essential services, as well as, at the same time, instructed the protesting officials and employees to return to work, warning that failure to do so would lead to strict measures in order to protect the people and the economy of the country.​
 

ACC Chairman: Padma Bridge graft case was shelved despite ample evidence

UNB
Published :
Jul 01, 2025 21:46
Updated :
Jul 01, 2025 21:46

Anti-Corruption Commission (ACC) Chairman Mohammad Moinuddin Abdullah on Tuesday said that despite having substantial evidence of irregularities, the much-discussed Padma Multipurpose Bridge graft case was prematurely closed, and the accused were exempted from trial.

He made the remarks while talking to reporters at the ACC headquarters in Dhaka’s Segunbagicha this afternoon.

“The case’s initial investigation report was flawed and incomplete. We have decided to revive it with a comprehensive and evidence-based submission,” said the ACC chief.

Referring to irregularities in the procurement process of consultants for the Padma Bridge project, Moinuddin Abdullah noted that although there were clear grounds for legal action, the previous commission submitted an FRT (Final Report True), effectively ending the case.

“When the current commission took over in December, we reassessed the matter and felt that the case was shelved forcefully. It needs to be revived, and we’ve already begun a fresh investigation,” he added.

Citing specific violations of public procurement rules, he said the evaluation committee for the project was changed several times with ill intent. “Such changes indicate malafide intentions. Items that were supposed to be reusable were shown to be procured multiple times, which is financially unjustifiable,” he noted.

The ACC chief pointed out several breaches of the Public Procurement Act (PPA) and Public Procurement Rules (PPR), saying CVs of consultants were not properly evaluated and committee meetings required by law were either skipped or inadequately conducted.

“Based on these factors, we believe the earlier report was fundamentally defective, whether due to pressure or negligence. This time, our investigating officer will submit a complete and independent report, and the case will be reopened,” he affirmed.

In 2012, the World Bank suspended its USD 1.2 billion loan commitment for the Padma Bridge project, citing concerns over corruption. On December 17 of that year, the ACC filed a case with Banani Police Station against seven individuals.

The prime accused was then Bridges Division Secretary Mosharraf Hossain Bhuiyan, who was arrested and suspended from his position. He was later released on bail and reinstated.​
 

ACC launches probe against five NBR commissioners, officers

Staff Correspondent Dhaka
Published: 03 Jul 2025, 18: 42

The Anti-Corruption Commission (ACC) has initiated an investigation against five more officials of the National Board of Revenue (NBR).

The commission made the disclosure through a press release on Thursday. The officials under investigation are Md Kamruzzaman, commissioner of Benapole Customs House; Kazi Mohammad Ziauddin, commissioner of Dhaka East Customs, Excise and VAT Commissionerate; Sehela Siddika, additional tax commissioner of the Income Tax Division; Md Mamun Mia, deputy tax commissioner; and Lokman Ahmed, tax inspector.

Sehela Siddika is the secretary general of the NBR reform unity council, which led the recent movement in NBR. Multiple NBR officials told Prothom Alo that the investigation is being used as a means of harassment in retaliation for the movement.

According to the ACC press release, unscrupulous NBR members and officials are facilitating tax evasion in exchange for large sum of bribes, and allowing some specific taxpayers to pay less than their actual dues for their mutual benefits.

In the aftermath, the government is losing significant revenue each year. In some cases, officials file false tax evasion cases against business owners if bribes are not paid, further harassing them.

The ACC said some taxpayers pay advance or excess taxes, and the law mandates that any overpaid amount must be refunded. It was learned from data analysis and complaints that to receive such refunds, taxpayers often have to pay additional bribes or offer gifts, sometimes amounting to half the refund.

There are allegations that the concerned tax officials take hefty sums in the name of processing these refunds.

Earlier, the ACC launched investigations into 11 high-ranked NBR officials, including two NBR members. Among them is Hasan Muhammad Tarek Rikabdar, the president of the NBR reform unity council.​
 

Public servants top ACC cases
Solamain Salman 06 July, 2025, 00:29

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The involvement of government officials and employees in various forms of corruption, including amassing illegal wealth, bribery, abuse of power, and money laundering, has increased manifold in recent years in Bangladesh.

Government officials now top the list of corruption cases filed by the Anti-Corruption Commission, followed by private jobholders, business people, politicians, and public representatives, according to ACC data.

According to experts, corruption by government officials is increasing as corrupt officials are not being punished after committing corruption and they advised the government to ensure a quick disposal of the ACC cases for prompt punishment.

Asked about the trend of the graft cases, former ACC director general Md Moyeedul Islam told New Age, ‘In our country, no one faces consequences for corruption; instead, they gain social status and as such involvementw in corruption, including by government officials, is increasing.’New Age merchandise

The ACC is mostly working over corruption by government officials, but they are not working much over money laundering and amassing wealth beyond known sources of income by other people, which is also a reason for higher numbers of government officials accused of corruption, he further said.

Noting that the social and political environment in the country is also conducive to corruption, he said that there were strong laws against corruption but graft is not being prevented due to lack of effectiveness of the ACC and of goodwill of government and political parties.

Data show that the ACC conducted inquiries over 292 complaints from January to March this year and filed total 153 cases against 477 people over graft allegations. Of the accused, 144 were government officials, 113 private jobholders, 60 politicians, 44 businesspeople, 11 public representatives, and 105 from other professions.

The number of government officials in the list of accused during the January-March period is more than the number for the 12 months in 2023.

In 2024, the ACC filed cases against 346 government jobholders, 187 private jobholders, 71 businesspeople, 32 politicians, 30 public representatives, and 205 other professions.

In 2023, 120 accused were government jobholders, 33 private jobholders, eight business people, two politicians, 12 public representatives and 50 from other professions.

Contacted, ACC director general (prevention) Md Akhtar Hossain told New Age that the ACC was focusing on offences by government officials as per the ACC law because most of the accused in corruption cases were public servants.’New Age merchandise

He said, ‘The ACC is working with utmost sincerity to prevent corruption by government officials as well as corruption by other people as per the relevant law.’

Data show that the country’s government offices also heavily indulged in corruption during the Awami League regime when people could not get services from most of the offices without bribe.

According to a Transparency International Bangladesh survey titled ‘Corruption in Service Sectors: National Household Survey 2023’ released in December, 2024, the Department of Immigration and Passports was found to be the most corrupt service provider, followed by the Bangladesh Road Transport Authority, and law enforcing agencies.Bangladesh-themed souvenirs

The survey also found that almost 71 per cent of the surveyed households faced corruption while getting service in 2023 while 50.8 per cent of the households had to pay bribes to get service.

Service seekers paid an estimated Tk 1.46 lakh crore in bribes between 2009 and April 2024 to access essential facilities during the tenure of the Awami League regime, said the survey.

After the fall of the Awami league regime on August 5, 2024 amid a student-led mass uprising and the formation of Professor Muhammad Yunus-led interim government, the ACC has intensified its anti-graft drive across the country.

As a result, the ACC filed a total of 399 cases over the past year between July 2024 and June 2025 on charges of corruption and money laundering against many influential people, including ousted prime minister Sheikh Hasina, her family members, former ministers, lawmakers, senior bureaucrats, police and army officials, and businesspeople.

Data show that a total of 768 inquiries were initiated from July 2024 year to June this year and 399 cases were filed while charge sheets were submitted in 321 cases.

Although the ACC is officially an independent organisation, it has long faced criticism for operating under government influence and the fallen AL government often used the ACC as a tool to harass opposition people in the past.

ACC chair Mohammad Abdul Momen at a press briefing past month, however, said that they were working based on evidence and following law.

Anyone currently in power will also be investigated if specific allegations were raised against them, he said.

Transparency International in its Corruption Perception Index 2024 indicated that corruption was increasing in Bangladesh as the country slipped by steps in its global Corruption Perception Index to 151, jointly with Congo and Iran.Bangladesh-themed souvenirs

Bangladesh has scored 23 to become the 14th most corrupt country globally and the second most corrupt state in South Asia, only ahead of Afghanistan scoring 17. In 2023, Bangladesh ranked 149th with a score of 24, according to the report.​
 

Prospect of recovering non-performing loans

Published :
Jul 07, 2025 23:24
Updated :
Jul 07, 2025 23:24

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Much of the country's economic haemorrhage owes to a gargantuan size of non-performing loans (NPLs). Banks that extended or were made to sanction such loans have bled white and would have collapsed long ago but for the injection of cash by the central bank in order to keep them afloat. However the overall liquidity crisis suffered by the banking sector including non-bank financial institutions (NBFIs) was due to siphoning off the borrowed money abroad instead of investing in the stated productive sectors. The interim government's effort to bring back the laundered money amounting, according to experts, to Tk 1.0 trillion has failed because governments and various agencies of the destination countries did not cooperate in repatriation of the money stashed away in their banks. So the next course of action was to salvage the situation as much as possible by using both persuasive and coercive methods.

The loan-recovery committee formed by the Bangladesh Bank (BB) has made notable progress in solving the problem of default loans. It has already settled some 60 cases involving Tk 3.0 billion. The details of how each specific case was settled are not known but the broad rules governing the process have been made public. Some defaulters were allowed loan-rescheduling opportunity for the last time with a guarantee of repayment, others were granted an extension of loan-repayment period and still others, who opted for a business-exit plan, interest waiver in favour of repayment of the principal amount of loans. The 'guarantee of repayment' clause sounds good but has this been backed by a foolproof mechanism for repayment of the loans in instalment? The defaulters have a long history of adopting such a ploy to defer repayment. They are unlikely to let go any opportunity to abuse the agreement. So, it would be in the fairness of the fresh arrangement to use their existing assets as the collateral. They may buy time until the national election when the equation may once again shift in their favour.

Clearly, settlement of this order is impossible without concessions. But even if a good portion of the embezzled money and NPLs can be recovered through some concessions, the exercise is better than leaving the matter unattended. The positive vibe generated in case of the 60 cases settled seems to have encouraged some biggies known for their massive default culture to show their willingness for such mediated settlements. Reportedly, the committee has received more than 1,200 applications from companies and corporate houses including some large conglomerates. If they are sincere in striking workable and effective deals, the country's banking sector and the economy stand a chance of turning around.

This is certainly an opportunity for the erring big business houses to mend their ways. They can revive business fortune and restore confidence if they go by the respective letter of the rescheduling agreements. In this case, the most outstanding factor the loan-settling committee has emphasised is the verification of repayment capability of the defaulted companies. So, the committee has made recommendation for auditing those business houses' annual revenue earnings by reputed international auditors. Well, if the companies pass the test, they will qualify for the committee-determined ways of repayment of their loans. If everything goes well, at least some semblance of streamlining banking operation and economic order can be restored.​
 

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