[🇧🇩] Everything about Hasina's misrule/Laundered Money etc.

[Saif]

Date of Event: Nov 11, 2024

Source : https://thefinancialexpress.com.bd/national/sheikh-hasina-was-a-classic-autocrat-m-sakhawat-hossain

Sheikh Hasina was a classic autocrat: M Sakhawat Hossain
Published :
Aug 05, 2024 22:03
Updated :
Aug 05, 2024 22:03

Sheikh Hasina was a classic autocrat who dismissed the people, and this disdain has led to her current predicament, according to Brigadier General (Retd) M. Sakhawat Hossain, an election analyst and former military officer. In a special interview with UNB news agency over the phone, he expressed these views.
He stated that today's events were inevitable and were bound to happen. "We have seen similar situations in Tunisia, Libya, and Syria. Popular uprisings are unstoppable. The student quota reform movement could have been resolved easily, but due to Prime Minister Sheikh Hasina's stubbornness, so many people lost their lives."

Hossain criticised the media's portrayal of the casualties, claiming that the true number is closer to 400, with a significant portion being students and young people. He questioned the whereabouts of the remaining bodies, mass graves, and the extent of innocent lives lost. "She has gone, but who will answer for this?" he asked.

He accused the ruling government of carrying out the "most heinous massacre" and of misleading the public by blaming criminals while those responsible were, in fact, their own countrymen. "Such things should not happen in a free country," he remarked.

Hossain also noted that for the past 15 years, people have been unable to vote properly, with widespread election fraud. He stated that Sheikh Hasina should have understood her and her party's unpopularity, and questioned who would be held accountable for the bloodshed. He criticized the severe lack of good governance, which he believes Sheikh Hasina failed to provide.

Furthermore, he alleged that Sheikh Hasina has created criminal gangs within the country and turned the police and Rapid Action Battalion (RAB) into her personal enforcers.

Reflecting on the plight of the family members of the so-called Father of the Nation, he questioned why they had to face such a tragic fate, attributing it to Hasina's arrogance and pride. He drew a parallel with the 2009 BDR mutiny, where 57 army officers were killed, and questioned who would answer for that incident as well.

He criticised Sheikh Hasina's control over TV media and her suppression of free speech, citing it as a reason he avoided talk shows. He claimed he had urged the Prime Minister in various meetings to ensure good governance, but was labelled as an 'agent of the opposition' for his criticisms.

"Today, Sheikh Hasina has fled the country, and now the army has had to take responsibility for the nation's situation," he concluded.​

 

[Bilal9]

Sheikh Hasina was a classic autocrat: M Sakhawat Hossain
Published :
Aug 05, 2024 22:03
Updated :
Aug 05, 2024 22:03


View attachment 7402
Sheikh Hasina was a classic autocrat who dismissed the people, and this disdain has led to her current predicament, according to Brigadier General (Retd) M. Sakhawat Hossain, an election analyst and former military officer. In a special interview with UNB news agency over the phone, he expressed these views.
He stated that today's events were inevitable and were bound to happen. "We have seen similar situations in Tunisia, Libya, and Syria. Popular uprisings are unstoppable. The student quota reform movement could have been resolved easily, but due to Prime Minister Sheikh Hasina's stubbornness, so many people lost their lives."

Hossain criticised the media's portrayal of the casualties, claiming that the true number is closer to 400, with a significant portion being students and young people. He questioned the whereabouts of the remaining bodies, mass graves, and the extent of innocent lives lost. "She has gone, but who will answer for this?" he asked.

He accused the ruling government of carrying out the "most heinous massacre" and of misleading the public by blaming criminals while those responsible were, in fact, their own countrymen. "Such things should not happen in a free country," he remarked.

Hossain also noted that for the past 15 years, people have been unable to vote properly, with widespread election fraud. He stated that Sheikh Hasina should have understood her and her party's unpopularity, and questioned who would be held accountable for the bloodshed. He criticized the severe lack of good governance, which he believes Sheikh Hasina failed to provide.

Furthermore, he alleged that Sheikh Hasina has created criminal gangs within the country and turned the police and Rapid Action Battalion (RAB) into her personal enforcers.

Reflecting on the plight of the family members of the so-called Father of the Nation, he questioned why they had to face such a tragic fate, attributing it to Hasina's arrogance and pride. He drew a parallel with the 2009 BDR mutiny, where 57 army officers were killed, and questioned who would answer for that incident as well.

He criticised Sheikh Hasina's control over TV media and her suppression of free speech, citing it as a reason he avoided talk shows. He claimed he had urged the Prime Minister in various meetings to ensure good governance, but was labelled as an 'agent of the opposition' for his criticisms.

"Today, Sheikh Hasina has fled the country, and now the army has had to take responsibility for the nation's situation," he concluded.​

One can surmise more or less directly - that all her classic autocrat moves were taught to her by the intelligence agency of the entity next door who ensured her survival. She could not figure out these moves by herself, credit should be attributed to professionals.

 

[Saif]

One can surmise more or less directly - that all her classic autocrat moves were taught to her by the intelligence agency of the entity next door who ensured her survival. She could not figure out these moves by herself, credit should be attributed to professionals.

Our army has the duty of dismantling the wide spread network of RAW to save the nation from sabotage and anarchy. India is an enemy country and should be dealt with iron fist.

 

[Saif]

Hasina destroyed Bangabandhu’s legacy: Prof Yunus

"Bangladesh is liberated… We are a free country now, said Nobel Laureate Professor Muhammad Yunus

www.thedailystar.net

Hasina destroyed Bangabandhu's legacy: Prof Yunus

Sheikh Hasina, who was forced to resign as prime minister of Bangladesh yesterday amidst massive civil unrest in the country, destroyed the legacy of her father Bangabandhu Mujibur Rahman, Nobel Laureate Professor Muhammad Yunus, told The Print.

Speaking to ThePrint minutes after Hasina left Bangladesh, Yunus, who has been charged by the Hasina government in over 190 cases, said, "Bangladesh is liberated… We are a free country now."

"We were an occupied country as long as she (Hasina) was there. She was behaving like an occupation force, a dictator, a general, controlling everything. Today all the people of Bangladesh feel liberated."

Yunus was convicted by the Hasina-led government in January for violating the country's labour laws and is currently out on bail.

The Nobel Laureate said this is like a second liberation for the people of Bangladesh and there is celebration all over the country. "They are feeling the sense of liberation and joy that we can start all over again….We wanted to do it in the first round when we became independent in 1971. And we missed it because of all the problems we have right now. We now want to make a fresh start and create a beautiful country for ourselves. That's the commitment we make and students and young people will be leading our future," he said.

Asked about vandalism by protesters, who tried to damage a statue of Mujibur Rahman in Dhaka and stormed the parliament building, Yunus said that it's an expression of the "damage she (Hasina) has done".

"It says what they feel about Hasina, what she did to herself and her father… it's not the fault of the young people who are doing this," he said.

Yunus, founder of the pioneering microfinance system that lifted millions of poor out of poverty in Bangladesh, ruled out any role in active politics. "I'm not the kind of person who would like to be in politics. Politics is not my cup of tea," he maintained.

Currently in Paris, he said he would soon return to Bangladesh and continue to work for the people the way he did earlier.

"I will continue with my work in a more free environment that I didn't have during the regime of Sheikh Hasina because she was always attacking me. I will continue, devote myself to the things I could not do before," he said.​

 

[Saif]

শত শত কোটি টাকার মালিক হাছান মাহমুদ

 

[Saif]

Dhaka Wasa MD Taqsem A Khan resigns

Wasa sources said he submitted his resignation via email yesterday

www.thedailystar.net

Dhaka Wasa MD Taqsem A Khan resigns

Taqsem A Khan

Taqsem A Khan, the managing director of Dhaka Water Supply and Sewerage Authority (WASA), has resigned from his post.

Wasa sources said he submitted his resignation via email yesterday.

According to Wasa sources, Taqsem cited health-related issues as the reason for his "inability to continue" in his role as the managing director.

When The Daily Star reporter called Wasa Chairman Professor Sujit Kumar Bala for his comment in this regard, he repeatedly rejected the calls.

Taqsem was first appointed as the managing director of Dhaka Wasa in 2009. His tenure was extended multiple times, with the latest extension in August of last year, when he was appointed for the seventh time for an additional three years.

Since former prime minister Sheikh Hasina's resignation on August 5, Taqsem had not been seen at his office. It remains unclear whether he is still in the country or left for abroad.

Despite severe criticism from various quarters regarding Wasa services, Taqsem, who is a US citizen along with his wife and children, had held onto his post.​

 

[Saif]

Dhaka wasa MD: Never-ending tenure of Taqsem ends!

Taqsem A Khan resigned as the managing director of Dhaka Wasa on Wednesday after being at the helm of the state-owned agency for nearly 15 years marked by many allegations of irregularities.

www.thedailystar.net

Dhaka wasa MD: Never-ending tenure of Taqsem ends!

Taqsem A Khan resigned as the managing director of Dhaka Wasa on Wednesday after being at the helm of the state-owned agency for nearly 15 years marked by many allegations of irregularities.

Taqsem resigned over an email, stating that health problems had rendered him unable to work.

The Local Government Division (LGD) yesterday issued an order mentioning that Taqsem's tenure has ended and AKM Sahid Uddin, a senior deputy managing director of Dhaka Wasa, would be the new managing director.

Taqsem was appointed Wasa MD on October 14, 2009. His tenure was extended for the seventh time on October 14, 2023.

There are allegations that Wasa supplied contaminated water and overspent funds on projects that did not bear fruit while Taqsem was at the helm.

Many say that the cost of Dhaka Wasa water increased 16 times because of him.

In May 2023, former Wasa chairman Gholam Mostofa wrote a letter to the LGD, highlighting the irregularities at Wasa.

The ministry then responded by promptly removing Mostafa from his post and keeping Taqsem, a US citizen, as the MD.

Mostafa told this newspaper at that time that Taqsem's monthly salary increased by 421 percent over the years and stood at Tk 6.25 lakh. Even during the Covid-19 pandemic, his salary was bumped by Tk 1.75 lakh.

Talking to reporters at his office yesterday, LGRD Adviser AF Hassan Ariff said, "The stories of his corruption are known to people."

The corrupt individuals who used to surround Taqsem are still active, he said.

"We will take legal action against them," he added.

In 2019, Taqsem caused public outrage after saying that Wasa water was fully safe for drinking.

He made the claim at a press conference arranged to refute allegations made by Transparency International Bangladesh (TIB).

TIB, after a year-long study titled "Dhaka Wasa: Challenges of Good Governance and Way Forward", revealed their findings in April 2019, mentioning how 91 percent of the 2,728 service recipients of Dhaka Wasa water had to boil the water to make it drinkable.

In the process, they burnt gas worth Tk 332 crore a year.

But many Dhaka dwellers are still buying dirty and smelly water, facing acute shortage of drinking water, being deprived of access to the sewerage network, and encountering the same old water logging.

Mizanur Rahman, a resident of Jurain's Mistir Dokan area, said many of around two lakh residents of Purba Jurain are still facing similar problems and some do not even have running water.

Mizanur is one of a few hundred residents from Jurain, Shyampur, Madhya Badda, Rampura and Tejgaon who demonstrated in front of the Wasa's Karwan Bazar headquarters on April 23, 2019.

The image of him carrying a jug full of dirty water as a sarcastic gift of "sherbet" to Taqsem is still fresh in the minds of Dhaka residents.

Mizanur and several others held a human chain in front of Wasa yesterday demanding that Taqsem be arrested and punished.

The city dwellers did not get the benefit of Wasa's treatment plants due to absence of a supply network, experts say.

Widespread corruption and delays in project implementation also plagued Wasa, said a report of the Anti-Corruption Commission in July 2019.

The ACC report said Wasa kept extending deadlines and increasing the costs of projects to create room for corruption.

Corruption and irregularities also took place during the selection of consultants and contractors during revenue collection and overtime bill disbursements, said the report.

Manual metre reading is also an area where cartels have been formed to misappropriate money and deny the government its revenue, said the report that identified eight projects and three areas in Dhaka where corruption took place, and made a 12-point recommendation to prevent graft.​

 

[Saif]

Former land minister amasses huge wealth and property in US and Dubai

Former land minister Saifuzzaman Chowdhury Javed and his wife Rukhmila Zaman Chowdhury have amassed huge wealth and property in the United States and in Dubai. They have huge sums of money deposited in foreign banks. Neither Saifuzzaman nor any member of his family have taken permission from...

en.prothomalo.com

Former land minister amasses huge wealth and property in US and Dubai
Shanaullah SakibDhaka
Updated: 13 Aug 2024, 13: 30

Former land minister amasses huge wealth and property in US and Dubai

Former land minister Saifuzzaman Chowdhury Javed and his wife Rukhmila Zaman Chowdhury have amassed huge wealth and property in the United States and in Dubai. They have huge sums of money deposited in foreign banks. Neither Saifuzzaman nor any member of his family have taken permission from Bangladesh Bank to take money abroad, giving rise to questions about this huge wealth amassed overseas.

Bangladesh Bank’s Financial Intelligence Unit has asked the banks within the country to freeze all accounts of Saifuzzaman Chowdhury Javed, his wife, children and their business establishments. No transactions can be carried out from these accounts over the next 30 days. The credit cards in their names cannot be used either. Bangladesh Financial Intelligence Unit (BFIU) issued these directives by letter yesterday.

Rukhmila Zaman Chowdhury is the chairman of the private sector United Commercial Bank (UCB). Saifuzzaman Chowdhury Javed had been land minister of the Awami League government in 2018-23. But after the media flashed news of his huge wealth abroad before the election last year, he was not made minister in the last government.

Saifuzzaman Chowdhury and Rukhmila Zaman Chowdhury are reportedly both out of the country at present and so their statements regarding the wealth they have built up in the US and Dubai could not be availed. However, in March this year Saifuzzaman Chowdhury told a press conference that his father had business in London back in 1967. He himself had studied in the US and has been doing business there since 1991. He later expanded his business to the UK. He has income tax records there too. He said he had taken bank loans for his overseas business.

Assets abroad

Bangladesh Bank records reveal that Saifuzzaman Chowdhury opened a company by the name of Rapid Raptor FZE in the UAE in 2014 and another company Zeba Trading FZE in 2015. Rapid Raptor FZE is registered as a computer and software company and Zeba Trading for sales of construction material. Saifuzzaman has banks accounts with Dubai Islamic Bank, First Abu Dhabi Bank and Janata Bank Dubai branch. A total amount of 39,583 dirham and 6,670 dollars is deposited in these accounts. From 2017 till last month, Saifuzzaman Chowdhury bought and sold 226 properties in the UAE.

Two properties was bought on 15 September and 30 November 2023 in the name of Rukhmila Zaman in Dubai’s Al Barsha South 3. These properties are worth 2,250,369 dirham equivalent to 75 million taka (7.5 crore) in Bangladeshi currency.

Visiting Dubai in March last year, this Prothom Alo correspondent found that Saifuzzaman Chowdhury and his family had amassed wealth there. Their five-star hotel was under construction there in the Business Bay are of this important and expensive commercial city of the Middle East.

BFIU also found evidence of their assets in the US. From 8 March to 10 December 2021 a total of 45,340 US dollars was deposited in the US-based TD Bank. The money was deposited through First Abu Dhabi Bank and HSBC Bank. Some money was deposited from a US company Capital World Maritime Limited.

Also, 1,765,000 US dollars was deposited to the First American Title Insurance Company on behalf of Saifuzzaman Chowdhury’s company Aramit Properties LLC and GTS Properties LLC. Over a span of time from 2005, nine properties were bought there through Nahar Management Inc which was connected to Saifuzzaman Chowdhury. This information was available in BFIU records. Aramit Properties LLC, GTS LLC and Nahar Management Inc are all US-based companies.

BFIU officials say that so far they only have information on Saifuzzaman Chowdhury’s assets in these two countries. But they think that he has much more assets than this in the UK.

Before the last election, Transparency International Bangladesh (TIB) has said at a press conference, a certain minister has over 23 billion taka in investments and business overseas. Later this minister was identified as Saifuzzaman Chowdhury. It was learnt that the former minister had opened companies in the name of his wife Rukhmila Zaman and daughter Zeba Zaman. He also opened a company overseas in the name of his family business Aramit Group. During a press conference last March Saifuzzaman Chowdhury admitted having business and property in London.

Was UCB the source of funds?

After the fall of the government, over 150 shareholders of United Commercial Bank demanded that the bank be freed from the control of the former land minister Saifuzzaman Chowdhury and his family. They took up position in from for the UCB head office in Gulshan on Thursday, voicing this demand. They displayed festoons and raised allegations of the former land minster siphoning off money overseas and other irregularities related to the bank.

In a letter sent to Bangladesh Bank, a number of shareholders of the bank said that even though Rukhmila Zaman was chairperson of the bank, it was Saifuzzaman Chowdhury who basically carried out this responsibility and the bank was sinking into bankruptcy due to his arbitrary actions and embezzlement. The letter stated that Saifuzzaman Chowdhury had assets worth 18.88 billion taka in the UK, paid for with the money embezzled from the bank’s depositors. The letter went on to say the bank had been made into a family business from 2017 and was faced with blatant looting, financial corruption and money laundering. As a result, default loans had mounted in the bank. In 2017 the bank’s default loans stood at 17.92 billion taka and in 2023 this increased to 27.82 billion taka.

Action must be taken so that no one launders money in future. Also, initiative must be taken to bring back the funds by making agreements with the countries where the money has been transferred.”

Mustafa K Mujeri , former chief economist, Bangladesh Bank

The late Awami League leader Akhteruzzaman Chowdhury of Chattogram, father of the former land minister, had been the founder chairman of UCB. Bank sources say that in 2017 the one of the major shareholders of the bank, family members of the Partex Group owners, were forced to drop out of UCB. Saifuzzaman Chowdhury’s wife Rukhmila Zaman was then made the bank’s chairperson. As she was in the UK, the bank was basically run by Saifuzzaman Chowdhury, the bank’s senior officials confirm.

When asked about the matter, Bangladesh Bank’s former chief economist Mustafa K Mujeri told Prothom Alo, “Everyone knows that the powerful persons have siphoned out money. That is why the dollar crunch in the country has been on for so long. A lot of money was laundered by forceful takeover of banks. The main task now is to identify those responsible and take action against them. Such action must be taken so that no one launders money in future. Also, initiative must be taken to bring back the funds by making agreements with the countries where the money has been transferred.”​

 

[Saif]

‘Big defaulters won’t be spared’

Finance Adviser Salehuddin Ahmed has vowed to mete out exemplary punishment to big loan defaulters as the interim government scrambles to fix the ailing banking sector of Bangladesh.

www.thedailystar.net

‘Big defaulters won’t be spared’
Finance Adviser Salehuddin Ahmed shares his plan to discipline rogues in banking sector

Finance Adviser Salehuddin Ahmed has vowed to mete out exemplary punishment to big loan defaulters as the interim government scrambles to fix the ailing banking sector of Bangladesh.

The new government has begun its journey with banks struggling to cope with a ballooning bad debt. At the end of March, delinquent loans increased to Tk 182,295 crore, the highest in the history of Bangladesh. That means 11.1 percent of the disbursed loans have soured. The amount is even higher if outstanding rescheduled loans and outstanding restructured written-off loans are taken into account.

"How did it happen?" said Salehuddin, who worked as the central bank governor from 2005 to 2009. He presided over the financial system during the army-backed caretaker government until Sheikh Hasina formed a new administration.

In an exclusive interview with The Daily Star on Thursday, Salehuddin, the head of the finance ministry, spoke about his plans to take recourse to the judiciary to punish the big loan defaulters and tackle the ongoing situation through the central bank. On Friday, he got the additional charge of the commerce ministry.

"Big defaulters will not be spared. If necessary, we will urge the chief justice to form a special bench [to deal with such cases]," he said.

Salehuddin pointed out that the central bank, along with the banks, has a responsibility to reduce bad loans. He has already talked to new Bangladesh Bank Governor Ahsan H Mansur who assured him of taking stern action against the loan defaulters, including the big ones.

As part of the immediate steps to rein in default loans, the central bank will discontinue concessions and rescheduling facilities enjoyed by the loan defaulters over the years, Salehuddin said.

The interim government headed by Nobel laureate Prof Muhammad Yunus took charge earlier this month with a pledge to bring reforms as demanded by the student movement against discrimination that ousted Hasina.

Despite uncertainties amid chaos in the immediate aftermath of the uprising, the political changeover has brought optimism among economists and civil society who expect big changes, especially in the economic sector.

Salehuddin said they took charge when the country was reeling from a multi-pronged economic crisis caused by domestic issues alongside global headwinds. There were regulatory failures and irregularities in the name of development.

The adviser pointed out inflation, banking sector irregularities, low revenue collection, a sharp decline in foreign currency reserves, money laundering, and graft as the key challenges to the economy.

Along with restoring law and order, the government has prioritised steps to wipe out setbacks to economic growth, he said. The new central bank governor was appointed in a swift move to fill a vacuum created by the resignation of his predecessor. The interim government was also working to bring changes to the posts of chairman of different banks, he added.

In the past financial sector, rules and regulations were violated using "special power". For example, the single exposure limit was not followed in disbursing loans, Salehuddin said.

The new government has stopped such irregularities, he said.

"Most importantly, transparency and accountability in the financial sector have been ensured," he added.

The adviser said he has asked officials to end the culture of passing the buck in the sector where everyone has to take responsibility and be accountable.

Asked about medium-term reform plans, he said the authorities would bring some necessary changes to the financial and banking sectors, and he has talked with the development partners about the matter.

"Some reforms are required urgently which we will ensure," he said.

On the other hand, establishing a banking commission could be part of long-term reforms. The interim government may take initiatives to this end, he added.

CENTRAL BANK AUTONOMY

The full autonomy of the Bangladesh Bank has always been in question in the past. The finance adviser said the issue depends on the person who remains at the helm of the regulator.

"The Bangladesh Bank Order is a very good law which provides enough authority to the central bank. Yes, there are issues which demand discussion with the government. However, those are not day-to-day issues," he said.

It is the central bank's full authority to decide what will be the country's monetary policy, and interest or exchange rates. Besides, it is also the duty of the central bank to act against loan defaulters, Salehuddin said.

In his view, the central bank has enough autonomy. There are some limitations mainly because of the Bank Company Act.

The Daily Star asked whether the interim government will support the central bank when the latter needs to increase the policy rate to tame inflation and boost reserves, or slightly raise the crawling peg mid-rate against the dollar.

Salehuddin said the central bank governor has talked about revisiting some rates and spoke about the differences.

He said Governor Mansur will work to this end because if these issues are not addressed, then there will be uncertainty over inward remittances and the currency market.

DEVELOPMENT PARTNERS

The finance adviser identified development projects, some of which have not started while some are ongoing, as the biggest issue for the interim government.

Bangladesh's development partners also wanted to know the interim government's position on the projects and they were informed that the ongoing projects will continue.

However, some large projects could be placed at the Executive Committee of the National Economic Council.

This newspaper asked him whether the interim government would seek budget support from international development partners such as the World Bank and the International Monetary Fund to ease pressure on reserves.

Salehuddin said support from development partners is not a "big issue" when it comes to improving the reserves, for which he emphasised increasing export earnings and remittances, and bringing more foreign direct investments.

The development partners set different conditions in line with Bangladesh's economic reforms in their loan programmes and these reforms are also the interim government's priority, he said.

If their priorities match, then the government will be able to secure funds from the development partners, Salehuddin said.

The development partners have pledged budget and project support if the government continues going forward on the path it has taken, he added.

MONEY LAUNDERING

Salehuddin also vowed action against money launderers, saying the government has heard about flights of foreign currencies from the country and it will look into the matter seriously.

The government has a committee on money laundering but it has not held a single meeting in the past two and a half years.

The committee sat on Wednesday within a week of the interim government taking charge.

Salehuddin said the committee has a list of money launderers and that it was asked to include names of old launderers alongside new ones.

Also, the government has ordered investigation authorities to make their job visible by conducting quick probes into allegations of money laundering.

Salehuddin said he has directed the National Board of Revenue to fix the collection system since revenue is crucial for the country's economy and the government's operations.

Although the digitalisation of revenue collection has been talked about for a long time, it has not been completed. The government will solve this problem soon, Salehuddin said.

He also said the current government will allow the universal pension scheme, introduced by the Hasina administration, to continue as many developed countries have strong social safety schemes, including health insurance.

However, some of the components of the universal pension scheme will be revisited, he added.​

 

[Saif]

S Alam drains Janata branch dry

As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country’s banking sector.

www.thedailystar.net

S Alam drains Janata branch dry

As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country's banking sector.

Janata's Sadharan Bima Bhaban Corporate Branch in Chattogram provided Tk 8,216 crore to S Alam Group, which is 167 percent more than the branch's single borrower exposure limit, according to the bank's documents.

The business conglomerate took another Tk 2,233.45 crore from Janata to take the tally to Tk 10,449.45 crore, which is 451.57 percent of the struggling state-run bank's paid-up capital.

As per law, a bank is not allowed to lend more than 25 percent of its paid-up capital to a single client. At the end of June this year, Janata's paid-up capital stood at Tk 2,314 crore.

The loans to S Alam, which has controlling stakes in as many as eight banks, accounted for 10.7 percent of Janata's total disbursed loans of Tk 98,000 crore at the end of June.

As much as 49 percent of the bank's outstanding loans have turned bad, putting its financial health at risk.

Amid such a situation, the bank on June 25 rescheduled the Tk 1,844.60 crore loans taken by the six companies of S Alam Group for four years -- by breaching rules but with special permission from the central bank.

Of the sum, Tk 1,038.75 crore was for S Alam Refined Sugar Industries, Tk 1,186.43 crore for S Alam Trading Company, Tk 696.42 crore for S Alam Vegetable Oil, Tk 221.13 crore for Global Trading Corporation and Tk 1,229.55 crore for S Alam Cold Rolled Steels.

The companies were given the rescheduling facility although S Alam Group had outstanding loans of Tk 8,895.91 crore.

As per banking rules, a fresh loan rescheduling facility can be granted for a client only if it is within the permitted limits.

This was not the case for the S Alam companies: the rescheduled liabilities of the S Alam companies were Tk 4,372.28 crore against the limit of Tk 3,250 crore.

Yet the central bank gave a no-objection certificate for rescheduling the loans on July 28.

However, in its no-objection certificate, the central bank set some conditions, including the loan amount cannot be increased anymore, and the loan amount must be brought within the permitted limits by December 31, 2025.

Saiful Alam, chairman of S Alam Group, and Md Abdul Jabbar, managing director and chief executive officer of Janata Bank, could not be reached for comment.​