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[๐Ÿ‡ง๐Ÿ‡ฉ] Everything about Hasina's misrule/Laundered Money etc.

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[๐Ÿ‡ง๐Ÿ‡ฉ] Everything about Hasina's misrule/Laundered Money etc.
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Investigate Tk 3,859cr loan to Bashundhara 4 days before fall of Hasina govt: HC
Staff Correspondent 03 November, 2024, 22:35

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Front view of Supreme Court building in Dhaka. | File photo

The High Court on Sunday directed the authorities to investigate alleged irregularities in sanctioning a Tk 3,859 crore loan to Bashundhara Group four days before the fall of the Sheikh Hasina government on August 5 amid a student-led mass uprising.

A bench of Justice Mohammad Ullah and Justice Foyej Ahmed ordered the finance secretary, cabinet secretary, National Board of Revenue chairman, Bangladesh Bank governor, Anti-Corruption Commission chairman, and the head of the Bangladesh Financial Intelligence Unit to submit a report on the investigationโ€™s progress within four months.

The High Court passed the order responding to a public interest writ petition filed by Supreme Court lawyer Sarwar Hossain. The petition cited a Prothom Alo report published on September 15 detailing the loan approval.

The report raised concerns about special loan facilities granted to Bashundhara Group in violation of banking norms.

Sarwar Hossain, representing himself, argued that former Bangladesh Bank governor Abdur Rouf Talukder along with the chairman of National Bank Limitedโ€™s board of directors, and its managing director, approved the loan, allegedly breaching banking rules and regulations.

The court wanted to know why the failure to investigate those involved in the loan sanction should not be declared illegal and why they should not face legal action.

The Prothom Alo report noted that Bangladesh Bank had deferred Bashundhara Groupโ€™s loan repayments for two years, with the groupโ€™s debt to National Bank amounting to Tk 3,859 crore, of which Tk 3,844 crore was the principal amount.

The loan amount reportedly exceeded the ceiling by eight times.

The Bank Company Act allows a maximum of 15 per cent of the bankโ€™s paid-up capital, equivalent to Tk 482 crore, for a single borrower with an additional 10 per cent or Tk 321 crore as loan facilities.​
 

9 bank accounts of ex-home minister frozen
Staff Correspondent 06 November, 2024, 00:38

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Asaduzzaman Khan.

The Dhaka Metropolitan Senior Special Judge Court issued an order on Tuesday asking to freeze nine bank accounts belonging to former home minister Asaduzzaman Khan.

Besides, the Anti-Corruption Commission on Tuesday filed two cases against eight people, including former deputy general manager AHM Gulam Kibria Khan of Bangladesh Krishi Bank, on charges of embezzling about Tk 70 crore.

Dhaka senior special judge Md Zakir Hossain ordered the seizure of the nine bank accounts of former home minister Asaduzzaman Khan following a petition filed by the Anti-Corruption Commission.

Of the accounts, there are three bank accounts at Union Bank PLC, and at City Bank PLC each, one at Janata Bank PLC, at Shimanto Bank PLC, and at Sonali Bank PLC each.

A total of Tk 12.11 crore is currently deposited in the nine accounts.

On October 9, 2024, the ACC filed a case against Asaduzzaman Khan with its integrated district office in Dhaka on charges of amassing illegal wealth worth Tk 16.41 crore and suspicious transactions of Tk 55 crore at his eight bank accounts.

ACC deputy director Atikul Alam filed the two cases with its integrated district office in Chattogram, said ACC deputy director for public relations Aktarul Islam.

A case was filed against Krishi Bankโ€™s DGM AHM Gulam Kibria Khan, M/S NA Corporation owner Mohammad Nurul Absar, senior principal officer Mohammad Hashem, former assistant general manager SKM Murshed, and former Patiya branch regional manager Md Iliyas.

According to the case, the accused, in collusion with each other, embezzled Tk 20.74 crore from the Sholashahar branch of Bangladesh Krishi Bank in the name of a loan through abusing power and forgery.

The other case was filed against M/S Rahman Trading owner Hefaztur Rahman, M/S Global International owner Mahabubul Alam Chowdhury, former DGM Gulan Kibria Khan, SK Murshed, and Md Iliyas.

The case statement said that the accused, in collusion with each other, took a Tk 48.97 crore loan from the Sholashahar branch of Bangladesh Krishi Bank through abusing power and embezzled the money.​
 

How could fugitive ex-Speaker submit biometrics for passport?

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Shirin Sharmin Chaudhury. File photo

She is wanted in a murder case and police are looking for her.

However, former Jatiya Sangsad Speaker Shirin Sharmin Chaudhury, from a hideout, has applied for a new general e-passport.

She also gave her biometrics to passport employees at the hideout.

The question arises, if the passport employees got a trace of Shirin Sharmin then how come the police did not?

Amid this, Md Mazid Ali, commissioner of the Rangpur Metropolitan Police, told The Daily Star today, "She is a fugitive accused in a murder case, and we are conducting drives to arrest her."

Asked whether police will interrogate the passport officials who took Sharmin's fingerprints, Mazid, without giving any direct answer, said, "The issue is under investigation."

The former Awami League MP of Rangpur-6 is an accused in a murder case filed over the death of a gold worker, Muslim Uddin in Rangpur, according to police.

On August 22, the government revoked the diplomatic (red) passports of the members of the now-defunct parliament, including the former prime minister, as well as her advisers and other officials who held such passports, after the fall of the AL regime in a mass uprising on August 5.

On October 3, the former Speaker along with her husband, Syed Ishtiaque Hossain, applied for a normal e-passport at the passport office in Dhaka's Agargaon.

They were supposed to submit their biometrics on October 10, which they allegedly gave to passport officials from their hideout.

Sources at the passport office alleged that in the application, the former Speaker mentioned that she was ill and "managed special arrangements".

However, from where Shirin Sharmin has given her biometrics remains a mystery as police sources claimed that she was not found at her Dhanmondi residence, which she mentioned as a present address in the passport application.

The rules of the e-passport application state that even if everything can be done at home, the applicant must go to the concerned passport office for biometrics on the scheduled date. Only sick and physically challenged people will be able to take advantage of this facility from home or hospital through the special service mobile team of the passport office.

When asked about whether an investigation was being conducted against passport officials responsible taking Sharmin's fingerprints from her hideout, Firoz Sarker, additional secretary (security and immigration wing), of the Security Services Division of the home ministry refused to comment saying, "I am not authorised to comment in this regard."

The information officer of the ministry can answer this, he said.

Faisal Hasan, senior information officer of the ministry, said he does not have any information in this regard and suggested communicating with the Department of Immigration and Passport (DIP).

The Daily Star reached out to Major General Md Nurul Anwar, director general of the DIP, but he did not receive the call.

However, in a press notification, the DIP today stated, "Shirin Sharmin Chaudhury does not have any active passport now. The diplomatic passport issued to her has already been revoked like all other diplomatic passports."

"Around one and a half months ago, she submitted the diplomatic passport and applied for a general passport. Applying for a new passport is a long process. A passport is only issued to a person after verification and analysis in different phases," reads the DIP notification.

The notification further added, "The application to get a new general passport in exchange for Shirin Sharmin Chaudhury's diplomatic passport is still in the primary stage. She did not get a new passport yet."

This newspaper also tried to communicate with Shirin Sharmin but no one picked up the calls.​
 

Pistol, ammo registered to ex-home boss Kamal found abandoned

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Police today recovered a pistol, magazines, and 25 rounds of ammunition registered to former home minister Asaduzzaman Khan Kamal, which were found abandoned near his residence in the capital's Monipuripara area.

A team from Tejgaon Police Station recovered the firearm on Tuesday, said Talebur Rahman, deputy commissioner (media) of Dhaka Metropolitan Police.

Tipped-off, they conducted a search and discovered an abandoned shopping bag between Houses #132 and 139 in Monipuripara. Upon searching the bag, they found one plastic gun case, one 32-caliber 7.62 mm pistol, two pistol magazines, 25 rounds of bullets, five cleaning kits, and a pistol licence.

Upon primary investigation and license verification, police said that the weapon belongs to former home minister Kamal.

In compliance with regulations, the recovered firearm and ammunition are now in the custody of Tejgaon Police Station, the police official said adding that legal proceedings were underway.

Kamal, also a former MP for Dhaka-12, faces multiple criminal charges, including murder. The ex-minister has been on the run since the fall of the Awami League government on August 5.​
 

Govt to tally Mujib Borsho celebration spending

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The interim government has decided to prepare a report on the amount of money spent during the celebration of Mujib Borsho, marking the birth centenary of Bangabandhu Sheikh Mujibur Rahman.

Shafiqul Alam, press secretary to the chief adviser, made the announcement at a press conference following a meeting.

The relevant ministries would compile lists detailing how and in which sectors funds were spent for the celebration.

"There were too many state-sponsored events centred around Mujib Borshoโ€ฆ several thousand crores of Taka were wasted in these celebrations. These are public fundsโ€ฆ" Shafiqul Alam said, speaking at the Foreign Service Academy.

He also mentioned that many private companies were pressured into spending money. "Many were forced to set up Mujib Corners, and others were compelled to build sculptures of Mujib," he added.

The fallen government, led by Sheikh Hasina, celebrated Mujib Borsho to mark the birth centenary of Bangabandhu Sheikh Mujibur Rahman. They declared the year 2020-21 as Mujib Year. Initially, the government planned to celebrate the year from March 17, 2020, to December 16, 2021, but this was later extended by nine months, from 17 March 2021 to 16 December 2021, due to the Coivid-19 pandemic.​
 

Violators of press freedom will be brought to book
CA's deputy press secretary tells discussion

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File photo: Collected

Everyone who helped to curb freedom of the press in the last 15 years will be brought to book, said the Chief Advisor's Deputy Press Secretary Apurba Jahangir.

His remark came in response to a question about whether the Directorate General Forces Intelligence will be held accountable for their alleged role in threatening journalists and suppressing the media during the Sheikh Hasina-led government.

The deputy press secretary was speaking at a discussion at the University of Liberal Arts, Bangladesh (ULAB) marking the International Day to End Impunity for Crimes Against Journalists. The discussion was cohosted with Unesco.

Noting that "sycophant media" had a role in flourishing the authoritarian Awami League regime, discussants said its role and activities have to be evaluated in the new political reality.

Faruk Wasif, director general of the Press Institute of Bangladesh, emphasised carrying out reform in the sector in such a way that the media truly represents the public.

"The Awami regime had solidified its position by consolidating acceptance among the urban middle class. A new middle class has risen since then, many coming from outside the capital, and they were at the forefront of the revolution. They are educated and they will not be fooled so easily," he said.

He also warned against targeting individuals and called for systemic reforms.

Speakers also pointed out the recent trend of prosecution of journalists on charges including murder based on political beliefs and called it repression of press freedom.

Tasneem Khalil, editor-in-chief of Netra News, photojournalist Jannatul Mawa, political analyst and founder of Benchmark PR Ashraf Kaiser, and Zyma Islam, senior reporter at The Daily Star, also spoke at the event.​
 

Chief adviser seeks Singapore's support to bring back laundered money
Prothom Alo English Desk
Published: 10 Nov 2024, 18: 40

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Singapore's ambassador to Bangladesh Derek Loh and chief adviser Dr Muhammad Yunus meet on 10 November 2024. Courtesy

Chief adviser Dr Muhammad Yunus on Sunday urged Singapore to help recover billions of dollars laundered from Bangladesh and help minimise the cost of migration from the country.

The chief adviser made the call when Singapore's ambassador to Bangladesh Derek Loh called on him at his Tejgaon office in Dhaka, stated a press release.

"A lot of money was siphoned off from Bangladesh to a number countries including Singapore," Dr Yunus told ambassador Loh as they spoke for about an hour.

"We need full cooperation from Singapore," he said. Ambassador Loh pledged to cooperate with Dhaka.

Dr Yunus also urged the island nation to work with Dhaka in its goal to significantly cut the cost of recruitment of workers from Bangladesh.

He said the interim government wants to bring down the cost of migration with a view to helping the country's overseas workers remit more money to their families.

"We can create a model structure with Singapore on reducing recruitment costs," he said.

Derek Loh too expressed Singapore's desire to work with Bangladesh, saying they want to remove rent seeking from the recruitment process.

He suggested that Bangladesh digitalise its overseas recruitment system, which will reduce the chances for the workers being exposed to human trafficking and exploitation.

They also discussed trade and investment cooperation, the foreign policy of the Interim Government, shipping, education, and healthcare of their respective peoples.

Dr Yunus said Bangladesh was now ready for business with the economy making a good recovery just three months after the dictatorship left it in shambles. "It is a good time to do business here," Dr Yunus said.

Francis Chong, senior director of Singapore's Ministry of Trade and Industry, said Bangladesh had proposed a Free Trade Agreement with Singapore back in 2021.

A feasibility study has been completed on the proposed FTA, and both nations will now decide the scope of how to launch a free trade deal negotiation, he said.

Loh said Singapore would be happy to share its expertise on water treatment and waste energy management. He proposed collaboration between the food agencies of both countries.

On the Interim Government's foreign policy, Dr Yunus said his government was pursuing good relations with neighbours and trying to revive the SAARC as a platform to engage more extensively with its South Asian neighbours.

He sought Singapore's backing for Bangladesh's inclusion as a sectoral dialogue partner of ASEAN, to which Derek Loh said his country was positive.

Dr Yunus said Dhaka has got huge support from its Western and eastern allies since the Interim Government took over.

"We don't distinguish between east and west. We have to build bridges everywhere," the chief adviser said.

Lutfey Siddiqi, the special envoy to the chief adviser, Lamiya Morshed, senior secretary and principal coordinator of the SDG affairs, and Michael Lee, charge d'affaires of Singapore in Dhaka, were also present during the meeting.​
 

Widespread graft was the norm, not exception
Economist Selim Jahan talks how AL govt bypassed inclusivity in its biased policies

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The Awami League regime's economic strategy was not always based on equity. Rather, its policies and measures often had serious biases towards the urban and affluent people, leading to widening inequalities, economist Selim Jahan has said.

The rich enjoyed better services while substandard services were meant for the poor and marginalised groups, the former director at UNDP's Human Development Report Office and Poverty Division said in an interview with The Daily Star.

Jahan, a former Dhaka University professor, also discussed challenges for the interim government and proposed a five-point strategy to overcome these obstacles.

He said the AL government's policies had three basic characteristics. Firstly, economic discipline, rules and regulations were frequently violated.

"Megaprojects were undertaken right and left without any objective cost-benefit analysis," said Jahan.

Secondly, he said, the framework of transparency and accountability was thrown away. "In the absence of transparency and accountability, wide-spread corruption at all levels of economic structure became the norm, not the exception."

"It not only represented resource leakage but also destroyed the value system of the society."

Thirdly, proper and objective monitoring and evaluations of programmes and projects were not undertaken as needed most of the time.

So, economic decisions were ad hoc to a large extent often did not reflect the aspirations of the people. These were mainly bureaucracy-driven, non-participatory, and top-down on many occasions, not bottom-up.

Furthermore, strategies were not based on data, evaluations and facts, but sometimes on the basis of perceptions, said Jahan, who had also worked as an economic adviser at the Planning Commission.

AL BYPASSED INCLUSIVITY

The previous government's economic policies historically favoured affluent groups, providing avenues for wealth accumulation through loan defaults, tax evasion, and corruption.

This "troika" of state machinery, business interests, and wealthy elites exploited public resources without accountability, widening the gap between rich and poor, Jahan said.

About the previous government's approach to democracy, Jahan argued against putting democracy and development as mutually exclusive matters.

Democracy has intrinsic value, independent of its impact on development while the government sought to justify authoritarian practices by emphasising rapid economic growth, Jahan said.

"Democracy fosters equitable, sustainable development by ensuring transparency and accountability," he remarked.

"Bangladesh must pursue democracy and development

simultaneously. The notion that democracy could be compromised for the sake of development is against the interests of the people," said Jahan.

Genuine development should reflect a participatory, democratic structure to ensure that it remains inclusive and sustainable, he added.

Bangladesh's impressive GDP growth has not translated into sufficient job creation, especially for educated youth, as Jahan explained that while the economy grew at 6 percent, the quality of this growth has been compromised.

"The focus on capital-intensive industries sidelined employment-generating sectors, resulting in jobless, voiceless, and rootless growth."

The previous government prioritised high growth rates, bypassing the need for inclusive and environmentally sustainable growth. As a result, economic gains have not been widely shared, and the growth process has often ignored the socio-cultural fabric and environmental concerns of Bangladesh.

He contrasts "progress" with "development," arguing that while Bangladesh achieved quantitative economic progress, it neglected qualitative development.

PERSISTING INEQUALITIES

While discussing Bangladesh's socio-economic strides, its challenges, and the pivotal steps required for sustainable development, Jahan said Bangladesh's journey from a war-torn country in 1971 to a burgeoning economy in 2023 was remarkable.

With annual GDP growth averaging nearly 6 percent between 1991 and 2023, Bangladesh's economy expanded thirteenfold, from $35 billion to approximately $447 billion.

The poverty rate fell drastically, from 58 percent in 1990 to 19 percent in 2023. This growth fuelled advances in health, education, and infrastructure, pushing life expectancy up from 58 years to 73 years and primary school enrolment to 97 percent.

Jahan noted that Bangladesh also outperformed its neighbours in key human development indicators. For instance, the under-five mortality rate per 1,000 live births stood at 31 in 2019, lower than India's 34 and Pakistan's 67.

Furthermore, Bangladesh's Human Development Index value jumped from 0.394 in 1990 to 0.661 in 2019. By 2015, Bangladesh attained lower middle income status, edging towards official graduation from the Least Developed Country bracket in 2026.

Despite these successes, significant deprivations linger, according to Jahan. Roughly 31 million people still lived in poverty as of 2023, and many struggled with inadequate access to essential services, such as safe drinking water and healthcare.

Economic disparities persist, with notable gaps in education, healthcare, and income, the economist said. For example, the under-five mortality rate for the poorest quintile was 49 per 1,000 live births in 2023, more than double that of the richest quintile.

Gender and regional inequalities also present challenges, with rural populations experiencing significantly higher rates of multidimensional poverty than urban residents, Jahan observed.

Bangladesh's income disparity has reached historic highs, with the top 10 percent of the population controlling 38 percent of national income, while the bottom 40 percent control only 17 percent.

Jahan identified three primary contributors to this inequality: unequal access to education and employment, affluent biases in policy, and the unchecked accumulation of wealth by powerful elites.

With three distinct education streamsโ€”public, elite private, and madrasaโ€” from where students emerge with different skill levels and job opportunities, further entrenching inequality.

5-POINT STRATEGY

Following the political transition, the interim government faces substantial economic obstacles, including elevated inflation, decelerated industrial production, and a struggling banking sector, he said.

Although the government has tightened the monetary policy, stabilised the exchange rate, and improved remittance inflow, Jahan highlighted the importance of understanding the complex roots of these factors for effective solutions to the problems.

Tackling inflation, for example, requires more than monetary tightening; it demands addressing structural issues like syndicates controlling the supply of goods, he pointed out.

Jahan advocated for simultaneous political and economic reforms, recommending a phased, prioritised approach to reform spanning immediate, short-term, and long-term actions.

He noted that success depends on the government's capacity to withstand resistance from vested interest groups and to foster a cohesive vision for overcoming current challenges.

Looking ahead, Jahan proposed a five-point strategy for the interim government to address inequality and drive inclusive growth.

Firstly, he recommended an objective assessment of past policies to set future directions.

Secondly, a national dialogue should engage marginalised groups, fostering a collective vision for inclusive development.

Thirdly, a rolling three-year plan should prioritise growth in sectors employing the poor.

A strategy with emphasis on the collection of disaggregated data on specific areas and groups will be needed to steer the country forward, Jahan said.

And a comprehensive social protection strategy to assist people in need will be required, according to him.​
 

Efforts to retrieve laundered money ramped up
BB governor tells economic summit in the capital

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"If funds were siphoned abroad, we will work to establish our claim. We are making every effort to bring back the money through legal channels. This will be done through bilateral and international legal processes."โ€” Ahsan H Mansur BB governor.

Bangladesh has intensified its efforts to sign bilateral deals with different countries with the view to recovering funds illegally taken abroad, said Bangladesh Bank Governor Ahsan H Mansur.

"We are taking action against those who fled abroad with funds from Bangladesh, and coordinated efforts are underway," he said at the 3rd Bangladesh Economic Summit 2024 organised by Bangla daily Bonik Barta at the Pan Pacific Sonargaon in Dhaka.

Officials from the US Treasury Department and the US Justice Department will arrive separately this week for discussions.

The British government officials and representatives from the World Bank's StAR (Stolen Asset Recovery) initiative are also expected to participate in the discussions, he said.

The government aims to develop a roadmap, including potential bilateral agreements, to legally repatriate these funds, said Mansur, also a former economist of the International Monetary Fund.

He also plans to meet with the Singapore high commissioner in Bangladesh to ensure the city state's alignment with the recovery process.

"If funds were siphoned abroad, we will work to establish our claim. We are making every effort to bring back the money through legal channels. This will be done through bilateral and international legal processes."

Significant progress has already been made, he said.

"We have already cast a net."

More than a few lakh crores of taka has been taken from the banking sector through criminal activities, he said.

"There will be no meltdown in the banking sector, and we have stabilised the situation. Yes, some banks are failing to return money to clients, but we are managing it through liquidity support. We must remember that we are trying to recover the banking sector without compromising the macroeconomy."

BB is encouraging savers who have withdrawn their funds out of anxiety to keep deposits again.

The interim government has not tried to close down any business organisation nor has the bank account of any business organisation been blocked, he said.

About the BB's decision to appoint a receiver at troubled Beximco Group, Mansur said the move is intended to keep the conglomerate's business afloat.

"In the last few months, the salaries of Beximco employees have largely been covered by the government, and it can't continue like this. By appointing a receiver, we, from the government, aim to ensure that funds aren't diverted and that export proceeds come into Bangladesh. This way, we can cover business expenses and labour costs."

The primary goal is to preserve the company's value and the government is trying to keep the business alive, he said.

The central bank has given Tk 1,000 crore to Exim Bank just to pay the garment workers' wages.

"We are doing it so that no business organization shuts down, and workers don't resort to setting fires or vandalising factories."​
 

AL, Sheikh family should apologise for Mujib, Hasinaโ€™s roles
Says Mahfuj Alam

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Photo: Collected from Mahfuj Alamโ€™s Facebook profile

Adviser to the interim government Mahfuj Alam has said members of Bangabandhu Sheikh Mujibur Rahman's party and family should acknowledge, apologise, and face accountability for Sheikh Hasina's authoritarian rule.

"They should also recognise, apologise, and face trials for his daughter's fascist regime. She has made Sheikh Mujib a subject of sarcasm and ridicule. They should abandon the politics of 'Mujibism' and the idolisation of the Sheikh family," he wrote in his verified Facebook post early yesterday.

He said Sheikh Mujib and his daughter have faced the people's wrath and anger for their respective fascist regimes and the only difference is that, unlike Hasina, Sheikh Mujib was once a popular demagogue of the masses.

"The masses followed him against Pakistani tyranny, but he became a tyrant himself after '71. Due to his support and patronage of Mujibism, Bangladesh became crippled and divided after '71. For his fascist role, people didn't mourn his death in 1975," he said.

He said Mujib will be honoured for his pre-'71 role if his party and family members apologise to the people of Bangladesh for his post-'71 actions, including mass killings, enforced disappearances, corruption, famine, and the 1972 Constitution, which paved the way for BAKSHAL.

He further said Mujib's photo was removed by officers because of his daughter's "fascist rule" in the name and spirit of her post-'71 "authoritarian father".

"We must remember that history can't be erased, and we are here to reconcile historical anomalies and misattributions. The '71 Liberation War belongs to the people of Bangladesh. Again, any liberation warrior who did wrong after '71 should be tried and punished," the post read.

"Bangladesh shall rise above the deification and feuds among ruling families. The spirit of July, '47, and '71 should remain in our collective memory," the post added.​
 

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