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

[Saif]

Bringing back laundered money is govt’s priority: Salehuddin

Adviser to the Ministries of Finance and Commerce Dr Salehuddin Ahmed on Sunday said the present government’s priority is to bring back the money laundered abroad. “We have formed a taskforce to bring back money that has been illegally taken abroad. We started work on bringing back the

thefinancialexpress.com.bd

Bringing back laundered money is govt’s priority: Salehuddin
BSS
Published :
Oct 20, 2024 18:28
Updated :
Oct 20, 2024 18:29

Adviser to the Ministries of Finance and Commerce Dr Salehuddin Ahmed on Sunday said the present government’s priority is to bring back the money laundered abroad.

“We have formed a taskforce to bring back money that has been illegally taken abroad. We started work on bringing back the money,” he told reporters after the Adviser’s Council Committee on Government Procurement (ACCGP) meeting at the Bangladesh Secretariat.

Responding to another question on commodity prices, the adviser said that vegetables are seasonal products and assured that prices of vegetables would come down soon.

“We’re doing everything for stabilising the market. The Trading Corporation of Bangladesh (TCB) and other agencies are providing efforts to ensure the supply of daily commodities,” he added.

He informed me that the government has started selling agricultural products at affordable prices under the Open Market Sale (OMS) programme in different areas of the city to stabilise the market.

TCB, the Department of Agricultural Marketing and some other private agencies are selling daily commodities at fair prices, he added.

Salehuddin also informed that the government will further increase the volume of sales under TCB.​

 

[Saif]

Govt to appoint law firm to bring back laundered money

Bangladesh will appoint legal firms to bring back the laundered money from abroad, said Bangladesh Bank Governor Ahsan H Mansur.

www.thedailystar.net

Govt to appoint law firm to bring back laundered money
Says BB governor

Bangladesh will appoint legal firms to bring back the laundered money from abroad, said Bangladesh Bank Governor Ahsan H Mansur.

While the development partners and the global community are cooperating in this regard, there is a legal process, he told journalists yesterday at the World Bank headquarters in Washington DC.

"We are trying to follow the process. We will appoint private legal firms in this regard," said Mansur, who is in the US capital for the World Bank-International Monetary Fund annual meetings.

Bangladesh has yet to decide which firm or firms will be appointed.

"We will take policy support from the WB and the US government in which criteria we will work together and which type of firms we will appoint."

On October 26, Bangladesh had a discussion with the development partners including the WB and Asian Development Bank in this regard, Mansur added.

The government will take financial and technical support from different development partners, said Salehuddin Ahmed, the finance adviser to the interim government.

"We got positive responses from all of them," he said, without disclosing the value of the assistance.

However, nothing has been finalised yet.

"We have to first ensure how repayments will be done before taking any kind of support as a loan. They also have some queries in this regard. A mission will go to Bangladesh for negotiation and the final decision will be made then," he said.

The development partners want to provide support beyond Bangladesh's absorbing capacity, said Lutfey Siddiqui, the chief adviser's special envoy on international affairs.

Meanwhile, Mansur said banks' assets will be evaluated by international auditors.

"The evaluation will give a clear picture of banks' capital adequacy shortfall and the extent of recapitalisation needed."

The assessment will start in November.

In a sideline meeting, the IMF set Sri Lanka as a model for countries aspiring to recover quickly from an economic crisis.

Asked if Bangladesh will follow the same path, Ahmed said Sri Lanka got around a year for their reforms and economic recovery and Bangladesh has passed only two months.

"Bangladesh will do better than Sri Lanka," he added.​

 

[Saif]

Sheikh clan’s lust for duty-free cars

With an almost decimated opposition and farcical elections, a party nomination from the ruling Awami League was as good as a seat in the parliament.

www.thedailystar.net

Sheikh clan’s lust for duty-free cars

With an almost decimated opposition and farcical elections, a party nomination from the ruling Awami League was as good as a seat in the parliament.

As such, MP nominations necessitated furnishing hefty sums and lavish gifts. For MP aspirants from the southern districts, it was an unwritten rule that one of the gifts would be the duty-free car that the MPs are allowed to import for personal use.

Those cars would end up in the garages of party royals, who happen to be members of deposed prime minister Sheikh Hasina's extended family.

This circle of predatory royals comprised five brothers: Sheikh Helal Uddin (Sheikh Helal), Sheikh Salah Uddin (Sheikh Jewel), Sheikh Sohel Uddin (Sheikh Sohel), Sheikh Jalal Uddin (Sheikh Rubel) and Sheikh Belal Uddin (Sheikh Babu).

Of them, Sheikh Jewel was the MP of Khulna-2 and Sheikh Helal of Bagerhat-1.

Sheikh Sharhan Naser Tonmoy (Sheikh Tonmoy), the son of Sheikh Helal, was added to this close circle after being elected MP from a Bagerhat constituency in 2018.

In practice, the five brothers did not have much sway over the party decisions.

What they had was the identity that they were Hasina's paternal cousins bearing the weighty Sheikh name -- enough for them to lord over the southwestern parts of the country, especially Jashore, Khulna, Bagerhat, Satkhira and Jhenaidah.

They were key to securing party tickets and hence used this influence to extract as many favours as possible from MP hopefuls, including the benefits afforded to MPs.

Besides, the locals had a strong belief that the royal family had a specific quota at their disposal and wielded significant influence when it came to recruitment to government jobs, transfer and tenders of development works of those districts, The Daily Star has learnt from local AL leaders.

This trend developed over a decade as every AL nomination seeker for three to four districts of the southwestern parts was under the impression that without satisfying that 'royal family' party nomination is next to impossible for them, they said.

For some nomination seekers who were not prominent themselves, showering the royals with gifts was the custom and handing over the duty-free car was the unspoken rule.

Some of the MPs did not even see their brand-new sports utility vehicles but had to pay for registration, fitness certificates and taxes.

"I just signed the form. I never even saw my car. But I paid all the taxes for the years," a former MP of a Khulna constituency told The Daily Star wishing anonymity as they have not abandoned the hopes of becoming a lawmaker someday.

He does not know where the vehicle is at present and if it is still intact.

"I don't know whether it has been burned in the tumult since August 5. Now, I am really not sure if I should even pay the taxes for the SUV," he added.

But with the royals hiding safely in India and away from public outrage, one hapless MP is at a loss over what to do with the taxes and payments since they don't even know whether those cars are still running in the first place.

His predecessor from the same constituency, who was an MP from 2014–2018, was luckier.

He had used his duty-free SUV for just a day before he had to hand it over to the royal and sign a post-dated deed of sale as MPs are allowed to sell their vehicles within five years of import, according to local sources.

The former lawmaker, who had previously held a top position in AL's student wing, had pledged to give his duty-free SUV but could not get enough time to import a car and duly wet the royal beaks.

According to parliament members, the extended Sheikh clan typically started communications with the potential MP aspirants from Jashore, Khulna, Bagerhat, Satkhira and Jhenaidah well before the elections.

Aspirants also sought the support of the royals to lock in the nomination.

The former MPs said the royal family members were powerful and it was not difficult for them to find who Hasina had picked for each constituency.

In reality, the royals had little influence within the party but pretended to have substantial sway in the decision-making process about the nominations.

But they would pounce on the chosen MPs for gifts that included their duty-free cars as soon as Hasina, also the AL president, had made her decision.

Sometimes, there were miscalculations.

For instance, before the January election, one royal communicated with the wrong aspirant since their names were rather similar.

One was Sheikh Rashedul Islam and the other was Rashiduzzaman Morol for Khulna 6 constituency.

"They had mistaken one name for another," two AL leaders of that district told the Daily Star while recounting the anecdote.

One of the Sheikh family members had settled with Rashedul Islam as his possibility was higher than Rashiduzzaman, according to sources.

But Hasina gave her nod to Rashiduzzaman, which was revealed on November 26.

This left Rashedul in a spot of mortification as he was sure of his candidacy given the lavish gifts he furnished to the royal.

The royal though quickly swooped in on the AL nominee and claimed his token 'gift'.

The winning MP duly obliged and made his commitment to satisfy the royal family much before the election, according to a close associate of the immediate past MP.

The former MP, however, could not get enough time to import his vehicle.

The Daily Star could not reach the royals for comment.​

 

[Saif]

AL-linked tycoons siphoned off $17b

Bangladesh Bank Governor Ahsan H Mansur has accused tycoons linked to the toppled Sheikh Hasina regime of working with members of the country’s powerful military intelligence agency to siphon $17 billion out of the banking sector during her rule.

www.thedailystar.net

AL-linked tycoons siphoned off $17b
S Alam, allies took $10b from banks, BB Governor Ahsan Mansur tells the Financial Times

Ahsan H Mansur

Bangladesh Bank Governor Ahsan H Mansur has accused tycoons linked to the toppled Sheikh Hasina regime of working with members of the country's powerful military intelligence agency to siphon $17 billion out of the banking sector during her rule.

In an interview with the Financial Times, Mansur — who was appointed Bangladesh Bank governor after Hasina fled the country in August — said the Directorate General of Forces Intelligence had helped force takeovers of leading banks.

Mansur said an estimated Tk 2 trillion ($16.7 billion) had been spirited out of Bangladesh after the bank takeovers, using methods such as loans made to their new shareholders and inflated import invoices.

"This is the biggest, highest robbing of banks by any international standards," he said. "It didn't happen on that scale anywhere, and it was state-sponsored and it couldn't have happened without intelligence people putting guns [to former bank CEOs'] heads."

The governor said Mohammed Saiful Alam, founder and chair of industrial conglomerate S Alam, and his associates had "siphoned off" at least $10 billion "as a minimum" from the banking system after taking control of banks with the help of the DGFI. "Every day they were granting loans to themselves," he said.

In a statement issued by law firm Quinn Emanuel Urquhart & Sullivan on behalf of Saiful Alam, the S Alam Group said there was "no truth" to Mansur's allegations.

"The co-ordinated campaign of the interim government against the S Alam Group and several other leading businesses in Bangladesh has failed to respect even basic principles of due process," it said.

"It has already undermined investor confidence and contributed to the deterioration of law and order," the statement said. "Given the Group's record and contributions, we find the accusations by the governor . . . surprising and unjustified."

The Inter Services Public Relations Directorate, which handles media inquiries for Bangladesh's armed forces, did not respond to a request for comment and the DGFI could not be reached for comment.

Hasina was in power for a total of two decades in Bangladesh, a country of 170 million people and the world's second-largest garments exporter, but her rule was marred by allegations of vote rigging, the jailing and torture of opponents, and widespread corruption.

The interim government headed by Nobel laureate Muhammad Yunus that took power after her flight has repeatedly vowed to recover funds it claims were misappropriated by members of the regime and their associates.

Mansur, a former IMF official who told the FT last month that he had sought the help of the UK to probe the overseas wealth of allies of Hasina, said board members of leading banks had been targeted under her rule.

The board members were "hijacked from their houses" by intelligence officials, taken to other locations such as hotels, and told "at gunpoint" to sell all their shares in the banks to S Alam and to resign their directorships. "At one bank after another they did it," he said.

One former bank CEO told the FT he had been forced to resign the position as part of a forcible takeover. Mohammad Abdul Mannan, formerly CEO of Islami Bank Bangladesh, one of the country's largest lenders, said he came under pressure from "people associated with the then-government" from 2013.

This included pressure to recruit board members suggested by the Prime Minister's Office and a search by "people related to government agencies" of a hotel room used by one of the bank's foreign directors.

Mannan said that in January 2017 he was diverted on his way to a board meeting and taken to see a senior defence official, then kept for a full working day to force him to resign.

"They prepared bank letters on fake stationery," said Mannan, who was appointed chair of First Security Islami Bank by the central bank in September. "I had to sign a resignation letter."

S Alam diversified into banking over the past decade. The group's website says it has "significant investment" in seven banks, including Islami Bank Bangladesh and First Security Islami Bank.

Mansur said Bangladesh aimed to recover stolen funds after completing an audit of about a dozen mostly bankrupt banks taken over during Hasina's time in government. "We want to use that audit as evidence in the court of law internationally and domestically," the governor said.

Bangladesh's interim government moved to block sales of shares in the banks after the Hasina regime collapsed. Mansur said authorities now planned to sell stakes in the banks to "good quality national or international strategic investors" in order to recapitalise them. The central bank also planned to set up an asset management firm to manage or dispose of the banks' distressed assets.

He said Bangladesh would also seek to recover money taken out of the country by hiring international law firms to try to attach assets held by the banks' shareholders in Dubai, Singapore, the UK or elsewhere.​

 

[Saif]

Breaking market syndicates

The report that members of the Anti-Discrimination Students Movement, in short, Movement, in Khulna will sell essential commodities from non-profit sales centres raises our spirits. That is for the simple reason that it is the same students who took to the streets in August 2018 demanding road safe

thefinancialexpress.com.bd

Breaking market syndicates
SYED FATTAHUL ALIM
Published :
Oct 28, 2024 21:51
Updated :
Oct 28, 2024 21:51

The report that members of the Anti-Discrimination Students Movement, in short, Movement, in Khulna will sell essential commodities from non-profit sales centres raises our spirits. That is for the simple reason that it is the same students who took to the streets in August 2018 demanding road safety. Again, the nation saw them controlling road traffic last August after the police fled their duty stations en masse after the fall of the past regime. The students are like a guardian angel beside the people whenever they (people) are in a crisis. So, it is hardly surprising that they are now trying to protect hapless consumers from the onslaught of skyrocketing essentials prices. What they will be able to achieve with their modest effort is not the point at issue here. The fact that the students are concerned about the public's suffering caused by high price of essential commodities is what matters.

The Khulna students have reportedly planned to run sales outlets at different corners of the city and its surrounding areas where essentials including vegetables will be available at cheaper rates than in the kitchen markets. The students behind this move believe that through these fair price shops the syndicates responsible for keeping the essentials market artificially volatile can be broken. Experts on markets and their dynamics may question the sustainability of the not-for-profit sales centres. Of course, cooperation of the government bodies like the Directorate of National Consumer Rights Protection (DNCRP) to strictly monitor the essentials markets across the country will be essential in this regard. In fact, the DNCCRP has been with the Movement from the outset of the latter's launching the market monitoring drive since early August following the political changeover.

The Movement leaders also planned to form teams in collaboration with the DNCRP and consumers in the kitchen markets of the capital city as well as at the upazila levels for monitoring markets and fighting syndicates. Members of the public including traders were supportive of the Movement's effort. Meanwhile, about three months have passed. The essentials market has remained as volatile as ever. Even so, the Movement's latest move to open non-profit sales centres for essential commodities in Khulna is a testament to their indomitable spirit that has not diminished even in the face of overwhelming odds. And what the Movement is capable of has been amply demonstrated on August 5. However, with the passage of time, the tempo of any movement gradually dies down. So, to avoid ending up in that manner, it is important that the Movement keeps its revolutionary spirit alive by increasing contact with the common people through its engagement in their day-to-day struggles. From that point of view, the opening of non-profit shops to sell essential commodities is definitely a step in the right direction. Also, at a recent conference organised by a consumer rights body, the labour adviser, Asif Mahmud Shojib, who is a former leader of the Anti-Discrimination Student Movement, suggested that the youths may collect essential commodities directly from their producers, that is, farmers and sell those to the consumers. This is undoubtedly a novel idea of marketing the agricultural products without the intervention of middlemen. It is common knowledge that starting from the farmers in the countryside, the agricultural goods change hands (of middlemen) multiple times before those finally reach the kitchen markets in the cities. In the process, the prices of the agricultural commodities go up multiple times. If the idea as suggested by the labour and employment adviser could be put into practice, it would also create entrepreneurs out of thousands of unemployed youths of the country.

That apart, it can also be looked upon as part of an experiment to understand the non-market forces that constantly drive up the essentials prices. So far, the conventional approaches to resolve the stubborn issue failed to produce results. Then why not try the new ideas being put forward by the students to break the so-called essentials market syndicates?​

 

[Saif]

S Alam, family withdrew Tk 500m even after fall of Awami League govt

S Alam Group’s chief Saiful Alam and his family members withdrew money from Union Bank even after the fall of Awami League government.

en.prothomalo.com

S Alam, family withdrew Tk 500m even after fall of Awami League govt
Shanaullah Sakib
Dhaka
Published: 29 Oct 2024, 13: 24

S Alam Group’s head Saiful Alam and his family members withdrew money from Union Bank even after the fall of Awami League government. Besides, they transferred money from their bank accounts to the accounts of other persons and other banks. Thus they withdrew around Tk 500 million from the Union Bank after Awami League government's fall.

This was revealed in an inspection report of Bangladesh Bank. S Alam Group was in control of Union Bank when this withdrawal of money took place. Bangladesh Bank on 27 August dissolved the board of directors of the bank to appoint independent directors. It also imposed a ban on withdrawal of money by the S Alam family.

According to the BB report Union Bank extended Tk 172.3 billion (17,229 crore) in loans to 247 entities affiliated with S Alam Group. This amount makes up 62 per cent of the bank's total lending. The 247 entities provided the loans did not repay the money to the bank. Meanwhile, 76 per cent of total manpower of the bank is from Chattogram, S Alam’s hometown, who were recruited in the bank without any entry test. As a result, despite dissolution of the board, the Union Bank continues to be operated by the people connected with S Alam Group.

Union Bank was controlled by S Alam Group since its inception in 2013. The chairman of the group Saiful Alam was very close to the then prime minister Sheikh Hasina. After the fall of the Awami League government in the student uprising, Bangladesh Bank freed nine banks from the control of S Alam Group.

Meanwhile, Union Bank's managing director (MD) ABM Mokammel Haque Chowdhury has gone into hiding with allegations of various financial crimes. Before that, he withdrew all his money from the bank. Some other officials of this bank are also in hiding.

How much money the Alam's withdrew
According to the report, on 11 August, Saiful Alam transferred money from Union Bank's Muradpur and Bandartila branches to his Khatunganj account under the name of S Alam & Co. The same day, Tk 42 million was transferred to Russell Enterprises at the Chittagong DT Road branch and Tk 40 million to a company called Crobe Trading in the Bahaddarhat branch client.

On 8 and 14 August, Tk 80 million was transferred from the account of Rashedul Alam, S Alam’s brother, at the Kadamtali branch and re-deposited the money under the names Azizunnesa and Rashedul Karim Choudhury. On 28 August, S Alam’s brother-in-law Arshad Mahmud withdrew Tk 42.2 million of term deposit before maturity and transferred the money to other banks through pay-order.

According to the BB report Ansarul Alam linked to S Alam Group withdrew Tk 150 million from OR Nizam Road branch on 20 August and transferred under the names of Rokeya Begum and Hasna Hena. On 18 August, a person named Golam Sarowar Chowdhury withdrew his time deposit worth Tk 32.6 million and transferred it to S Alam Cold Rolled Steel Mill account.

On 11 August, S Alam’s associate company Top Ten Trading House withdrew Tk 122.9 million out of Tk 322.7 million from Khatunganj, Agrabad, and Muradpur branches. The remaining funds were deposited in accounts in the names of different individuals at the Agrabad and Muradpur branches. Top Ten Trading House is not repaying a loan of Tk 605.6 million in the bank’s Gulshan branch.

62pc of loans went to S Alam

According to the BB data, Union Bank’s loan was Tk 273.83 billion (27,383 crore) last June. Of the amount, 62 per cent or Tk 172.3 billion (17,229 crore) was sanctioned to S Alam Group and entities linked to it.

The central bank said S Alam Group took loans in the names of 247 entities. Henceforth no money was deposited in the accounts of these entities. A customer of Dhaka’s Panthapath branch was given Tk 1.18 billion without permission from the head office. Most of the institutions in the name of which S Alam took loans are not traceable. The mobile numbers used have also been blocked.

Loans can be granted up to 80 per cent of any termed deposit but the Union Bank gave a loan of Tk 8.53 billion against deposit of Tk 790 million. Besides, it granted loan of Tk 11.75 billion against fake deposits.

On 24 September, Bangladesh Bank's inspection team said in a letter sent to the bank's MD, “S Alam Group's debt to Union Bank is about Tk 180 billion, most of which are fictitious transactions. There is not enough collateral against these loans.”

Meanwhile, the bank is now suffering from liquidity crisis. Cash transactions are suspended in many branches of the bank. The new board is also not able to take any initiative.

Farid Uddin Ahmed, Union Bank’s chairman, told Prothom Alo, “We are constantly trying to improve the situation of the bank through supervision. Only when the central bank gives the final report will it be clear who has taken how much money.”

76pc manpower from Chattogram

As per the BB inspection report 76 per cent manpower of the bank is from Chattogram and they were recruited without any examination. S Alam hails from Chattogram’s Patiya.

The inspection report said although the board was dissolved on 27 August, senior officials and manpower recruited at different layers by the former board are still in place. These senior officials are directly linked with withdrawal of money through various tricks.​

 

[Saif]

CID begins inquiry against ex-land minister Saifuzzaman

The Criminal Investigation Department of the police has started an inquiry against former land minister Saifuzzaman Chowdhury over allegations of laundering money to the United States, the...

www.newagebd.net

CID begins inquiry against ex-land minister Saifuzzaman
Staff Correspondent 31 October, 2024, 18:48

Saifuzzaman Chowdhury | Collected photo

The Criminal Investigation Department of the police has started an inquiry against former land minister Saifuzzaman Chowdhury over allegations of laundering money to the United States, the United Kingdom, the United Arab Emirates and Singapore.

The Financial Crime Unit of CID received information and allegations from different sources that Saifuzzaman accumulated huge wealth and bought properties by laundering money from Bangladesh, according to a press release issued by CID on Thursday.

CID began the inquiry against Saifuzzaman and the people and organisations connected with him under the Money Laundering Prevention Act, 2012.

The investigation agency said that the Bangladesh Bank had allowed 21 organisations to invest in foreign countries. The names of the former minister and his family members were not included in that list.

Saifuzzaman Chowdhury, also a former AL lawmaker for Chattogram-13 constituency, bought 620 houses worth $48 crore in the US, UK and UAE between 2016 and 2021.

Between 2010 and 2023, the former land minister opened eight organisations for business purposes in the UK and UAE in the names of his and his wife Rukhmila Zaman. The companies are worth over $21.72 crore, the CID release said.

It said that the ex-land minister opened an organisation named Nahar Management Incorporated in the US in 2005 and bought nine apartments in the US since then.

The former minister opened two organisations in Dubai – the Rapid Rafter FGE and the Jeba Trading FGE – for business purposes and his

wife bought two apartments worth over AED 22.50 lakh at Q Gardens and Butik Residence.

The CID has found that the former minister did not share anything in the candidate’s affidavit to the Election Commission about the properties in foreign countries.

On September 18, the Anti-Corruption Commission started an inquiry against Saifuzzaman Chowdhury over the allegations of laundering money to the United Kingdom and amassing illegal wealth.

On August 12, Bangladesh Bank’s Financial Intelligence Unit froze the bank accounts of the former land minister and his wife. Qatar-based media outlet Al Jazeera reported that Saifuzzaman, then a minister for land affairs and a close ally of the now deposed prime minister Sheikh Hasina, bought over 360 luxury properties worth $250m in Britain alone.

It claimed that the former minister’s appetite for real estate spread to Dubai, New York, Singapore, and Malaysia.

The report available online mentioned that his property buying gained pace in 2017 when he had set up his UK companies, and it accelerated in 2019 when he became a minister.​

 

[Saif]

Repatriating stolen money is hard, but doable: US Charge dáffaires

US Charge dáffaires Helen LaFave said the US was already supporting Bangladesh with advice and other assistance to help recover the money and bring it back to Bangladesh.

en.prothomalo.com

Repatriating stolen money is hard, but doable: US Charge dáffaires
Prothom Alo English Desk
Published: 31 Oct 2024, 18: 28

US Charge dáffaires Helen LaFave and chief adviser Dr Muhammad Yunus at his office in Tejgaon, Dhaka on 30 October 2024. Courtesy

She also said that the US was already supporting Bangladesh with advice and other assistance to help recover the money and bring it back to Bangladesh.

LaFave said this on Thursday while paying a farewell call on chief adviser Dr Muhammad Yunus at his office in Tejgaon, Dhaka, stated a press release of the chief adviser's press wing.

In response to that the chief adviser said, "We will definitely make it happen."

During the meeting, the acting US envoy told Dr Yunus that the US was expediting resettlement of the Rohingyas from the Bangladesh camp to the North American nation.

Their talks also covered judicial reforms, South Asian electricity connectivity, counterterrorism, efforts to repatriate tens of billions of dollars stolen from Bangladesh during the dictatorship, reforms in civil bureaucracy, and labour issues.

Professor Yunus said his government was also committed to carrying out sweeping labour reforms.

The chief adviser praised LaFave for her service as a top diplomat and appreciated her sincere efforts to advance Bangladesh-US relations at a crucial time.

"I am very proud to witness history," Helen LaFave said as she recounted her memories during the student-led mass uprising in July-August. The US Charge d'Affaires at the time handed over a letter from Secretary of State Antony Blinken to Dr Yunus.

She said a number of senior US officials would visit Bangladesh in the next few months in an effort to cement ties between the two friendly nations.​

 

[Sharma Ji]

How likely are BD intel to put her on a hit-list ? Like take her our proper, on foreign (Indian?) soil using their NSI Jamesul Bond-uddin type spies ?

 

[Sharma Ji]

In case there's no route to extradition, sure doesn't look it like atm anyway.

 

[Sharma Ji]

Do people want vengeance ? are they baying for her blood ?

or is it bygones already, you lot just glad she hightailed it the fugk outta there ?

 

[Saif]

AL policy favouring oligarchs dampened economy

The Awami League government favoured the super-rich who controlled capital and laundered the funds aboard, dampening the country’s economy.

www.thedailystar.net

AL policy favouring oligarchs dampened economy
Says former central bank chief economist Birupaksha Paul

The Awami League government favoured the super-rich who controlled capital and laundered the funds aboard, dampening the country's economy.

Meanwhile, ousted prime minister Sheikh Hasina had announced a zero-tolerance policy towards corruption, which is the "biggest mockery of the century", former central bank chief economist Birupaksha Paul has said.

The professor of economics at the State University of New York at Cortland in the US discussed disproportionate economic growth, tampered data, the link between democracy and development, and many other issues in an interview with The Daily Star last week.

He said the AL's economic policy was gradually being biased towards the super-rich who already occupied means of production, capital, and land in this land-scarce country.

The faulty economic policy heavily affected financing through banks, and the capital market malfunctioned. "So, in these cases, the Awami League did not do a good job at all," Paul said.

He said surrendering to the oligarchs and pampering the super-rich despite being a grassroots party ruined the AL's foundational ethics, and it deviated from its own commitments.

"And the super-rich not just only controlled capital, they also laundered a huge part of it," he said.

The market economy was introduced in the early 90s to get rid of monopolies, but the AL created some government-sponsored monopolies, Paul said.

"Someone is controlling everything. Someone is controlling the gold industry, someone is controlling the banking industry, and someone is capturing seven banks.

"Why were you [Hasina] telling the zero-tolerance thing when people very close to you were hugely corrupt? Even before the mass uprising, this fact was divulged by the media, but the government did not take any steps," he said.

DATA

Paul also questioned the data of economic indicators. Even if the World Bank's calculation that Bangladesh's average GDP growth was 5 percent in the past one and a half decades is true, the rate is not bad, he said.

"The problem is that growth does not necessarily indicate development or address income inequality. The most shocking part is – you are growing, but you are growing disproportionately."

The growth is coming from the industrial sector, very specifically just from garments and middlemanship with very little value addition, said the economist.

Unlike politicians, economists have been very serious about the integrity of data. However, data were not reliable because of tampering by some ministers to show high per capita income and growth, and low inflation and unemployment.

"The government was not serious about integrity and honesty of the policy. And the Awami League paid the price," Paul remarked.

DEMOCRACY AND DEVELOPMENT

There are some ideal stories where countries like England show that democracy and development are not mutually exclusive, Paul said. "Actually, democracy can make a better way of development."

He thinks there was democracy initially during the AL's tenure, but later the government started saying that development is very important for democracy.

For a strong democracy, institutions must be powerful, but in Bangladesh, institutions were run by mainly people obedient to the government. "The best example was retired bureaucrats, who wouldn't say anything and were not innovative at all," Paul said.

"Although South Korea is developing, why North Korea could not do this? The same people, same culture, but they did not create the institutions. Now, South Korea's income is more than 10 times higher than North Korea."

The AL showed that there were institutions in the country, but even the judiciary, the Anti-Corruption Commission, the Competition Commission, banks, capital market – all were corrupt, said Paul.

"One [AL] leader made 360 houses in London, in England, and without any accountability. Even the prime minister knew about this but did not take any step.

"That's why I said that zero tolerance towards corruption is the biggest mockery of the century."

The East Asian nations invested a lot of money in research, education and health while these sectors are hugely neglected or sometimes totally politicised in Bangladesh, Paul pointed out.

"We cannot improve our educational rankings because we've put all the political people in the institutions and politicised the campuses. Now the interim government has done something like banning one party, one student front. Why not all student fronts?"

Paul hailed incumbent Bangladesh Bank Governor Ahsan H Mansur for fighting against inflation.

To tame inflation, Paul advised the authorities to keep the supply chain mechanism friendly to the consumers, and prevent extortions at all levels.

"And a reliable data mechanism should be introduced so that producers can make decisions properly."

Paul recommended abolishing the Financial Institution Division under the finance ministry to ensure minimum influence of the government in the banking sector.

He suggested passing a fiscal responsibility law to ensure fiscal discipline, transparency, and long-term sustainability of public finances.

The economist also recommended restructuring the time of the fiscal year, starting from January instead of July.​

 

[Saif]

Committed to bring back laundered money

While retrieving laundered money is a challenging task, the interim government is fully committed to the effort, said Shafiqul Alam, press secretary to the chief adviser, yesterday.

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Committed to bring back laundered money
Says press secretary

Shafiqul Alam

While retrieving laundered money is a challenging task, the interim government is fully committed to the effort, said Shafiqul Alam, press secretary to the chief adviser, yesterday.

He made the remarks during a press conference at the Foreign Service Academy.

Bangladesh is currently engaged in discussions with various heads of state, international financial institutions such as the World Bank and the International Monetary Fund, and the Federal Bureau of Investigation in the United States to facilitate the recovery of funds siphoned from the country.

According to Iftekharuzzaman, executive director of Transparency International Bangladesh, between $12 billion and $15 billion has been illegally transferred out of Bangladesh annually over the past 15 years.

"Bringing back the laundered money is a tough job. However, the government has implemented extensive measures to recover these public funds, which, if returned, could be used for the betterment of the people," Shafiqul said.

He said Chief Adviser Prof.Muhammad Yunus addressed the issue during meetings with world leaders on the sidelines of the UN General Assembly summit, where the recovery of siphoned funds was a key agenda item.

Shafiqul confirmed that discussions were held with Western ambassadors, including the US ambassador, UK high commissioner, and the Swiss envoy, regarding this matter.

The Bangladesh Financial Intelligence Unit is actively working on the issue, collaborating with the FBI.

He said the interim government recognises the significant contributions of the four national leaders -- Syed Nazrul Islam, Tajuddin Ahmad, AHM Quamruzzaman and M Mansur Ali -- who were killed in jail on November 3, 1975, and played vital roles during the Liberation War.

Regarding a recent attack on the Bangladesh Shilpakala Academy, Shafiqul condemned all forms of violence and said that the government has ordered a probe into the incident.

He also condemned recent attacks on the Jatiyo Party office, affirming that law enforcement is addressing these issues.​

 

[Saif]

Graft was biggest hurdle in drawing FDI over last 15yrs

Corruption and policy inconsistencies have posed significant challenges to attracting foreign direct investment (FDI) in Bangladesh over the past 15 years, said Ashik Chowdhury, the first private-sector leader to head the government’s key investment promotion agencies.

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Graft was biggest hurdle in drawing FDI over last 15yrs
Says head of govt’s key investment promotion agencies BIDA, BEZA

Ashik Chowdhury

Corruption and policy inconsistencies have posed significant challenges to attracting foreign direct investment (FDI) in Bangladesh over the past 15 years, said Ashik Chowdhury, the first private-sector leader to head the government's key investment promotion agencies.

"Countries such as India and Vietnam have successfully attracted FDI by shifting away from protective policies," the new executive chairman of the Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA) said.

"In Bangladesh, the gap between policy and execution will be bridged by promoting a results-driven, investor-focused approach," he said in an interview with The Daily Star.

Strengthening the financial sector, especially foreign currency management, alongside reforms in infrastructure and energy, will support business expansion and attract large-scale investments. A clearer path for ownership and profit transfer is also crucial for foreign investors, he added.

Chowdhury said he is adopting a multipronged approach to improve ease of doing business, with digitalisation at the centre. "We are streamlining processes, improving land access and ensuring policy consistency," he said.

One of the key initiatives will be the launch of the D-Nothi (digital file management system) in November to simplify approval processes and improve coordination with other government agencies to deliver a more integrated investor experience, he said.

BIDA, the government's apex investment promotion agency, has been ramping up efforts to attract FDI through targeted sectoral promotion and direct engagement with industry leaders, according to him.

"We are building a positive narrative by showcasing success stories and competitive advantages. We're using digital engagement platforms to facilitate virtual investment opportunities and organise site visits tailored to investor interests. Our facilitation goal is to build direct connections between high-value businesses and decision-makers.

"We are working closely with international chambers of commerce and industry associations to address concerns and offer customised solutions. We are also enhancing our communication channels to deliver timely and accurate information to investors," he said.

In the coming days, BIDA and BEZA will focus on enhancing capacity and leveraging private-sector expertise, he said. "We want to be the top government agency for investment in the next year by providing a positive experience that inspires people to become ambassadors for Bangladesh."

In order to ensure accountability, BIDA is enhancing its monitoring and evaluation systems and collaborating closely with other government agencies to expedite critical processes such as land acquisition, environmental clearances, and utility connections.

He believes together, these efforts, along with a stable policy framework, will create an environment more conducive to private sector investment, and promote sustainable economic growth.

Chowdhury was an investment banker at HSBC Singapore, specialising in infrastructure and sustainable finance.

He began his banking career at Standard Chartered and headed finance at American Airlines, covering Europe and Asia. He has also advised the Grameen Telecom Trust.

Chowdhury has an MSc in finance from the London Business School. He got his BBA in finance and economics from the Institute of Business Administration at Dhaka University.

A chartered financial analyst, Chowdhury is a certified skydiver and holds the Guinness World Record for the longest freefall with a flag. He is also a private pilot licensed in the UK.​

 

[Saif]

Annually up to $15 billion laundered from Bangladesh during last Awami League tenure

TIB executive director said at ERF event

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Annually up to $15 billion laundered from Bangladesh during last Awami League tenure
TIB executive director said at ERF event

Photo: Collected

Every year some $12 billion to $15 billion was laundered from the country during the immediate past Awami League-led government, Iftekharuzzaman, executive director of the Transparency International Bangladesh (TIB), said today.

Trade-based money laundering was one of the major ways of money laundering, he said.

Bringing back the laundered money is possible, but it is time-consuming, he said.

Politics, bureaucracy and business should be more responsible for stopping the money laundering.

The TIB executive director made the comments at a seminar on laundered money and how to recover the money, held at the office of the Economic Reporters' Forum in Dhaka.​

 

[Saif]

Investigate Tk 3,859cr loan to Bashundhara 4 days before fall of Hasina govt: HC

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.

www.newagebd.net

Investigate Tk 3,859cr loan to Bashundhara 4 days before fall of Hasina govt: HC
Staff Correspondent 03 November, 2024, 22:35

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 investigation’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 Limited’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 Group’s loan repayments for two years, with the group’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 bank’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.​

 

[Saif]

9 bank accounts of ex-home minister frozen

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.

www.newagebd.net

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

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 Bank’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.​

 

[Saif]

How could fugitive ex-Speaker submit biometrics for passport?

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

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How could fugitive ex-Speaker submit biometrics for passport?

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.​

 

[Saif]

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

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

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

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.​

 

[Saif]

Govt to tally Mujib Borsho celebration spending

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

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Govt to tally Mujib Borsho celebration spending

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 Borsho… several thousand crores of Taka were wasted in these celebrations. These are public funds…" 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.​

 

[Saif]

Violators of press freedom will be brought to book

CA's deputy press secretary tells discussion

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

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.​

 

[Saif]

Chief adviser seeks Singapore's support to bring back laundered money

Chief adviser Dr Muhammad Yunus on Sunday urged Singapore to help recover billions of dollars laundered from Bangladesh when Singapore's ambassador to Bangladesh Derek Loh called on him at his Tejgaon office in Dhaka on 10 November 2024.

en.prothomalo.com

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

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.​

 

[Saif]

Widespread graft was the norm, not exception

The Awami League regime's economic strategy was not always based on equity.

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

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 streams—public, elite private, and madrasa— 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.​

 

[Saif]

Efforts to retrieve laundered money ramped up

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.

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

"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."— 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."​

 

[Saif]

AL, Sheikh family should apologise for Mujib, Hasina’s roles

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.

www.thedailystar.net

AL, Sheikh family should apologise for Mujib, Hasina’s roles
Says Mahfuj Alam

Photo: Collected from Mahfuj Alam’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.​