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

[Saif]

Fakhrul hints at AL conspiracy behind chaos in industrial sector

BNP Secretary General Mirza Fakhrul Islam Alamgir today said that a vested quarter is trying to create an anarchic situation in the industrial sector

www.thedailystar.net

Fakhrul hints at AL conspiracy behind chaos in industrial sector

BNP Secretary General Mirza Fakhrul Islam Alamgir today said that a vested quarter is trying to create an anarchic situation in the industrial sector.

Highlighting the need for a task force to safeguard industries and factories, BNP secretary general emphasised that in 2023, 85 percent of exports originated from the garment sector. With over five million workers employed in this sector, he underscored the importance of revitalizing it.

Fakhrul said these things while addressing a rally organised by Gazipur District and Mahanagar Sramik Dal at Konabari Degree College ground this afternoon, as the chief guest.

He further stated that Hasina is responsible for the deaths of workers and students, claiming that the police have created a climate of fear in the country through the use of excessive force.

He accused Hasina of dismantling state systems to maintain her grip on power, particularly by misusing the police to suppress dissent, including through shootings, false arrests, and torture, which has plunged the nation into a state of terror.

The people of the country emerged from a stifling atmosphere after Hasina's departure in the wake of the student and worker movements.

Despite her absence, her influence still looms large. Many cannot forget her, as they have built an empire through theft, corruption, and smuggling wealth abroad. Various conspiracies continue to unfold across the country, particularly within the industrial sector.

Fakhrul claimed that there are factions hoping for Hasina's return to facilitate further looting.

He called on all political parties to unite in order to protect the country, stating, "We must safeguard our freedom by staying vigilant."

At this time, he urged BNP leaders and activists to work a guard to prevent any dissatisfaction in the factories.

Additionally, he called for a resolution to the crisis through dialogue among the government, factory owners, and workers.

Fakhrul said Chief Adviser Mohammad Yunus is respected by people all over the world. He formed the government with some prominent individuals in the country.

"We have asked them to clear the mess of Awami League and hold elections within a reasonable time. We want to vote, elect the government and parliament through voting," added the BNP leader.

"We urged them to expedite the reforms, engage in dialogue with all parties, and ensure fair elections. We hope they will implement the reforms swiftly and organize the elections without delay," he said.

Fakhrul said, "We have told the Indian government not to grant refuge to a murderer accused of genocide and numerous other killings, an individual who has undermined the country's democracy. But India did not reply. We have also asked the current interim government to write a letter to India sending Hasina, the destroyer of the country, back home to face justice."​

 

[Saif]

Govt restructures task force on bringing back money illegally taken abroad

Headed by Bangladesh Bank governor, the nine-member task force became operational with immediate effect

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Govt restructures task force on bringing back money illegally taken abroad
Headed by Bangladesh Bank governor, the nine-member task force became operational with immediate effect

The interim government today restructured an inter-agency task force meant to bring back money that has been illegally taken abroad.

Headed by the Bangladesh Bank governor, the nine-member task force has become operational with immediate effect, said the finance ministry in a notification.

The previous task force was headed by the attorney general and formed by the immediate past Awami League government on January 15 last year.

The amount of money illegally sent abroad is believed to be over Tk 100,000 crore, said a press statement issued by the office of the chief adviser to the interim government at the end of last month.

Global Financial Integrity (GFI) in 2021 said Bangladesh lost approximately $8.27 billion annually between 2009 and 2018 from misinvoicing of values of import-export goods by traders to evade taxes and illegal movement of money across international borders.

The task force will identify money and assets illegally taken abroad and assist parties concerned in the investigation, said the finance ministry yesterday.

The panel will identify barriers to quickly settling relevant cases and take steps to remove the bottlenecks, it said.

The task force will also take initiatives to quickly bring back the money from foreign lands and take measures to manage seized or recovered assets, it said.

The task force will have representatives from the foreign affairs ministry, financial institutions division, law ministry, Anti-Corruption Commission, Criminal Investigation Department, the attorney general's office, customs intelligence and Bangladesh Financial Intelligence Unit, it added.

The panel will also contact local and foreign agencies to bring back the money from abroad, according to the notification.​

 

[Saif]

BFIU finally freezes bank accounts of S Alam, associates

Bangladesh Financial Intelligence Unit has finally frozen the bank accounts of S Alam Group chairman Saiful Alam and his associates, amid allegations of corruption, asset accumulation, and...

www.newagebd.net

BFIU finally freezes bank accounts of S Alam, associates
Staff Correspondent 01 October, 2024, 00:52

Saiful Alam

Bangladesh Financial Intelligence Unit has finally frozen the bank accounts of S Alam Group chairman Saiful Alam and his associates, amid allegations of corruption, asset accumulation, and money laundering against him.

BFIU recently directed all banks and financial institutions to freeze transactions linked to these accounts.

While many businesses had their accounts frozen much earlier, S Alam — the most controversial bank scammer — benefited from inexplicable delays.

BFIU requested for the account details of S Alam group chairman Saiful Alam and his associates on August 8, but mysteriously took over a month to take action.

When asked, Bangladesh Bank’s spokesperson, Husne Ara Shikha, offered no clear reason for the delay, while internal sources pointed at former BFIU deputy director Rafikul Islam for stalling the process.

Rafikul had previously claimed that there were no bank accounts in the names of S Alam and his family members when questioned about the delay in freezing their assets.

During this delay, significant funds were withdrawn from these accounts, adding to suspicions. Only after substantial withdrawals, the BFIU finally has frozen the accounts.

The BFIU eventually froze transactions for accounts held by Saiful Alam, Mohammed Abdullah Hasan, Osman Goni, Abdus Samad, Shahana Ferdous and Badrun Nessa Alam under the Money Laundering Prevention Act of 2019.

The unit has also ordered banks to submit all account-related documentation, including KYC forms and transaction histories.

The BFIU has also frozen bank accounts of Nabil Group chairman Jahan Box Mandol and managing director Aminul Islam and their family members.

The BFIU in a letter on Sunday instructed banks to freeze the transactions of Jahan Box Mondol and his wife Anuara Begum, as well as Aminul Islam, his wife Mosammat Israt Jahan, their son Ejaz Abrar, and daughter Afra Ebnat for 30 days.

It also directed the suspension of transactions from accounts belonging to their businesses. Additionally, in case of their having any lockers at the banks, their access would be restricted for 30 days.

Nabil Group is considered to be closely associated with S Alam Group, and allegedly withdrew large amount of loans in anonymous names.

Under the protection of the Awami League government, S Alam Group allegedly withdrew around Tk 2 lakh crore from the banking system, a substantial part of which is suspected to have been laundered abroad.

This wave of account freeze comes in the wake of prime minister Sheikh Hasina’s resignation and flight to India on August 5, following student-led protests.

After the political shift, Bangladesh Bank dissolved the boards of eight banks owned and controlled by S Alam Group.​

 

[Saif]

What Bangladesh can do to get back laundered wealth

Following the fall of the Awami League government, efforts are underway to explore ways to bring back the stolen wealth.

www.thedailystar.net

What Bangladesh can do to get back laundered wealth

File visual: Rehnuma Proshoon

Over the past 15 years, people from various sectors—including politicians, businesspeople, bureaucrats, and police officials—have reportedly laundered over $100 billion abroad. This figure is likely underestimated, but even if it's close to the actual amount, the implications are staggering. To put this into context, $100 billion is nearly equivalent to Bangladesh's national budget for the next two years. It also matches the country's total external debt as reported by Bangladesh Bank. One could argue that if this money had not been laundered, it could cover nearly all of Bangladesh's foreign debt across both public and private sectors. Moreover, if repatriated, these funds could ease the strain on Bangladesh's foreign exchange reserves, helping to curb inflation.

Following the fall of the Awami League government, efforts are underway to explore ways to bring back the stolen wealth. Recently, officials from the Anti-Corruption Commission met with representatives from the US Federal Bureau of Investigation (FBI) and the United Nations Office on Drugs and Crime (UNODC), both of whom offered assistance in recovering laundered funds. Additionally, a visiting US delegation led by Department of Treasury Assistant Secretary Brent Neiman met with officials from the interim government. Although details of the discussions remain sparse, it was reported that the US government showed a willingness to aid Bangladesh in this respect, sparking cautious optimism among Bangladeshi analysts.

While some are hopeful about the prospect of repatriating the stolen money, others remain sceptical. Much of this uncertainty probably stems from a lack of awareness about previous cases where the US successfully helped other countries recover laundered funds. If Bangladesh is serious about bringing back the laundered wealth, it can learn from the experiences of countries like Malaysia, the Philippines, and most notably, Nigeria.

Between 1993 and 1998, Nigerian dictator Sani Abacha and his associates stole an estimated $5 billion, much of which was deposited in international banks across Switzerland, the US, the UK, and offshore accounts. After Abacha's death, Nigeria initiated efforts to recover the money. These efforts relied heavily on international legal frameworks such as the UN Convention Against Corruption (UNCAC), which enabled mutual legal assistance (MLA) agreements with other countries.

Switzerland was the first to cooperate, freezing Abacha's assets in 1999 after a formal request from Nigerian authorities. Following legal battles, the Swiss Federal Supreme Court ruled in 2002 in favour of returning $500 million of the laundered funds, marking it one of the largest recoveries of stolen assets by a developing country. By 2006, Switzerland repatriated most of the frozen assets under the condition that the funds be used for public projects like infrastructure, health, and education. To ensure that the funds were not misappropriated again, international organisations like the World Bank closely monitored how Nigeria used them. This level of oversight was a key element of the negotiations, ensuring the funds directly benefited Nigerian citizens.

The United States also played a crucial role in Nigeria's recovery efforts. In 2014, the Nigerian government formally requested assistance from the Department of Justice (DOJ). In response, the DOJ filed an asset forfeiture complaint in April 2014 to seize over $500 million traceable to the Abacha regime, under its Kleptocracy Asset Recovery Initiative. This led to the freezing of assets across several jurisdictions, including France, the UK, and the Crown Dependency of Jersey. By March 2020, the US, Jersey, and Nigeria signed a landmark agreement to repatriate over $308 million laundered through Jersey's financial system. Similar to Switzerland's case, the US and Jersey required that Nigeria use the funds for specific public projects. More recently, in August 2022, the DOJ announced another agreement to return an additional $23 million to Nigeria.

Nigeria's success in recovering stolen assets, with the help of Switzerland and the US, offers key lessons for Bangladesh. First, international cooperation is essential, with MLA treaties and global frameworks like UNCAC providing the legal basis for asset recovery. Second, partnerships with powerful nations like the US can be highly effective, as seen with the DOJ's role in freezing Nigeria's stolen assets. This underscores the importance for Bangladesh to work closely with global enforcement agencies and financial regulators.

Third, Bangladesh must ensure that any recovered funds are transparently managed and used for public projects. Finally, strong political will and patience are crucial, as asset recovery is often a complex and prolonged process. By embracing these strategies, Bangladesh can enhance its chances of recovering stolen wealth and directing it toward national development.

Dr Tasneem Raihan is a Bangladeshi-American financial economist. Views expressed in this article are the author's own.​

 

[Saif]

BFIU finally freezes bank accounts of S Alam, associates

Bangladesh Financial Intelligence Unit has finally frozen the bank accounts of S Alam Group chairman Saiful Alam and his associates, amid allegations of corruption, asset accumulation, and...

www.newagebd.net

BFIU finally freezes bank accounts of S Alam, associates
Staff Correspondent 01 October, 2024, 00:52

Saiful Alam

Bangladesh Financial Intelligence Unit has finally frozen the bank accounts of S Alam Group chairman Saiful Alam and his associates, amid allegations of corruption, asset accumulation, and money laundering against him.

BFIU recently directed all banks and financial institutions to freeze transactions linked to these accounts.

While many businesses had their accounts frozen much earlier, S Alam — the most controversial bank scammer — benefited from inexplicable delays.

BFIU requested for the account details of S Alam group chairman Saiful Alam and his associates on August 8, but mysteriously took over a month to take action.

When asked, Bangladesh Bank’s spokesperson, Husne Ara Shikha, offered no clear reason for the delay, while internal sources pointed at former BFIU deputy director Rafikul Islam for stalling the process.

Rafikul had previously claimed that there were no bank accounts in the names of S Alam and his family members when questioned about the delay in freezing their assets.

During this delay, significant funds were withdrawn from these accounts, adding to suspicions. Only after substantial withdrawals, the BFIU finally has frozen the accounts.

The BFIU eventually froze transactions for accounts held by Saiful Alam, Mohammed Abdullah Hasan, Osman Goni, Abdus Samad, Shahana Ferdous and Badrun Nessa Alam under the Money Laundering Prevention Act of 2019.

The unit has also ordered banks to submit all account-related documentation, including KYC forms and transaction histories.

The BFIU has also frozen bank accounts of Nabil Group chairman Jahan Box Mandol and managing director Aminul Islam and their family members.

The BFIU in a letter on Sunday instructed banks to freeze the transactions of Jahan Box Mondol and his wife Anuara Begum, as well as Aminul Islam, his wife Mosammat Israt Jahan, their son Ejaz Abrar, and daughter Afra Ebnat for 30 days.

It also directed the suspension of transactions from accounts belonging to their businesses. Additionally, in case of their having any lockers at the banks, their access would be restricted for 30 days.

Nabil Group is considered to be closely associated with S Alam Group, and allegedly withdrew large amount of loans in anonymous names.

Under the protection of the Awami League government, S Alam Group allegedly withdrew around Tk 2 lakh crore from the banking system, a substantial part of which is suspected to have been laundered abroad.

This wave of account freeze comes in the wake of prime minister Sheikh Hasina’s resignation and flight to India on August 5, following student-led protests.

After the political shift, Bangladesh Bank dissolved the boards of eight banks owned and controlled by S Alam Group.​

 

[Saif]

Obaidul Quader, Sheikh Helal, Tarique Siddique behind graft in road projects

National Development Engineers (NDE) is a wonder among the road construction contractors. The company debuted in the road construction sector by the end of 2017. Within just six years, they got contracts of Tk 85 billion separately and jointly, which is 10 per cent of the total works done in the...

en.prothomalo.com

Obaidul Quader, Sheikh Helal, Tarique Siddique behind graft in road projects
Anowar Hossain
Dhaka
Updated: 05 Oct 2024, 23: 00

Although National Development Engineers (NDE) debuted in the road construction sector at the end of 2017, the company is a wonder among the road construction contractors.

Within just six years, they got contracts of Tk 85 billion separately and jointly, which is 10 per cent of the total works done in the last 12 years.

Speaking to Prothom Alo on condition of anonymity, seven roads and highways department (RHD) officials said NDE used to manipulate tenders through former road transport and bridges minister Obaidul Quader to get the contracts.

The former minister had told the officials that Sheikh Hasina’s former military adviser Tarique Ahmed Siddique was behind the company.

Analysing the projects taken up by the RHD from 2011-12 to 2023-24, it was found that only 15 companies like NDE got 90 per cent of the work in terms of expenditure. The previous government spent more than Tk 830 billion in 12 years. And those 15 contracting agencies got contracts worth around Tk 750 billion individually or jointly.

Speaking to Prothom Alo, Bangladesh University of Engineering and Technology (BUET) professor Shamsul Haque said, “Illegal practices like manipulation to get contracts, withdrawing money for below standard works and charging additional bills showing extra work without doing them, were ‘open secrets’ during the rule of the Awami League. It was like an epidemic of corruption.”

There are some 1,100 contracting agencies registered with the RHD. So the question remains as to how only 15 of those companies got 90 per cent of the contracts.

The RHD engineers say these contractors largely were ‘blessed’ by the AL ministers and MPs. However, the contractors claimed they had to pay ‘commission’ despite having connections with the leaders and ministers. Their (RHD officials) illegal incomes will be evident if the Anti-corruption Commission (ACC) investigates their assets.

The 15 contracting agencies, who secured 90 per cent contract of road projects are Hasan Techno Builders, Rana Builders, NDE, Mojahar Enterprise, Moinuddin (Banshi), Taher Brothers, Md Aminul Haque Private Ltd, Masud HighTech, Spectra Engineers, M/S Saleh Ahmed, M M Builders, Reliable Builders, Toma Construction, Mahfuz Khan Ltd and Abed Mansur Construction.

As the irregularities came to light, some 45 companies were blacklisted for six months to two years in the first nine months this year. Some 13 of the top contractors were among the blacklisted companies.

RHD sources said three groups would control road contracts during the past 15 and a half years of Awami League rule.

They are influential leaders and parliament members from the Awami League, relatives and close associates of former road minister Obaidul Quader, and certain engineers from RHD.

After Quader became minister in 2011, a network formed, including former Feni MP Nizam Uddin Hazari, Quader’s brother Abdul Quader Mirza, his wife Ishratunnessa Quader, and former Noakhali MP Ekramul Karim Chowdhury.

Illegal practices like manipulation to get contracts, withdrawing money for below standard works and charging additional bills showing extra work without doing them, were ‘open secrets’ during the rule of the Awami League. It was like an epidemic of corruption--Bangladesh University of Engineering and Technology (BUET) professor Shamsul Haque.

In 2021, Quader Mirza publicly criticized his brother, sister-in-law, and Ekram Chowdhury. Later it was known that they locked into a conflict over the distribution of contracts. However, disputes between the brothers later eased, and Quader Mirza, after securing contracts, kept silent.

Road transport and bridges ministry adviser Fouzul Kabir Khan told reporters that decisions on who would receive contracts were made beforehand, followed by the formal process of calling for tenders.

He also said that this practice would end and that legal and institutional reforms would be implemented to increase competition. He is also considering a comprehensive investigation into past irregularities and corruption.

Sources said using Sheikh Selim’s influence, Shafiqul secured contracts worth Tk 1.37 billion in Gopalganj last November and Tk 2.42 billion in Dhaka the previous October. In the Dhaka contract, his partner was his father Shamsul Alam's firm, Orient Trading and Builders.

They are big contractors for the blessings of leaders

The contractor that received the work with the highest amount of money over the past 12 years is Hasan Techno Builders, which secured contracts worth Tk 111.18 billion. Rana Builders got work worth Tk 109.11 billion.

The owner of Hasan Techno is Najmul Hasan and Rana Builders' owner is Md Alam. They are uncle and nephew . Najmul Hasan is a close associate of former MP AKM Bahauddin Bahar from Cumilla. Both the companies have been banned on allegations of fraud.

Speaking to Prothom Alo, Najmul Hasan said they won all contracts at prices lower than the estimated costs and denied any connection to Bahar.

Mohammad Alam said he is carrying out contracts of HRD over four decades. He secured work due to competence. He has been banned due to mistakes of other contractor with whom he worked jointly.

Alam's nephew, Zulfiqar Hossain (Masud Rana), runs Masud High-Tech, which received contracts worth Tk 43.81 billion. This firm is eighth among those who received the contracts of the highest amount.

Zulfiqar has connections to Sheikh Hasina’s cousin Sheikh Jewel and the controversial former MP Shamim Osman from Narayanganj, according to RHD officials.

RHD sources said NDE, which worked on the roads and highways department only for six years, stood third in the list of highest recipients of contracts.

NDE was banned for six months on 6 July for submitting forged and fake documents. The firm moved to the High Court which stayed the ban.

A contract firm named Sagar Info Builders completed 39 projects in collaboration with NDE, also benefiting from Tarique Ahmed Siddique’s support.

When asked, NDE’s managing director Raihan Mustafiz, speaking to Prothom Alo, said, “We are businessmen; we don’t need Tarique Siddique. Khaleda Zia is also a relative.”

He mentioned that his firm has been established in 1982.

"We have carried out most of the work in the public works. Later we started work in the road sector. We have won contracts at lower prices than government estimates," Raihan Mustafiz added.

However, there are allegations that those attempting to secure road contracts are tipped off about government estimates in advance. Consequently, the bidding conditions are often tailored to favour certain contractors.

There are allegations that those, who would be given contracts, are informed beforehand of the government estimates. Accordingly, the contractors secure contracts. Conditions of the tenders are also set in accordance with the qualifications of the preferred contractors.

The fourth-highest recipient is Mojahar Enterprise, owned by Kazi Mojaharul Islam, a close associate of Sheikh Helal Uddin, a former MP from Bagerhat. Mojahar Enterprise has completed contracts worth Tk 65.31 billion, mainly in the Khulna region.

Fifth is Moinuddin Limited, with contracts totaling Tk 64.64 billion. Seventh is Mohammad Aminul Haque Limited with Tk 45.49 billion. Both contractors reportedly ‘managed’ RHD officials, and secured work. They also used political leaders whenever needed.

MS Saleh Ahmed, in tenth place, has completed contracts worth Tk 29.59 billion. The owner, Saleh Ahmed (Babul), is close to former MP Nizam Uddin Hazari. RHD officials said Nizam Hazari mainly would run the organisation.

Reliable Builders completed contracts worth Tk 23.44 billion, with owner Shafiqul Alam (Mithun) positioned as the twelfth-highest recipient. Shafiqul was reportedly close to Awami League leader Sheikh Fazlul Karim Selim. RHD sources said using Sheikh Selim’s influence., Shafiqul secured contracts worth Tk 1.37 billion in Gopalganj last November and Tk 2.42 billion in Dhaka the previous October. In the Dhaka contract, his partner was his father Shamsul Alam's firm, Orient Trading and Builders.

Two RHD officials said a step was taken to blacklist Reliable in the beginning of this year after its forgery was detected. At the time, Sheikh Selim made phone calls several times to prevent this.

There are allegations that models were engaged for lobbying for securing contracts. A BMW was seized from a model in 2021. Its registration was with Reliable Builders' name.

The thirteenth highest, Toma Construction, has garnered attention for securing numerous government contracts in various sectors, including railways, local government and public works. The owner, Ataur Rahman Bhuiyan, was a vice president of the Noakhali district Awami League and contested as an independent candidate in the last elections on 7 January but lost.

There are discussions that Awami League central organising secretary Mirza Azam has connection with Toma Construction. However, Ataur Rahman has denied this. Toma secured contracts worth Tk 23.09 bilion in 12 years.

Sources at the RHD said that Ataur Rahman had good relations with transport minister Obaidul Quader, former MP of Noakhali Ekramul Karim Chowdhury and Mirza Azam. As a result, Toma secured several projects after Quader became minister.

After a falling out with Ekram Chowdhury at the end of 2020, Quader initially instructed officials not to award work to Ataur Rahman, labeling him as aligned with his rival. However, tensions eased within a year, and Toma began to secure projects again.

Mahfuz Khan Limited, in the fourteenth position, has completed contracts worth Tk 22.81 billion. Mahfuz Khan is a relative of former prime minister Sheikh Hasina.

Abed Mansur Construction, in fifteenth place, has received contracts worth Tk 19.14 billion. The owner, Abed Mansur, previously worked in advertising and television production, establishing connections with Obaidul Quader. Since 2018, he has been involved in RHD contracts, and secured contracts by submitting fraudulent experience certificates.

While not among the highest, a contractor named J Enterprise has gained attention for securing ten projects worth nearly Tk 1.97 billion, allegedly backed by Jahangir Alam, a controversial figure related to Sheikh Hasina.

Following the fall of the Awami League government amid student-people's uprising on 5 August, influential leaders including Obaidul Quader, Quader Mirza, Nizam Hazari, Ekram Chowdhury, and others went into hiding. Attempts to contact Quader’s wife, Ishratunnessa Kader, were not successful.

Meanwhile, some top contractors have claimed to be deprived. On 18 August, a group of contractors presented a 10-point demand to the chief engineer of RHD, with nine signatories among the highest earners, including Hasan Techno Builders, NDE, Reliable Builders, Masud High-Tech, and MS Saleh Ahmed.

Following the allegations, the supervisory engineer Abul Kalam Azad responsible for blacklisting contractors was transferred to a less significant position after contractors demanded this in their list of grievances.

Of the remaining around 4000 tenders ranged from Tk 10 million to over Tk 5 billion. While speaking to three contractors, it is learnt that 10 to 15 per cent of any project budget is often allocated for politicians for commission.

"An independent and impartial investigation is essential"

In 2018, the Anti-Corruption Commission (ACC) submitted a report with a number of recommendations to the ministry of road transport and the cabinet division outlining the sources and causes of corruption in road projects.

The cabinet division instructed the roads and highways department to implement these recommendations, but the road transport and bridges ministry ignored them.

Over the past decade, the roads and highways department (RHD) has called for more than 40,000 tenders. Among these, over 36,000 tenders were valued between Tk 100,000 and Tk 10 million, amounting to a total expenditure of nearly Tk 64 billion. Sources said that in many cases, these small projects are mainly undertaken merely for embezzlement.

Approximately 4,000 remaining tenders were valued at between Tk 10 million and Tk 5 billion or more.

While talking to three contractors, it is learnt that 10 to 15 per cent of the project cost is typically spent on commissions for politicians and engineers. Additionally, funds are also allocated for bribes and extortion at the grassroots level.

Samshul Haque said that the officials involved from the RHD should face severe penalties for accepting bribes, providing illegal assistance in obtaining contracts, and facilitating fraud.

He emphasized the urgent need for an independent and impartial investigation into these matters.​

 

[Saif]

Govt cancels deal with Summit Group for second FSRU

Summit terms termination of the deal ‘unjustified’, says will appeal for review

www.thedailystar.net

Govt cancels deal with Summit Group for second FSRU
Summit terms termination of the deal ‘unjustified’, says will appeal for review

The government today cancelled its deal with Summit Group on the second Floating Storage and Regasification Unit (FSRU).

The deal has been terminated upon the instruction of the power, energy and mineral resources ministry, Petrobangla Chairman Zanendra Nath Sarker told The Daily Star.

In contrast, Summit Group said in a statement that it has received a termination notice of the FSRU's terminal use agreement.

"We believe this is unjustified and will appeal for review," it said, adding that the group has a proven track record of developing long-term infrastructure projects in Bangladesh in a responsible and transparent manner.

On March 30 this year, Petrobangla and Summit signed a terminal use agreement and another agreement for the implementation of its second FSRU.

On the same day, they also signed sale and purchase agreement to supply 1.5 million tonnes of liquified natural gas (LNG) per year for a 15-year period, starting from October 2026.​

 

[Saif]

Democratising Bangladesh’s international treaty practice

IN RECENT times, the issue of ‘secret treaties’ has surfaced in Bangladesh’s public discourse on several occasions. It has been alleged that the deposed Awami League government...

www.newagebd.net

Democratising Bangladesh’s international treaty practice
by Quazi Omar Foysal 08 October, 2024, 00:00

IN RECENT times, the issue of ‘secret treaties’ has surfaced in Bangladesh’s public discourse on several occasions. It has been alleged that the deposed Awami League government concluded numerous treaties with foreign states and entities without public consultation. The Adani Power Plant Agreement is worth mentioning here. While this issue partly stems from the policy of the last autocratic government, the constitutional framework of Bangladesh also left provisions that made a dictator engage in such a treaty. As discussions on amending the constitution gain momentum, it is crucial to seize this opportunity to democratise the treaty-making process in line with comparative constitutional practice and international law. Without necessary constitutional reforms, the problem of ‘secret treaties’ will likely persist in the future, endangering national economic, political, and security interests.

States generally enter into treaties with other states, international organisations, and sometimes private entities on various matters. Treaty practices vary widely across different legal cultures and even between states. The constitutional law of most countries provides a detailed framework for treaty-making, and Bangladesh is no exception. However, the inherent inadequacy of the constitutional provisions, coupled with the lack of an implementation mechanism, has led to the current precarious system.

The Constitution of Bangladesh does not explicitly outline the treaty-making powers. Article 55(2), read alongside the Rules of Business and clarified by the Supreme Court of Bangladesh, vests the executive branch of the government with the treaty-related powers. Notably, there is no requirement for parliamentary approval before ratifying a treaty. Interestingly, Surenjit Sengupta made this proposal in the Constituent Assembly, but it was subsequently rejected.

Article 145A of the Constitution is the most significant provision regarding Bangladesh’s treaty practice. It outlines the role of Parliament in the treaty-making process in the following terms: ‘All treaties with foreign countries shall be submitted to the president, who shall cause them to be laid before parliament: Provided that any such treaty connected with national security shall be laid in a secret session of Parliament.’

This provision was introduced through Second Proclamation Order No. IV in 1978 and was later validated by the 5th and 13th amendments to the constitution. Following the invalidation of the 5th amendment by the Supreme Court, the 13th amendment to the constitution reinstated the same provision without any changes. Despite its mandatory nature, parliament has only acted on Article 145A once — following the conclusion of the Ganges Water Treaty in 1996. It has been argued that the failure to place treaties before parliament has given rise to the collective responsibility of the cabinet to the parliament, leading to questions of transparency, good governance, and the rule of law in the country. It is logical to assert that the issue of ‘secret treaties’ is a by-product of such omission.

There are several criticisms with the construction of Article 145A. First of all, the provision only refers to treaties with ‘foreign countries,’ reflecting the treaty practices of the 1970s. Since then, the law of treaties has evolved remarkable. Today, states enter into agreements not only with other states but also with international organisations and even private entities. Unfortunately, Article 145A was not even revised when it was reintroduced by the 13th amendment to the constitution. This oversight may have allowed the executive to bypass Article 145A in certain cases. Secondly, the article does not define ‘national security,’ allowing the executive to adopt its broad interpretation and evade regular parliamentary scrutiny while materialising its unsanctioned political ambitions, often at odds with broader national interests. Thirdly, the constitution lacks a clear definition of ‘treaty.’ Article 152 is silent on this issue. In international law, the definition of treaties has evolved significantly over time. Even a memorandum of understanding, which is widely regarded as a political agreement rather than a legal one, has been recognised by international courts as having the status of a treaty. This ambiguity allows the executive to avoid parliamentary oversight by categorising binding agreements under different names. Finally, Article 145A does not establish any oversight mechanism or implementation legislation to regulate Bangladesh’s treaty practices. As a result, treaty-making has been left vulnerable to the political whims of successive governments. The controversy over ‘secret treaties’ should therefore come as no surprise.

As Bangladesh contemplates amending the constitution, it should seriously address the gaps in treaty-related provisions as part of this process. To begin with, the scope of the definition of treaties should be reformulated. It is suggested that the definition of treaties should include treaties with international organisations and private entities. Such agreements can have significant implications for Bangladesh, as evidenced by the Adani incident. Furthermore, the scope of ‘national security’ should be clearly defined through a set of indicators that are subject to judicial review. Parliamentary scrutiny of these categories of treaties would help prevent similar scandals in the future.

Second, a mandatory parliamentary oversight mechanism must be established to ensure transparency in treaty-making. International treaties should not be viewed solely through the lens of foreign policy, as they often have significant domestic legal implications. Therefore, this crucial aspect of governance should not be left solely to the executive. Instead, it should be democratised through the mandatory involvement of parliament.

Third, there should be constitutional provisions for pre-ratification parliamentary approval in certain categories of treaties having serious implications for national interests or affecting the domestic legal order. Given that Bangladesh follows the dualist tradition, the sources of international law must be domesticated to have force in Bangladesh. Notably, the Bangladeshi government is obligated to respect its international obligations even in the absence of corresponding domestic legislation. In such cases, the government should be required to seek mandatory parliamentary approval before ratifying any international treaty that significantly impacts the state’s interests or affects the domestic legal order, including the necessity for domestic implementation. Doing so would safeguard national interests and foster greater accountability.

Finally, Bangladesh should also enact dedicated legislation regulating treaty practices. As a matter of fact, the Bangladesh Law Commission proposed the Conclusion and Enforcement of Treaties Act in 2015, but it was ignored by subsequent governments. Bangladesh’s incoherent treaty practice may find its root in the absence of any dedicated legislation governing treaty matters. It is high time for the country to enact such legislation to enhance the transparency of its treaty practices. In the same vein, Bangladesh must align its treaty practices with contemporary international standards. Accession to the Vienna Convention on Law of the Treaties 1969 would be a significant step in this direction.

The practice of ‘secret treaties’ has largely been abandoned in international relations, particularly since the end of World War I. It is unfortunate that the people of Bangladesh are still encountering this practice in the 21st century. Therefore, Bangladesh should urgently amend its constitutional provisions and enact relevant domestic legislation to bring its treaty practices in line with international law. Likewise, it should disclose all so-called secret treaties to the public to the extent feasible.

Quazi Omar Foysal is an international law expert, currently working at American International University-Bangladesh.​

 

[Saif]

12 S Alam firms evaded Tk 50b in VAT

Amid severe criticism for grabbing multiple banks, the National Board of Revenue (NBR) has found evidence of value-added tax (VAT) evasion amounting to Tk 14.14 billion against 10 companies of industrial conglomerate S Alam Group. This information was revealed during an investigation by the...

en.prothomalo.com

12 S Alam firms evaded Tk 50b in VAT
Jahangir Shah
Dhaka
Published: 07 Oct 2024, 22: 40

Amid severe criticism for grabbing multiple banks against Chattogram-based S Alam Group, the National Board of Revenue (NBR) has found evidence of value-added tax (VAT) evasion amounting to Tk 14.14 billion against 10 companies of the industrial conglomerate.

This information was revealed during an investigation by the Chittagong Customs, Excise, and VAT Commissionerate.

A preliminary investigation report in this regard was finalised last week.

The companies involved are: S Alam Steels, Chemon Ispat, S Alam Refined Sugar, SS Power, S Alam Power Plant, S Alam Properties, S Alam Cold Re-Rolling Mills, Masud Printing and Packaging, S Alam Bag Manufacturing Mills, and S Alam Cement Industries.

Additionally, in recent months, the same VAT commissionerate found evidence of VAT evasion totaling at Tk 35 billion against two other companies of the group, S Alam Vegetable Oil and S Alam Super Edible Oil. The matter has now reached the courts.

In total, VAT officials have discovered evidence of VAT evasion amounting to nearly Tk 50 billion against 12 companies of the S Alam Group.

VAT evasion is considered a more serious offence than income tax or customs evasion because VAT is collected from consumers. Evasion means that consumers' money is not deposited into the government's treasury---Zahid Hussain, former lead economist, World Bank Dhaka office.

In addition to VAT issues, investigations are ongoing regarding income tax evasion by the group's head, Saiful Alam, and his family members.

Following the student-people uprising, former prime minister Sheikh Hasina left the country on 5 August. During her administration, the S Alam Group was one of the major beneficiaries. Saiful Alam and his family have faced various allegations over the past decade, including bank takeover and money laundering, with claims that these activities were facilitated by state support.

Speaking to Prothom Alo, former lead economist, World Bank Dhaka office, Zahid Hussain, said VAT evasion is considered a more serious offence than income tax or customs evasion because VAT is collected from consumers. Evasion means that consumers’ money is not deposited in the government’s treasury.

He said that VAT evasion represents two types of offences: the failure to deposit due revenue into the government treasury and consumer deception.

Zahid Hussain suggested that those guilty of VAT evasion should face exemplary punishment, including fines and possible imprisonment for defrauding consumers.

VAT evasion details

On 19 August, a 20-member investigation team was formed to investigate VAT evasion by 18 companies of the S Alam Group, most of which fall under the jurisdiction of the Chittagong commissionerate. The team was given one month to audit the sales and production records of these companies for the past five years.

After the initial investigation, evidence of VAT evasion was found against 10 companies, with the most significant being S Alam Refined Sugar Limited in Ichhanagar, Chattogram, which evaded Tk 7.55 billion. S Alam Cold Re-Rolling Mills in Patiya was second, evading Tk 2.16 billion. SS Power in Bashkhali, which operates a 1,300-megawatt power plant, evaded Tk 2 billion.

Other companies are: Chemon Ispat (Tk 1.47 billion), S Alam Steels (Tk 560 million), S Alam Power Plant (Tk 210 million), S Alam Cement Industries (Tk 105 million), S Alam Properties (Tk 600 million), Masud Printing and Packaging (Tk 200 million), and S Alam Bag Manufacturing Mills (Tk 3.1 million).

The Chattogram VAT commissionerate has issued notices to these companies, but there is no response from them yet.

Investigations are also ongoing for other companies within the group, including S Alam Steel (Unit-2), New S Alam Shoes and Burmese, Autobots Automobiles, Platinum Spinning Mills, Grand Spinning Mills, Infinity CR Strip Industries, and Ocean Resort.

Commissioner Syed Musfiqur Rahman from the Customs, Excise, and VAT Commissionerate said audits of S Alam Group companies are part of standard operations to detect VAT evasion, and any identified evasion will be collected legally. Legal action would be taken if necessary.

Previous two firms evaded Tk 35 billion in VAT

In June, VAT officials found evidence of around Tk 35 billion of VAT evasion against two companies of the S Alam Group: S Alam Vegetable Oil and S Alam Super Edible Oil.

These companies hid their sales information from the fiscal year 2019-20 and committed VAT evasion by underreporting their sales in returns.
The VAT evasion amounts were Tk 19.11 billion for S Alam Vegetable Oil and Tk 16.20 billion for S Alam Super Edible Oil. This matter is also pending in court.

Ongoing tax evasion investigation of S Alam

After the new government took power, the NBR's Central Intelligence Cell (CIC) began investigating tax evasion among the country's top six industrial groups. Information regarding the bank accounts of Saiful Alam, his family members, and their businesses has been requested.

It was found that accounts in six banks associated with the S Alam Group and its family members held deposits of Tk 259.65 billion. These banks are: Islami Bank, Commerce Bank, Al-Arafah Islami Bank, First Security Islami Bank, and National Bank, all of which were under the control of the S Alam Group.

Moreover, an FDR of Tk 10 million was found under the name of the family’s domestic worker, Marzina Akhtar.

Saiful Alam, better known as S Alam, spends most of his time abroad and has not been publicly seen since the fall of Sheikh Hasina's government.

* This story, originally published in print and online edition, has been rewritten in English by Rabiul Islam​

 

[Saif]

Leave no room for conflicts of interest

The case of former DSCC mayor shows danger of unchecked power

www.thedailystar.net

Leave no room for conflicts of interest
The case of former DSCC mayor shows danger of unchecked power

VISUAL: STAR

The story of how former DSCC Mayor Sheikh Fazle Noor Taposh allegedly exploited his office and clout to advance his business interests should serve as a cautionary tale not just for mayors and other public office holders, present or future, but also for the interim government so that no such unethical practices ever occur again. According to a report by Prothom Alo, Taposh, after becoming mayor in 2020, directed DSCC's substantial fixed deposits and financial dealings to Modhumoti Bank, which he helped establish and continues to serve as a director. By September 2023, Modhumoti Bank held 46 percent of DSCC's total fixed deposits. Additionally, five out of seven ongoing projects of DSCC had their funds deposited in the same bank. In total, "Taposh's bank", as it is generally known, held a total of Tk 966 crore from DSCC's fixed deposits and project funds.

Moreover, the mayor, who is now absconding after the fall of the Awami League government, also redirected his office's financial transactions from other banks to Modhumoti, and even established six of its booths within DSCC offices, while depriving other banks. It should be mentioned that Taposh's actions were enabled by Awami League that allowed 50 percent of government agency funds to be kept in the private banks approved in 2013, including Modhumoti, based on political considerations. The whole episode is another reminder of how the regime blatantly abused power and allowed conflicts of interest to corrupt governance.

The Taposh case is just one of many that occurred during its tenure. Over the years, we have seen how numerous Awami League leaders, including MPs, owned or had stakes in businesses that often benefited from government contracts, policies, or regulations that they were in charge of overseeing. In many cases, they used their positions to secure favourable conditions for their enterprises, bypassing competitive bidding processes. This merging of business interests with power led to widespread corruption and misallocation of public funds. The result was a system where the line between public service and private gain became increasingly blurred.

As we turn a new chapter in our nation's history, we must ensure that future administrations do not fall into the same pattern. For that, the interim government must take concreate steps. For example, there is a need for strict regulations to ensure that elected public representatives cannot hold directorships in private companies while in office. Their finances should also be subjected to regular scrutiny. Moreover, an independent oversight body should be formed under a new law to prevent any potential conflicts of interest in public offices.​

 

[Saif]

Unmasking Awami League’s nationalism hypocrisy

IN HIS incisive essay ‘Notes on Nationalism’, British novelist and poet George Orwell astutely remarked that nationalism often manifests as power hunger tempered by self-deception. This observation finds a striking parallel in the Awami League’s narrow, distorted narrative of Bengali...

www.newagebd.net

Unmasking Awami League’s nationalism hypocrisy
13 October, 2024, 00:00

The fault lines of Bengali nationalism, as shaped, branded and exploited by the Awami League, reflect its evolution from a unifying force into a tool for political control writes Tanbir Uddin Arman.

IN HIS incisive essay ‘Notes on Nationalism’, British novelist and poet George Orwell astutely remarked that nationalism often manifests as power hunger tempered by self-deception. This observation finds a striking parallel in the Awami League’s narrow, distorted narrative of Bengali nationalism. The party’s appropriation of Bengali nationalism — particularly its monopolisation of the Liberation War history and the ‘Spirit of 1971’ — functioned as both a veil and a weapon, shrouding its political interests in the guise of nationalism. It was a cunning manoeuvre, where self-deception entwines with political manipulation while sidelining the broader, more inclusive values of nationalism and secularism. Time and again, leaders of the party invoked the essence of Bengali nationalism and the ‘Spirit of 1971’, painting themselves as the sole guardians of Bangladesh’s independence and identity. Beneath this façade lies a troubling narrative of exclusion and division.

The Awami League created a peculiar version of nationalism that was used to fortify its grip on power and delegitimise its political opponents, portraying them as anti-national forces. This tactic aligns with Orwell’s notion of nationalism as a mechanism for self-justified power. The party tactfully equated loyalty to it with loyalty to the nation itself. By branding its opponents as traitors to the country’s independence, the Awami League used nationalism as a cover for authoritarian practices. Crackdowns on freedom of speech, the use of draconian laws like the Digital Security Act to silence critics, and the persecution of political rivals were all justified by accusing opponents and critics of working against the ‘Spirit of 1971.’

This suppression of opposition in the name of nationalism reflects a deeper form of self-deception, where the Awami League conflated its political benefits with national interest. During elections and political crises, the party was often seen framing votes for opposition parties as threats to the nation’s sovereignty. They did it on purpose to imply that only the party can protect the spirit of independence. This manipulation of nationalist sentiment consolidated power while suppressing dissent.

Orwell’s phrase ‘tempered by self-deception’ highlights how nationalism can blind its adherents to the true nature of their actions, as they believe they are acting in the interest of the nation while actually pursuing self-serving goals. The Awami League’s distortion of Bengali nationalism reflects this self-deception in several ways. The party presented itself as the champion of secularism, democracy, and Bengali nationalism, but it selectively abandoned or compromised these principles for political expediency. They claimed to uphold secularism, a core element of Bengali nationalism, but they frequently allied with Islamist groups like Hefazat-e-Islam to shore up political support. The removal of the Lady Justice statue from the Supreme Court premises in 2017, influenced by Islamist pressure, also revealed a self-deception within the party — publicly championing secular nationalism while privately compromising with religious groups for political gains.

The fault lines of Bengali nationalism, as shaped, branded and exploited by the Awami League, reflect its evolution from a unifying force into a tool for political control. Historically, Bengali nationalism, under the country’s founding president, Sheikh Mujibur Rahman, emerged as a powerful mobilising force against West Pakistan’s political, economic and cultural dominance. It emphasised linguistic pride, particularly the recognition of Bangla as a national language, which was central to the 1952 Language Movement. The struggle culminated in the Bangladesh Liberation War of 1971, with Sheikh Mujib’s charismatic leadership garnering massive support from the populace. Post-independence, however, the establishment of BAKSAL (Bangladesh Krishak Sramik Awami League) — a one-party system — by the Mujib government in 1975 alienated many political elites and the public, undermining the pluralistic aspirations of Bengali nationalism. This shift marked the first major fault line of Bengali nationalism.

After Sheikh Mujib’s assassination, his daughter, Sheikh Hasina, reasserted the Awami League’s claim over Bengali nationalism. Hasina and her party, the Awami League, adopted a narrower interpretation of Bengali nationalism centred around the branding of the legacy of Sheikh Mujib while suppressing alternative nationalist voices, including those from the Bangladesh Nationalist Party and the leftist movements. Celebrations such as ‘Mujib Year’ and the mushrooming of Sheikh Mujib’s statues symbolised a personality cult that stifled political pluralism. Critics repeatedly warned that this monolithic view of history and nationalism would promote a selective, exclusionary version of national identity.

Hasina applied Bengali nationalism as a tool to justify her party’s authoritarian measures. The controversial national elections in 2014, 2018 and 2024 were marred by widespread allegations of vote rigging and violence against opposition parties. Yet, the Awami League framed these actions as necessary to protect the ideals of the liberation war. This resulted in a deep democratic deficit. Furthermore, Hasina and her regime aggressively controlled the historical narrative of Bangladesh’s liberation, often discrediting the contributions of other leaders, including the BNP’s founder, president Ziaur Rahman. The war crimes trials, initially aimed at accountability, were widely criticised as a politically motivated mission to eliminate rivals rather than genuine pursuits of justice.

The use and distortion of nationalism for political ends is a strategy employed by many political parties across the world. In India, prime minister Narendra Modi’s BJP has been accused of distorting nationalism by equating Indian identity with Hindu identity. The party is often criticised for invoking ‘Hindutva’ (Hindu nationalism) as a way to galvanise support from the majority Hindu population. Modi’s speeches, too, tie India’s pride and heritage to a Hindu-centric identity, which helps him consolidate political support by stoking a nationalist sentiment. This version of nationalism marginalises India’s Muslim, Sikh and other minority communities and is used as a political tool to justify exclusionary policies, such as the controversial Citizenship Amendment Act (CAA). The Awami League also manipulated anti-Pakistan sentiment to secure political favour from Pakistan’s rival India. Hasina’s government utilised these sentiments to deflect from domestic criticism, branding a narrow definition of national identity.

Another glaring flaw in the Awami League’s interpretation of Bengali nationalism is its exclusionary stance towards ethnic groups such as the Chakmas, Garos, Marmas and Santals, who do not identify with the dominant Bengali cultural identity. This state-sponsored, narrow version of nationalism marginalised the non-Bengali communities, sidelining their concerns. This resulted in social tensions and a fractured sense of national identity. By promoting a monolithic identity, the Awami League overlooked the country’s rich ethnic, cultural and linguistic diversity. Moreover, the Hasina regime made little progress in addressing the long-standing grievances of non-Bengali communities, particularly in the Chittagong Hill Tracts. The failure to fully implement the 1997 CHT Peace Accord underscores ongoing tensions in the region. Despite promises, meaningful steps towards reconciliation and development in the CHT had been lacking during Hasina’s era, leaving the indigenous populations feeling increasingly relegated. This failure to accommodate diverse identities significantly weakened the national identity, which in turn posed threats to the country’s sovereignty and territorial integrity.

For the Awami League, Bengali nationalism was less about cultural pride and more about consolidating political dominance, both domestically and internationally. By closely linking Bangladesh’s national identity to the Bengali ethnic group, the party entrenched its own political narrative, technically positioning the country as an ally that India could count on to advance its regional interests. This approach led to a troubling reality, where Bangladesh’s foreign policy, under Hasina, heavily tilted towards India, with significant concessions made on such pressing issues as water sharing, trade imbalances and border tensions. These compromises often came at the cost of Bangladesh’s sovereignty, with the Hasina regime prioritising the preservation of political and cultural ties with India over safeguarding national interest.

As we move past the Hasina era, it is essential to dispel the myths of the Awami League’s version of Bengali nationalism that had long been used to manipulate public sentiment for political gain. Instead, we must embrace a renewed sense of Bangladeshi nationalism, one infused with patriotism. Inclusive and free from the geopolitical ambitions of others, Bangladeshi nationalism should unite the nation and prioritise our sovereignty. This forward-looking identity, rooted in the ideals of our liberation war, will enable us to navigate modern challenges while fostering progress, national unity and global respect. Furthermore, nationalism in today’s modern world must go beyond ethnocentric identities and linguistic divides, focusing instead on the collective progress of the entire nation for the betterment of humanity. Mahatma Gandhi’s insightful words resonate deeply with this idea: ‘My nationalism is as broad as my swadeshi; I want India’s rise so that the whole world may benefit.’ Gandhi’s vision of nationalism was not confined to narrow political interests but was inclusive and sought India’s prosperity while contributing to global welfare. This broader, more inclusive approach to nationalism is what the modern era demands.

Tanbir Uddin Arman is a political analyst and researcher.​

 

[Saif]

Dhaka, Washington discuss recovering stolen assets

Bangladesh and the Unites States (US) have discussed strengthening collaboration to counter corruption, tackle money laundering and recover stolen assets. The discussion took place at a meeting between Bangladesh foreign secretary Md Jashim Uddin and US Acting Coordinator for Global Anti-Cor

thefinancialexpress.com.bd

Dhaka, Washington discuss recovering stolen assets
Published :
Oct 13, 2024 17:04
Updated :
Oct 13, 2024 18:07

Flags of Bangladesh and United States are seen cross-pinned in this photo symbolising friendship between the two nations — Collected


Bangladesh and the Unites States (US) have discussed strengthening collaboration to counter corruption, tackle money laundering and recover stolen assets.

The discussion took place at a meeting between Bangladesh foreign secretary Md Jashim Uddin and US Acting Coordinator for Global Anti-Corruption Shelby Smith-Wilson in Washington, according to a message received in Dhaka on Sunday, BSS reprots.

The talks also covered technical support for reforms, Mutual Legal Assistance (MLA) treaty and enhancing experience and expertise sharing across critical sectors.

Particular attention was given to procurement systems, law enforcement, the judiciary, and media engagement reflecting a shared commitment to transparency and good governance.

The Foreign Secretary visited New York before his tour to Washington and is scheduled to leave Washington on October 14.​

 

[Saif]

How Western nations can help Bangladesh reclaim stolen assets

Given the current economic reality of Bangladesh, recovering stolen assets must be a top priority for the interim government.

www.thedailystar.net

How Western nations can help Bangladesh reclaim stolen assets

FILE VISUAL: SALMAN SAKIB SHAHRYAR

On August 5, Sheikh Hasina, who ruled Bangladesh for 20 years in total, resigned and fled the country after a student-led mass uprising that emerged out of protests over the controversial government job quota system. During her tenure, the achievements that the country enjoyed have been overshadowed by her increasingly authoritarian governance, characterised by rampant corruption, nepotism, and staggering capital flight.

Several reports from credible national and international sources have revealed how many ministers, high-ranking officials, law enforcement leaders, and politically-connected businessmen syphoned off vast amounts of money. According to a report by Bonik Barta, an estimated $150 billion, equivalent to around Tk 17.6 lakh crore, was illegally transferred abroad during Hasina's tenure. This staggering figure is drawn from findings by US-based think tank Global Financial Integrity (GFI). Much of this illicit capital flowed via inflated government project costs and fraudulent loans from banks. The stolen funds were funnelled into foreign bank accounts or used to purchase real estate in countries like the UK, Canada, Singapore, Malaysia, the UAE, and the US.

One striking example is former Land Minister Saifuzzaman Chowdhury, who amassed a property empire valued at approximately $675 million across the UK, US, Dubai, Malaysia, and Singapore. This vast looting operation epitomises the scale of corruption that characterised Hasina's government.

What is equally striking is the role that Western and other wealthy nations have played—knowingly or unknowingly—in enabling Bangladesh's political elite to stash their ill-gotten gains. For years, these countries have attracted investments from corrupt individuals, often turning a blind eye to the origins of their wealth. The financial systems in these nations provide anonymity and confidentiality. Through the use of shell companies, trusts and offshore accounts, corrupt individuals are able to obscure their identities and move vast sums to these countries with little scrutiny.

Moreover, many financial institutions in these countries fail to conduct due diligence, particularly when dealing with wealthy clients from developing nations. Profits are often prioritised over compliance, allowing dubious transactions to proceed unchecked. This negligence perpetuates global corruption as stolen wealth flows freely into Western economies with minimal oversight.

The complicity of these financial systems highlights a broader issue of accountability. While countries like Bangladesh are frequently criticised for weak governance and corruption, financial institutions in the West play a significant role in facilitating the laundering of illicit funds. By providing safe havens for stolen wealth, these nations not only undermine justice but also deprive developing countries of much-needed resources. These countries must recognise their responsibility in this fight and take meaningful steps to prevent their financial systems from being used as tools for money laundering and illicit wealth accumulation. In doing so, they can help countries like Bangladesh reclaim stolen resources, invest in their future, and improve the well-being of their citizens.

Bangladesh was already facing a series of economic challenges before Sheikh Hasina's departure, including high inflation, slowing remittance and export earnings, dwindling foreign exchange reserves, and high external debt burden. At the end of 2023, the external debt stood at $100.6 billion. According to the Economic Relations Division (ERD), in FY24, foreign loan repayments, including interest and principal amount, was approximately $3.36 billion. This repayment burden is expected to rise to $5.38 billion by 2027. The mounting external debt is placing enormous pressure on the country's already stressed forex reserves.

Given the economic crisis, recovering stolen assets must be a top priority. The international community can play a vital role in these efforts. Cooperation in tracking down and repatriating illicit funds will be critical in helping Bangladesh rebuild and regain control of its economic future.

While stolen asset recovery is undoubtedly complex, it is both feasible and necessary. There are several international laws and conventions that can be used to facilitate the recovery of laundered funds. The United Nations Convention against Corruption (UNCAC) and the Financial Action Task Force (FATF) set global standards for anti-money laundering policies and asset recovery efforts. Additionally, the UN Office on Drugs and Crime (UNODC) and the World Bank's Stolen Asset Recovery Initiative (StAR) support international efforts to recover stolen assets. However, these frameworks rely heavily on the cooperation of international financial institutions, Western governments, and global anti-corruption watchdogs.

Chief Adviser Prof Muhammad Yunus has initiated efforts to recover Bangladesh's stolen wealth by seeking cooperation from Switzerland and technical assistance from the World Bank. With his global influence and strong ties to Western leaders, Yunus is well-positioned to lead the mission to reclaim the billions syphoned off during the Hasina regime.

Recovering these assets would have a transformative impact on Bangladesh's socioeconomic landscape. Billions could be reinvested into critical sectors such as healthcare, education, infrastructure, and social welfare. Moreover, successful asset recovery would not only provide financial relief but also help restore public confidence in government institutions. Holding corrupt individuals accountable would strengthen the rule of law, promote a culture of integrity and transparency, and build greater trust in the country's leadership. While Bangladesh's path to economic recovery is challenging, with Prof Yunus at the helm, backed by his international network and leadership, the recovery of stolen wealth seems within reach.

Abu Afsarul Haider is an entrepreneur.​

 

[Saif]

UK assets of ex-land minister under NBR scanner

The Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) is looking into allegations of tax evasion and illegal transfer of money abroad, including to the United Kingdom, by former land minister Saifuzzaman Chowdhury.

www.thedailystar.net

UK assets of ex-land minister under NBR scanner

The Central Intelligence Cell (CIC) of the National Board of Revenue (NBR) is looking into allegations of tax evasion and illegal transfer of money abroad, including to the United Kingdom, by former land minister Saifuzzaman Chowdhury.

In this regard, the CIC sent a letter to the NBR's International Taxation Wing last week, requesting the Ministry of Foreign Affairs to take up the matter with authorities in the UK, a top official of the CIC said yesterday.

The CIC's move comes following media reports on Chowdhury's foreign assets.

In the past, The Daily Star and Bloomberg have run separate reports on Chowdhury's assets in the UK. Most recently, Al Jazeera reported that Chowdhury has assets worth over $500 million in the UK.

The international taxation division has already taken the initiative to write to the foreign affairs ministry based on the CIC's request.

"It may take one week for us to present it to the foreign ministry," a top official of the NBR said.

As a citizen of Bangladesh, the ex-minister is supposed to pay taxes on income earned both in Bangladesh and overseas, an NBR official says

As a citizen of Bangladesh, the ex-minister is supposed to pay taxes on income earned both in Bangladesh and overseas, he said.

Asked about further steps by the NBR, the official said: "We will mostly focus on tax evasion as per the income tax law as we are simply the tax authority.

"We aren't the proper authority to bring back siphoned money. But we will cooperate with other government agencies to this end," he added.

"At first, we will verify his ownership of the properties in the UK. Then we will check how the money was sent from Bangladesh. If there is any money laundering issue, we must file a case on it."

Besides, some other agencies such as the Bangladesh Financial Intelligence Unit (BFIU) and the Anti-Corruption Commission (ACC) will act if needed.

Al Jazeera's Investigative Unit went undercover to reveal how the former minister built a real estate empire worth around half a billion dollars, which he claims to have funded through his businesses.

Strict currency laws restrict citizens from taking more than $12,000 a year out of Bangladesh.

Al Jazeera revealed that Chowdhury, a close ally of the recently deposed Prime Minister Sheikh Hasina, bought over 360 luxury properties in Britain worth $250 million.

Saifuzzaman's property buying spree gained pace in 2017 when he set up companies in the UK, but it accelerated even further in 2019 when he became a minister under the Sheikh Hasina-led Awami League government.

In December last year, The Daily Star published a report about Chowdhury's portfolio of at least 260 properties in the UK, for which he paid at least £134.76 million or Tk 1,888 crore, according to the newspaper's calculation from company filings publicly available on UK government websites.

The three-time Awami League lawmaker also has at least 537 mortgages against properties in the UK. A vast majority of these are in London.

However, his tax returns, submitted along with his affidavit to the Election Commission, state that he has no foreign income, according to The Daily Star report.​

 

[Saif]

Confiscate immovable assets of ex-land minister, wife: court

A Dhaka court has ordered the authorities concerned to confiscate the immovable foreign assets owned by former land minister Saifuzzaman Chowdhury and his wife Rukhmila Zaman

www.thedailystar.net

Confiscate immovable assets of ex-land minister, wife: court

Former Land Minister Saifuzzaman Chowdhury

A Dhaka court has ordered the authorities concerned to confiscate the immovable foreign assets owned by former land minister Saifuzzaman Chowdhury and his wife Rukhmila Zaman.

Judge Mohammed Ash-Shams Joglul Hossain of the Metropolitan Senior Special Judge's Court in Dhaka on Wednesday passed the order after the Anti-Corruption Commission (ACC) submitted an application in this regard, said an ACC official working at the court yesterday.

ACC Public Prosecutor Mahmud Hossain Jahangir moved the petition on behalf of the anti-graft watchdog, he said.

On October 7, the same court issued a travel ban on the couple in connection with corruption allegations.​