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

Date of Event: Nov 11, 2024

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

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

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

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

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

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

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

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

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

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

 

[Saif]

Governor warns all not to purchase S Alam assets

Bangladesh Bank governor Ahsan H Mansur on Wednesday warned people not to purchase any assets linked to S Alam Group and said that the government planned to seize those assets to compensate depositors...

www.newagebd.net

Governor warns all not to purchase S Alam assets
Staff Correspondent 28 August, 2024, 17:20

Ahsan H Mansur | Collected photo

Bangladesh Bank governor Ahsan H Mansur on Wednesday warned people not to purchase any assets linked to S Alam Group and said that the government planned to seize those assets to compensate depositors.

At a press conference at the Bangladesh Bank headquarters, Mansur described the S Alam scam as the largest bank heist in the history, with the group allegedly siphoning off around Tk 2 lakh crore ($16.6 billion) using state mechanism.

‘I am unaware of anyone else globally who has looted banks on this scale and in this manner,’ he said.

‘The assets in S Alam’s name and under anonymous ownership will be sold to compensate depositors. No one should buy any of these assets now,’ Mansur said.

Allegations have it that S Alam Group, under the previous government’s protection, took control over seven banks and withdrew such vast sums, much of which were allegedly laundered.

The central bank recently froze bank accounts of S Alam and his associates, seized shares in six banks, and enforced a 100 per cent margin on all their LCs.

So far, the central bank has restructured the boards of six banks, four of which were directly controlled by S Alam, with the other two under its indirect control.

The group chairman, Mohammed Saiful Alam, and his family, now residing abroad, possess significant foreign assets.

Regarding the bank restructuring, the governor said, ‘The boards of six banks have already been restructured and more will follow soon. These new boards will act as government representatives, but they too will be replaced if they fail to perform at desired level.’

Mansur urged depositors to remain calm and avoid mass withdrawals, which could jeopardise the banks’ liquidity.

‘We don’t want depositors to lose their money, but we won’t print more currency as it would lead to hyperinflation, potentially reaching 100 per cent,’ he said.

Urging people to withdraw only what is be necessary, the governor said that the situation would stabilise in the next 5–6 months.

He added that inflation was being addressed and, with the dollar rate now stable, inflation should decrease within 6–7 months, although recent floods posed some concerns.

He assured that dollars were no longer being sold from reserves, with government demands being met through the interbank dollar market.

He said that a banking commission would be formed in a month and the central bank would be a part of it.

Foreign experts will be brought in and Sri Lanka’s model will also be considered, he said.

Mansur criticised the governance under the former two central bank governors, assuring that such failures would not occur under his leadership.

He also acknowledged the need for reforms within the Bangladesh Bank itself, admitting the central bank’s share of responsibility.

Asked about other criminal entities in the banking sector besides S Alam, Mansur vowed to investigate and take action against all of them as well, declaring, ‘No one will be spared.’​

 

[Saif]

Work underway to assess amount of money laundered, swindled: CAO

The Chief Adviser’s Office (CAO) on Wednesday said work is underway to assess the amount of money laundered abroad or swindled by some corrupt businessmen and influential people in the country. “Audit will begin to determine the money swindled by the corrupt people . . . (but) it can b

thefinancialexpress.com.bd

Work underway to assess amount of money laundered, swindled: CAO
FE Online Desk
Published :
Aug 28, 2024 21:49
Updated :
Aug 28, 2024 21:49

The Chief Adviser’s Office (CAO) on Wednesday said work is underway to assess the amount of money laundered abroad or swindled by some corrupt businessmen and influential people in the country.

“Audit will begin to determine the money swindled by the corrupt people . . . (but) it can be assumed that the amount could be over Tk 100 billion,” the CAO office said in a statement.

It said initiatives were taken by now to bring reforms in the banks and financial institutions involved in such corruption and money laundering while the interim government now reconstituted the governing boards of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank and Union Bank, reports BSS.

“Reforms in other banks and financial institutions will start as well. The actual information of the money laundered will be collected through new managements and audit will begin to determine the money swindled by the corrupt people,” the statement read.

It said the new management of the banks started works to seize the local swindlers’ assets and bring the laundered money back home with support from Bangladesh Bank’s Financial Intelligence Unit (BFIU), police’s Criminal Investigation Department (CID) and the Anti-Corruption Commission (ACC).

According to the statement, the authorities concerned already sought cooperation from foreign organizations in returning the laundered money to the country.

“The government will soon form a banking commission to unearth the true picture of each bank through investigations and formulate an implementable roadmap to reform banks within six months,” it said.

The aim of the Bangladesh Bank and the government is to build a strong banking sector which would be capable of following all the international standards.

The statement, however, said the task would require international technical assistance and funding.

Bangladesh Bank and the government have taken initiatives to restructure the banks by seizing the assets of embezzlers and bringing their laundered money home.

The restructuring of banks and structural reforms in the financial sector are a time-consuming matter but the government is committed to turning the country’s financial sector into an international standard one, the statement said.​

 

[Saif]

People's fortune doesn't reflect dev project's expenditures: adviser

Muhammad Fouzul Kabir Khan, adviser to the Ministry of Road Transport and Bridges, today said the expenditures of country's development projects doesn't reflect on people's fortune

www.thedailystar.net

People's fortune doesn't reflect dev project's expenditures: adviser

Muhammad Fouzul Kabir Khan, adviser to the Ministry of Road Transport and Bridges, yesterday said people's fortune doesn't reflect expenditures of country's development projects.

While inspecting the Padma Bridge Rail Link Project, Fouzul, who is also an adviser to the Ministry of Railways, made the remarks to reporters at the Mawa Railway Station in Louhajang, Munshiganj, this evening, reports our local correspondent.

He further said, "There is no correlation between development expenditure and the benefits to the people. The reason for the public's frustration is that while it is claimed that the country's GDP is increasing, people are not experiencing the benefits."

He questioned, "How much benefit people will get from the Padma Bridge Rail Link Project? In how many days will the money spent be recovered? I will discuss these with the planning adviser."

"The money for the Padma Bridge project comes from the Chinese Exim Bank, and it must be repaid with interest," he added.

Fouzul Kabir said in future, planning would be done in such a way that development expenditures are more closely aligned with the fortunes of the people.

"The difference between this government and the previous one is that the previous government did not answer questions. Now, we have to address these issues," he said referring to the ministry's secretary.

He continued, "You will see how to maximize income from these projects through their best use. Otherwise, we will not benefit from these white elephant projects."

During this time, senior officials from the ministry were present with the adviser.​

 

[Saif]

CID opens investigation against S Alam, associates for 'laundering' Tk 1130b

An investigation has be launched against S Alam Group owner Saiful Alam (S Alam) and his associates into the allegation of laundering Tk 1.13 trillion (113,245 crore) abroad.

en.prothomalo.com

CID opens investigation against S Alam, associates for 'laundering' Tk 1130b
Staff Correspondent Dhaka
Published: 31 Aug 2024, 20: 32

An investigation has been launched against S Alam Group owner Saiful Alam (S Alam) and his associates into the allegation of laundering Tk 1130 billion abroad.

The Criminal Investigation Department (CID) of police has started the investigation.

The CID disclosed this in a press release sent to the media outlets on Saturday.

The press release said that there are allegations of organised crimes, frauds, scams and running Hundi activities against S Alam Group owner S Alam and his associates.

The Financial Crimes Unit of the CID has launched the probe on suspicion of S Alam and his associates being involved with laundering Tk 1130 billion abroad.

The CID says according to the news published in media, the suspects including S Alam himself have surrendered Bangladeshi citizenship and then through frauds and forgery collected permission for permanent residency (PR) in Bangladesh again within just a single day.

They have built assets through their own companies as well as through people and companies of their interests in Singapore, Malaysia, Cyprus and European countries by siphoning off money out of Bangladesh.

According to CID’s information S Alam and his associates have established a company named Canali Logistics Private Limited in Singapore with subscribed capital of USD 22.34 million (USD 2.23 crore) from the money laundered by S Alam.

They also took loans worth Tk 950 billion (Tk 95,000 crore) from six banks in the name of importing and exporting goods as well as investment abroad through fraud, and defaulted it.

Apart from this, it has been alleged that S Alam has siphoned off Tk 180 billion (Tk 18,000 crore) abroad through offshore banking by opening a company that exists only on papers.

CID says that they have committed money laundering crimes through various people of their interest including S Alam, his wife Farzana Parveen as well as their sons Ahsanul Alam and Ashraful Alam.​

 

[Saif]

Govt to form task force to recover money taken abroad illegally

The interim government will form a task force to recover money illegally taken out of Bangladesh, said Finance and Commerce Adviser Dr Salehuddin Ahmed yesterday.

www.thedailystar.net

Govt to form task force to recover money taken abroad illegally

Dr Salehuddin Ahmed

The interim government will form a task force to recover money illegally taken out of Bangladesh, said Finance and Commerce Adviser Dr Salehuddin Ahmed yesterday.

He made the comment while speaking to journalists after a meeting with a delegation of buying houses at his Bangladesh Secretariat office.

Earlier, Bangladesh Bank and other related authorities had informed of planning to take initiatives to bring back such money.

"We are speaking to the World Bank, the United States and the United Kingdom to bring back laundered money," Bangladesh Bank Governor Ahsan H Mansur said in a recent interview with The Daily Star.

Money from Bangladesh had also been illegally taken to Dubai and Singapore, he added.

When asked whether reforms have started to materialise since he took office, Salehuddin said, "Of course, there have been visible changes as many things are evident.

"Action has been taken against default loans, banks with issues are being reorganised, and the liquidity problem was addressed by the (central bank) governor," he said.

Following Mansur's appointment as governor on August 14, Bangladesh Bank reconstituted the boards of a number of banks.

They include Islami Bank Bangladesh, Social Islami Bank, Global Islami Bank, Union Bank, National Bank, First Security Islami Bank, Bangladesh Commerce Bank, Al Arafah Islami Bank, United Commercial Bank, Exim Bank and IFIC Bank.

Most of these lenders were controlled by S Alam Group, a Chattogram-based conglomerate.

Regarding trade and commerce, Dr Salehuddin Ahmed said, "We have reduced the duty on potatoes and onions, and instructions have been given to ensure their supply."

The National Board of Revenue (NBR) in a statement yesterday announced that it had reduced duties on the import of onions and potatoes to boost supply and curb rising prices of these essential items.

The tariff on onion import was reduced to 5 percent and on potato import to 15 percent. It will remain in effect till November 30.

"The NBR expects that the prices of both items will reach more tolerable levels following the reduction in import duties," said the revenue authority.

Dr Salehuddin Ahmed also informed that monitoring of kitchen markets, supply chains and prices would be strengthened.

On whether the interim government has been able to reduce the prices of goods, the finance adviser said, "No, the price of goods is not decreasing due to many reasons. The price has increased, it cannot be dragged down quickly."

He, however, assured that the prices would come down within a few months. Even if the prices of imported goods increase, the interim government will devise a way to ensure that consumers remain unaffected, he said.​