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

Saif · Aug 21, 2024

White paper on state of economy in the offing

The government will prepare a white paper on the state of the economy so that strategic steps can be taken to stabilise the economy, reach the SDGs, and mitigate the challenges after Bangladesh graduates from the LDC grouping.

www.thedailystar.net

White paper on state of economy in the offing
Debapriya to lead panel

Debapriya Bhattacharya. File photo

The government will prepare a white paper on the state of the economy so that strategic steps can be taken to stabilise the economy, reach the SDGs, and mitigate the challenges after Bangladesh graduates from the LDC grouping.

Economist Debapriya Bhattacharya will be the chief of a panel of economists and eminent citizens, who will come up with the white paper.

Debapriya, convener of the Citizen's Platform for SDGs and a distinguished fellow of the Centre for Policy Dialogue, will choose the members of the committee after talking to the chief adviser.

He said, "It [the white paper] will be a very pertinent transparency exercise to establish the benchmark of the economy. It will inform the future reform measures. I am grateful to the chief adviser that he has recognised its necessity and has taken immediate action."

The panel was given 90 days, starting yesterday, to submit the paper to Chief Adviser Prof Muhammad Yunus, said a statement from his office.

Bangladesh's economy has been suffering for a decade and a half due to mismanagement, corruption, capital flight, and unnecessary projects, said the statement.

"In this situation, the interim government should have a clear picture of the economy and [an outline of] the way out of the challenging situation. So, it decided to form a committee to prepare the white paper," it read.

The focus of the white paper will be on public finance management, inflation, food management, external balance, energy and power, private sector assessment, and employment.

Regarding public finance management, the committee will concentrate on domestic resource collection, public expenditure (public investment, annual development programme, subsidies and debt), and financing of budget deficit.

To get the picture of inflation and food management, it will analyse production, public procurement, and food distribution.

For understanding the challenges of external balance, the committee will focus on export, import, remittance, foreign direct investment, foreign exchange reserves, foreign finance flow and debt.

The panel will also delve into power demand, supply, pricing, costs and purchase agreements to get a clear idea of the problems in the energy and power sector.

Regarding private investment, it will focus on access to credit, electricity, connectivity, and logistics. It will also emphasise on employment at home and overseas, formal and informal wages, and youth employment issues.

The committee members will work for free. The committee will have its office at the Planning Commission and have secretarial support from the General Economic Division of the commission.

The chief adviser's office in the statement said the Hasina-led government left a loan burden of Tk 18,36,000 crore. The government borrowed from internal and external sources to meet its budget deficit without driving hard to raise tax collection.

Although the government's plan was to raise the tax-to-GDP ratio to 14 percent in the current fiscal year, it is now 8 percent. This is an example of economic mismanagement, it said.

In general, people are suffering mainly due to corruption, opportunity of capital flight, and syndication in the market.

Inflation was around 12 percent in July while food inflation was above 14 percent, according to the Bangladesh Bureau of Statistics.

The economy lost its path during the regime of the previous government, it added.

Saif · Aug 21, 2024

ACC revives investigation into S Alam’s S’pore wealth

The Anti-Corruption Commission has decided to resume its investigation into the alleged money laundering by S Alam Group Chairman Mohammed Saiful Alam alias S Alam.

www.thedailystar.net

ACC revives investigation into S Alam’s S’pore wealth
It comes year after Star report

The Anti-Corruption Commission has decided to resume its investigation into the alleged money laundering by S Alam Group Chairman Mohammed Saiful Alam alias S Alam.

A recently held meeting at the ACC headquarters decided this, a senior ACC official said.

An investigation by The Daily Star last year found that S Alam built a US $1 billion empire in Singapore.

ACC sources said all relevant records regarding the allegations will be collected, including how much money he borrowed from banks, what assets he might have acquired illegally, and in which sectors the money was invested.

Citing an Appellate Division's ruling, Supreme Court lawyer Khurshid Alam Khan told The Daily Star, "The ACC could have investigated the money laundering allegations against S Alam before. Given the current circumstances, starting the investigation now is a positive step."

On August 13 last year, the ACC began investigating the money laundering allegations against S Alam after The Daily Star on August 4 last year published a report titled "S Alam's Aladdin's Lamp".

The report said S Alam built a business empire in Singapore worth at least $1 billion, although there was no record of him taking any permission from Bangladesh Bank to invest or transfer any funds abroad. It said S Alam bought at least two hotels, two homes, one retail space, and other properties over the last one decade, all the while seeking to remove his name from the paper trails.

On August 6 last year, the High Court directed the authorities to investigate the allegations of him owning businesses abroad without Bangladesh Bank's permission.

On February 5 this year, the Appellate Division of the Supreme Court scrapped the HC suo moto rule that had ordered an investigation.

However, the apex court said the ACC, the CID, and Bangladesh Financial Intelligence Unity (BFIU) can take legal steps on the matter on their own.

On August 18 this year, the ACC received a copy of the Appellate Division's order. Following the order, the ACC reopened the case on Tuesday.

Saif · Aug 21, 2024

Bangladesh Bank frees Islami Bank from S Alam control

The Bangladesh Bank on Wednesday dissolved the Islami Bank Bangladesh board to free it from the control of S Alam Group and decided to appoint independent directors temporarily to manage the bank...

www.newagebd.net

Bangladesh Bank frees Islami Bank from S Alam control
Staff Correspondent 21 August, 2024, 18:19

The Bangladesh Bank on Wednesday dissolved the Islami Bank Bangladesh board to free it from the control of S Alam Group and decided to appoint independent directors temporarily to manage the bank.

The government has also seized all shares held by the Chattogram-based S Alam Group and its associates in Islami Bank and plans to sell those shares later to recover the group’s liabilities to the bank.

Bangladesh Bank governor Ahsan H Mansur announced the decision at a press conference, stating that nearly all of Islami Bank’s shares were held by the S Alam Group and its connected individuals.

He said that all the other banks would gradually be freed from S Alam’s control amid the seizure of all of their shares under government control.

The Bangladesh Securities and Exchange Commission has already restricted the transfer or sale of shares in six banks controlled by the group.

On August 20, the commission imposed the restriction on 26 individuals and 56 companies linked to the S Alam Group.

The Bangladesh Financial Intelligence Unit also froze the bank accounts of S Alam and his family members on August 18.

In 2017, S Alam Group took control of Islami Bank, allegedly with the help of a state agency, on the pretext of ousting individuals linked to Jamaat-e-Islami.

The government agency oversaw the whole operation when some individuals were forced to sign documents to facilitate the transfer of the bank’s ownership.

Over the past seven years, the group allegedly took Tk 75,000 crore from the bank under various anonymous names, accounting for half of the bank’s total loans.

Sources revealed that these loans were taken without following standard banking rules by companies linked to S Alam Group chairman Saiful Alam, his wife Farzana Parveen, his son Ahsanul Alam, their relatives, and employees.

Ahsanul Alam is the current chairman of Islami Bank.

Since 2017, S Alam Group, backed by the government, has also gained control of five other banks similarly. These banks are Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank, and Bangladesh Commerce Bank.

On May 7, the BB also handed over the control of the National Bank to individuals connected with the S Alam group.

The BB restructured the board of the bank on August 20 to free it from S Alam control.

The group, with the support of former governors Abdur Rouf Talukder and Fazle Kabir, reportedly withdrew around Tk 2 lakh crore from the banking sector.

Most of these loans were siphoned off and never used for business within the country, BB officials said.

Over 82 per cent of Islami Bank’s shares are held by S Alam Group and its associates, often under anonymous and forced acquisitions.

According to Dhaka Stock Exchange data, Islami Bank has a total of 1.6 billion shares, of which 82 per cent, valued at Tk 5,162 crore at current market rates, were acquired by the group.

Despite banking regulations that prohibit any group from owning more than 10 per cent of a bank’s shares, the central bank had previously not intervened in S Alam Group’s substantial share acquisition.

All of the banks under S Alam’s control are grappling with severe liquidity shortages and are surviving solely on an ‘illegal’ lifeline provided by Bangladesh Bank.

The latest action against the errant group came after Sheikh Hasina resigned as prime minister and fled to India on August 5, amid an unprecedented student-led uprising.

During Wednesday’s press conference, Mansur said that the investigation into the money laundering allegation against S Alam Group might be reopened soon.

He emphasised that no leniency would be shown to those who took loans and failed to repay them, with legal measures being pursued to recover funds.

He also mentioned that weak banks’ boards would be dissolved, as was recently done with National Bank, and the same would be applied to Islami Bank.

Mansur clarified that the government would not take over the operations of these banks.

Instead, independent directors would be temporarily appointed, and any shareholders, excluding S Alam Group, holding more than 2 per cent of shares and deemed capable might join the board in the future.

Regarding the loans taken by S Alam Group, Mansur said that exact amounts, including those obtained under false names, were still being investigated but would be uncovered in time.

Addressing the broader financial scandals in the banking sector, Mansur noted that resolving these issues would take time and could not be accomplished quickly.

He stressed that the central bank’s focus is now on protecting the economy, preventing defaults, and ensuring that Bangladesh’s international transactions remain stable.

Saif · Aug 21, 2024

ACC begins probe into S Alam money laundering allegation

The Anti-Corruption Commission started an inquiry against S Alam Group chairman Mohammad Saiful Alam over allegations of laundering money to Singapore...

www.newagebd.net

ACC begins probe into S Alam money laundering allegation
Staff Correspondent 21 August, 2024, 23:30

The Anti-Corruption Commission started an inquiry against S Alam Group chairman Mohammad Saiful Alam over allegations of laundering money to Singapore.

ACC on Tuesday formed a three-member inquiry team led by its money laundering wing deputy director Md Nur-E-Alam to probe the allegations, confirmed a director of the commission.

He said S Alam is accused of laundering $ 1 billion to Singapore and they started the inquiry and were collecting records related to the complaint to facilitate the inquiry.

‘How much money has borrowed by S Alam from banks and in which sector the money was invested -- everything will be investigated along with his illegal assets,’ he added.

There are allegations against S Alam and his wife Farzana Parveen that they invested and laundered money through offshore banking to Singapore.

S Alam Group owner Saiful Alam has built a business empire in Singapore worth about $ 1 billion, although there is no record of taking any permission from Bangladesh Bank to invest or transfer any fund abroad.

The central bank has so far allowed 17 companies to invest outside the country but the business giant is not on that list.

The Chattogram-based S Alam group bought at least two hotels, two homes, one retail space, and other properties in Singapore over the last one decade.

Earlier, on February 4, the Appellate Division of Supreme Court scrapped a High Court suo moto order for inquiring into the reported money laundering and offshore investment of Tk 11 thousand crore by S Alam Group chairman Mohammad Saiful Alam and his wife Farzana Parveen within two months.

A six-judge bench, chaired by chief justice Obaidul Hassan, however, observed that there would be no bar for the ACC and Bangladesh Financial Intelligent Unit for inquiring into the allegation against the couple, if they feel so.

The Appellate Division rebuked the ACC for not to hold inquiry into the allegations against the couple immediately after publication of a report carried out by a English daily on August 4, 2023.

It scrapped the entire High Court ruling and directive issued on August 6, 2023 after taking into cognisance the newspaper report which said that the couple made offshore investment of Tk 11 thousand crore without permission.

The Appellate Division passed the order after disposing of a petition filed by the couple challenging the High Court ruling.

The HC had asked the ACC, BFIU and the Criminal Investigation Department to inquire into the reported allegations and submit the probe report to High Court in two months.

Saif · Aug 21, 2024

Prof Yunus seeks UK govt’s support to bring back laundered money

Interim government Chief Adviser Prof Muhammad Ynus has sought support from the British government through its envoy in Dhaka to track and get back the money laundered to the UK allegedly by the people linked to the Sheikh Hasina-led previous government. “Huge people from the previous regime

thefinancialexpress.com.bd

Prof Yunus seeks UK govt’s support to bring back laundered money
UNB
Published :
Aug 21, 2024 21:52
Updated :
Aug 21, 2024 21:52

Interim government Chief Adviser Prof Muhammad Ynus has sought support from the British government through its envoy in Dhaka to track and get back the money laundered to the UK allegedly by the people linked to the Sheikh Hasina-led previous government.

“Huge people from the previous regime laundered money. Prof Yunus sought support to track those incidents and bring back the laundered money,” Chief Adviser’s press secretary Shafiqul Alam told reporters on Wednesday referring to Prof Yunus’ discussion with British High Commissioner to Bangladesh Sarah Cooke.

Alam said some of them owned houses in the UK and the questions are how this money went there.

Regarding works ahead to rebuild Bangladesh, Prof Yunus told the British High Commissioner that they have no option but to succeed.

Both sides acknowledged the deep relations between the two countries and the role of British Bangladeshis.

The UK is a longstanding partner and friend of Bangladesh and the two countries share a strong and enduring relationship, solidified by their deep people-to-people links and shared Commonwealth values.

The UK government earlier welcomed the appointment of the interim government in Bangladesh, led by Professor Yunus.

In the meeting, the High Commissioner and Chief Adviser discussed the breadth and depth of the Bangladesh-UK relationship.

They discussed how the UK government can support the interim government, as it charts a new inclusive and democratic future for Bangladesh. Discussions also covered the importance of youth engagement to navigate the challenges that lie ahead.

British High Commissioner Sarah Cooke said as Prime Minister Sir Keir Starmer wrote in his letter to Chief Adviser, the UK government warmly welcomes the appointment of Prof Yunus and the interim government.

“The interim government has the UK’s full support as it works to restore peace and order, ensure accountability and promote national reconciliation. We look forward to working with Professor Yunus and the interim government as they chart a peaceful transition to an inclusive, prosperous and democratic future for Bangladesh.”