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

[Saif]

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

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

en.prothomalo.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

[Saif]

Widespread graft was the norm, not exception

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

www.thedailystar.net

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

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

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

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

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

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

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

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

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

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

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

AL BYPASSED INCLUSIVITY

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

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

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

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

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

"Bangladesh must pursue democracy and development

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

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

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

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

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

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

PERSISTING INEQUALITIES

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

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

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

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

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

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

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

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

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

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

With three distinct education streams—public, elite private, and madrasa— from where students emerge with different skill levels and job opportunities, further entrenching inequality.

5-POINT STRATEGY

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

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

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

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

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

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

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

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

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

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

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

 

[Saif]

Efforts to retrieve laundered money ramped up

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

www.thedailystar.net

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

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

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

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

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

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

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

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

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

Significant progress has already been made, he said.

"We have already cast a net."

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

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

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

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

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

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

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

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

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

 

[Saif]

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

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

www.thedailystar.net

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

Photo: Collected from Mahfuj Alam’s Facebook profile

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

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

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

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

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

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

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

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

 

[Saif]

CNS runs toll collection business with blessings from Anisul and Quader

Allegedly they held off the appointment of new contractor going to the court. And, the law minister of ousted Awami League government Anisul Huq used to influence the court so that the order goes in favour of CNS.

en.prothomalo.com

CNS runs toll collection business with blessings from Anisul and Quader
Anowar Hossain
Dhaka
Updated: 14 Nov 2024, 14: 58

Caricature of Obaidul Quader and Anisul Huq

Computer Network System Limited (CNS) was given the responsibility of providing technical assistance in toll collection at the Bangabandhu Jamuna Multipurpose Bridge for six months only. But they did not leave after the completion of the six months. Entering the contract for just six months, they collected tolls there for eight years.

The tactics CNS had used in keeping hold of the project was filing cases. Allegedly they held off on the appointment of a new contractor going to the court. And, the law minister of ousted Awami League government Anisul Huq used to influence the court so that the order goes in favour of CNS.

Ariful Huq, younger brother of the former law minister, Anisul Huq, was the chairman of CNS from between 2010 and 2017. He died in March 2017. According to sources, following the death of Ariful Huq, Anisul Huq himself controlled the business of CNS from behind the scene. However, he didn’t hold any post at the company.

Employing the strategy of filing cases, CNS managed the toll collection not only at the Jamuna Bridge but also at the Meghna-Gumti Bridge for seven years. Since 2018, they have been collecting tolls at Syed Nazrul Islam Bridge (Bhiarab) and Shahid Mayez Uddin Bridge (Ghorashal) as well.

CNS secured at least five types of projects from Bangladesh Road Transport Authority (BRTA) in the last 12 years during the Awami League regime.

Sources from the road transport and bridges ministry stated that the financial worth of projects secured by CNS under various departments of the ministry during the Awami League government’s rule goes over Tk 15 billion. CNS charged higher costs for the majority of these projects and made profit from that. On the contrary, the government counted losses.

Officials from concerning departments under the road transport and bridges ministry say just as there was the influence of former law minister Anisul Huq, there was also the blessings of former road transport and bridges minister Obaidul Quader behind CNS securing so many projects despite being an ordinary information technology (IT) company.

Sources from the road transport and bridges ministry stated that the financial worth of projects secured by CNS under various departments of the ministry during the Awami League government’s rule goes over Tk 15 billion.
Obaidul Quader, Anisul Huq and the former prime minister’s private industries and investment adviser Salman F Rahman jointly used to control the government projects.

They were influential people in the government. Whenever there arose uncertainty over not securing a project in the competitive tender bidding process, Anisul Huq used to misuse the court to hold it off by filling cases.

Anisul Huq and Salman F Rahman have been arrested in murder cases and now are in prison and Obaidul Quader is in hiding. So, it wasn’t possible to get their comment on this.

Founder and managing director of CNS, Munir Uz Zaman, lives in Canada with his family. He has also launched the global branch of CNS there. His wife Selina Chowdhury is the current chairman of the company.

Munir Uz Zaman told Prothom Alo over the phone that Ariful Huq, brother to the former law minister, used to work at CNS.

He termed the claim of securing projects with the influence of the former law minister, Anisul Huq, as a propaganda.

They got work because of their experience, Munir Uz Zaman remarked.

However, several current officials of the road transport and bridges ministry raised the question on the intention of holding off the tender process if they had the capacity and experience.

Going from six months to eight years

The contract period of the toll collector on Jamuna bridge ended in 2016. Appointing the next contractor was time-consuming. That’s why the bridges division appointed CNS to provide technical assistance in toll collection for six months. And, the tender bidding process for appointing a permanent contractor started in the meantime.

Sources at the bridges division stated that such clauses were added to the open tender in 2017 that there was no scope for anyone else other than CNS to get the work. Other competing contractors objected to that. That is why the tender was canceled twice. The third time, five local and foreign companies including CNS submitted their tenders.

Founder and managing director of CNS Munir Uz Zaman told Prothom Alo over the phone that Ariful Huq, brother to the former law minister, used to work at CNS. The claim of securing projects with the influence of ex law minister Anisul Huq is propaganda. They got work because of their experience.
The joint venture (JV) company of South Korean HPC and Bangladeshi SEL scored the highest in that tender. They proposed to charge only 4.5 per cent of the total toll collection. Meanwhile, CNS’s proposal was for 12.5 per cent.

Realising that they wouldn’t get the contract, CNS filed a writ petition at the High Court bringing charges of lack of transparency in technical ability assessment. This held off the contractor appointment process.

Amid this complication, the bridges division extended CNS’s contract of providing technical assistance for toll collection on Jamuna bridge for 10 more months without any tender. This way, the case kept stretching on and CNS kept extending their tenure. Then the Appellate Division of the Supreme Court on 30 August 2022 dismissed the order of the High Court.

According to sources of the bridges division, after the legal obstacles were removed the bridges division started discussion with the lowest bidder from the tender call in 2017. However, they did not agree to do the project at the previous rates.

As a result, fresh calls were sent out for tenders. Then China Road and Bridge Corporation got the contract worth around Tk 600 million for the tenure of five years. The Chinese company took over from CNS on 1 September this year.

It shows that the annual expense on this Chinese company would be around Tk 120 million. The cost of software, machineries and staff is covered by them including the VAT and income tax.

Meanwhile, CNS used to take away Tk 50 million a year, just for providing software services. Other expenses including that of staff were covered by the bridges division.

Chief engineer at Bangladesh Bridges Division, Quazi Mohammad Ferdous told Prothom Alo that they could not appoint a new contractor for a long period because of the court case.

Filing case and favourable clause in tender

A company named, Asian Traffic Technologies (ATT), was in charge of collecting tolls on Meghna-Gumti bridge from 2010 to 2015. After their tenure had ended, the roads and highways department (RHD) called a new tender.

Then a company named Infratech was selected for three years. However, instead of giving the contract to them, the road transport ministry cancelled the tender. Infratech went to court and the appointment of a contractor was held off because of the case.

Then the RHD started collecting toll on Meghna-Gumti bridge on their own initiative from October 2015. CNS provided technical assistance there. Earlier, CNS had participated in the tender bidding but wasn’t the lowest bidder.

In February 2016, the RHD without even a tender process gave the responsibility of toll collection on Meghna-Gumti bridge for five years to CNS as the sole candidate. According to the contract, CNS used to get 17.75 per cent of the money collected as tolls.

Such clauses were included in the contract that stated that the value added tax (VAT) for the collected toll and the income tax for CNS’s share in the toll would be paid by RHD. Counting in the VAT and the income tax, the total expense on the contractor reaches up to more than 24 per cent of the collected tolls.

The five year contract with CNS for toll collection on Meghna-Gumti bridge was supposed to be terminated on 30 September 2020. So, the RHD called for tender on 17 November 2019 to appoint a new contractor.

However, CNS went to the court against the tender procedure and was given a stay order from the High Court. Once the case was settled, the RHD appointed a new contractor in September 2022.

In the meantime, CNS had completed seven years of their service.

The toll collector on Meghna-Gumti bridge is not paid with shares in the total revenue anymore. The new contractor has been appointed on a three-year contract for Tk 660 million. That means the annual expenditure stands around Tk 220 million, but CNS used to get an average of Tk 770 million a year.

According to RHD sources, an axle load control station was installed on Meghna-Gumti bridge in 2017 to control overloaded vehicles. CNS was given the charge of collecting fines from overloaded vehicles as well. They were paid 14 per cent of the fine collected in total. CNS has earned about Tk 4.5 billion from the Meghna-Gumti bridge as their share of the toll and fine collected there.

Then in 2018, CNS got the responsibility of toll collection on Syed Nazrul Islam Bridge (Bhairab) and Shahid Mayez Uddin Bridge (Ghorashal) as well. They have earned 17.75 per cent of the toll collected there.

However, CAEC-ATT with the proposal of charging 7.7 per cent of the toll collected on Nazrul Islam Bridge and MM Builders proposing to charge 8 per cent of the toll collected on Shahid Mayez Uddin Bridge had become the lowest bidder in the tender. Yet, the work was given to CNS as they fared better in technical assessment.

Despite CNS’s contract being expired, no new contractor was appointed. Instead, CNS was reappointed on 29 September this year to collect toll for three more years from Syed Nazrul Islam Bridge and for two years from Shahid Mayez Uddin Bridge.

A contract of Tk 420 million has been signed with CNS in this regard. This time they are getting 16.45 per cent of the collected toll, sources from the RHD stated.

When asked about it, chief engineer of the RHD, Syed Moinul Hasan, told Prothom Alo that he will talk about this matter later when he has gathered all the information.

Sources from the RHD stated that the quality and cost based service (QCBS) method is followed to call for tenders in collecting toll from bridges. In this process, such clauses are included in the tender first so that other candidates except for the contractor of their choice score low.

Then the financial proposal and the technical proposal are evaluated together to appoint the contractor. In this way, CNS gets the contract despite proposing higher prices.

Officials concerned say that CNS has earned more than Tk 3 billion from collecting tolls from Nazrul Islam Bridge and Shahid Mayez Uddin Bridge. If open tenders are called without any bias, tolls can be collected for a cost way less than the current expenditure.

CNS at BRTA also

CNS got contracts for five projects at the BRTA. The projects are - a. motor vehicle tax and fees collection; b. running fitness test of vehicles; c. management of the integrated system (IS) for online communication among BRTA offices; d. management of BRTA service portal; and e. digital storage of documents.

BRTA sources say that the worth of CNS’s ongoing and completed projects in terms of money goes over Tk 8 billion. Such conditions are included in the bidding process of these projects that can be fulfilled by CNS only.

Besides, there are incidents of extending the contract period repeatedly once the work is secured. In some cases, CNS has been entrusted with projects without even any tender.

BRTA director (engineer) Shitangshu Shekhar Biswas has been overseeing the agency’s tender procedure for over a decade now. He was the one completing all the procedures, from drawing up clauses of the tender bidding to carrying out the assessment.

Shitangshu Shekhar claimed to Prothom Alo that there are some standards of qualification required for projects of information technology. The claim of adding conditions in favour of CNS is false. CNS got the projects owing to their own competency.

With the assistance of South Korea, a Vehicle Inspection Centre (VIC) has been launched in Mirpur for running vehicle fitness tests automatically.

BRTA appointed CNS for the capacity enhancement, installation of machineries and overall management of the centre on 10 November 2023 for a contract of Tk 1.05 billion. While South Korea showed interest in this project BRTA didn’t respond, said sources from the agency.

Independent investigation ‘necessary’

When told about the procedure of CNS securing projects and their “case filing tactics”, Transparency International Bangladesh (TIB) executive director Iftekharuzzaman told Prothom Alo that multi-layered corruption, political influence and conflict of interest have been at play here.

Such corruption and irregularities under the influence of former ministers or politicians had turned into a normal practice during the Awami League government. If there wasn’t collusion of bureaucrats behind this, it would not have gone to such lengths, he added.

So, alongside the politicians, respective bureaucrats have to be held accountable as well.

Calling this term of the interim government as an opportunity, Iftekharuzzaman said, now the people responsible need to be brought to book by conducting independent investigation of these irregularities and corruption.

A standard has to be set for the future. If it failed this time it would never be possible again, he remarked.​

 

[Saif]

Sheikh Hasina turned BD into crippled state, says Rizvi

Bangladesh Nationalist Party (BNP) Senior Joint Secretary General Ruhul Kabir Rizvi has said deposed Sheikh Hasina turned Bangladesh into a crippled state. "Sheikh Hasina during her tenure has misruled the country and frightened the people," he said. "Jubo League and Chhatra League were considere

thefinancialexpress.com.bd

Sheikh Hasina turned BD into crippled state, says Rizvi
FE REPORT
Published :
Nov 15, 2024 08:29
Updated :
Nov 15, 2024 08:29

Bangladesh Nationalist Party (BNP) Senior Joint Secretary General Ruhul Kabir Rizvi has said deposed Sheikh Hasina turned Bangladesh into a crippled state.

"Sheikh Hasina during her tenure has misruled the country and frightened the people," he said.

"Jubo League and Chhatra League were considered as a symbol of panic. People used to whisper in fear when they could see Jubo League and Chhatra League men," he said.

The BNP leader was speaking at the inauguration of a free eye camp service for injured persons during July-August mass uprising against Sheikh Hasina at Sadeq Hossain Khoka Playground at Narinda in the capital on Thursday.

The event was organised by Amora BNP Paribar at the behest of the party's acting chairman Tarique Rahman.

He said during Sheikh Hasina's rule, incidents of bloodshed and torture on opponents including BNP men happened regularly.

He said many BNP leaders and activists became maimed due to tortures carried out by Awami League (AL) men.

Mr Rizvi further said AL cadres also carried out attacks on BNP leaders and activists when they were undergoing treatment at hospitals.

He said Sheikh Hasina did not take lesson from the history that unlawful acts and sins together would naturally bring down autocratic regime. For her overconfidence, Sheikh Hasina had to fled the country.

He said Sheikh Hasina never realised the consequence of facing public wrath despite committing excessive unlawful acts, siphoning off money abroad.

He said if she had realized, she would not have committed such crimes and left the country.

He alleged that those who were involved in looting public money from the banks were close associates of Sheikh Hasina.

He said only S Alam Group had looted billions of taka from banks.

"Sheikh Hasina thought that none could topple her from power and she could remain in power until death. She turned Bangladesh into a state ruled by her family dynasty,"| he continued.

Health affairs secretary of BNP Rafiqul Islam, member secretary of Dhaka South BNP Tanvir Ahmed Robin and party leaders Engineer Ishraq Hossain, M A Muhit and Moksedul Momin Mithun were present, among others.

Meanwhile, BNP Standing Committee Member Salahuddin Ahmed said if his party will go to power with people's mandate, it will rehabilitate the injured persons during July- August 2024 student-mass uprising against Sheikh Hasina.

He disclosed this while talking to the media after visiting injured persons who are now undergoing treatment at Orthopedics Hospital in the capital on Thursday.

He handed over initially Tk. 0.5 million donated by party acting chairman Tarique Rahman for treatment of injured persons during July August uprising against Sheikh Hasina.​

 

[Saif]

Financial, energy sectors ‘devoured’ by past govt: Debapriya

Bangladesh’s financial and energy sectors were “devoured” by the past government, economist Debapriya Bhattacharya alleged on Saturday, citing widespread mismanagement and corruption. “Bangladesh has two kidneys: one is the financial sector, and the other is the energ

thefinancialexpress.com.bd

Financial, energy sectors ‘devoured’ by past govt: Debapriya
FE ONLINE DESK
Published :
Nov 16, 2024 20:03
Updated :
Nov 16, 2024 20:03

Economist Debapriya Bhattacharya -- File Photo

Bangladesh’s financial and energy sectors were “devoured” by the past government, economist Debapriya Bhattacharya alleged on Saturday, citing widespread mismanagement and corruption.

“Bangladesh has two kidneys: one is the financial sector, and the other is the energy sector. Those who devoured the energy sector are the same ones who devoured the financial sector,” he said at a seminar titled ‘Policy Dialogue on Financial and Economic Reforms in Bangladesh’ in Dhaka’s Mohakhali.

Mr Debapriya, a distinguished fellow at the Centre for Policy Dialogue, added: “People were placed inside the central bank on monthly allowances.

“They printed money and falsified reserve figures. Additionally, those who were unfit to run banks were granted banking licenses.”

He noted, “We are stuck in a middle-income trap. If the state is not reformed, minor reforms will be ineffective.

“Furthermore, without restoring economic stability, it will not be possible to move toward meaningful reforms.”

Empasising the need for an authentic development narrative, Mr Debapriya said, “Growth data and statistics during the previous government’s tenure were severely flawed.

“The data was politicised, and growth was shown sans private investment, while tax-to-GDP ratio remained stagnant.

“With no tax growth or investment, in the pursuit of visible development, social development, healthcare, and education were severely undervalued.”

Finance Adviser Dr Salehuddin Ahmed, Bangladesh Securities and Exchange Commission (BSEC) Commissioner Farzana Lalarukh and BRAC Bank CEO Selim R F Hussain also addressed the seminar.

BRAC University Vice-Chancellor Syed Ferhat Anwar delivered the concluding remarks, with acting Dean of BRAC Business School Dr Mohammad Mujibul Haque moderating the event.​

 

[Saif]

Islami Bank to realise Tk 10,000cr by selling S Alam Group’s stake

Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.

www.thedailystar.net

Islami Bank to realise Tk 10,000cr by selling S Alam Group’s stake

Islami Bank Bangladesh plans to sell the S Alam Group's stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.

According to bank officials, the Chattogram-based group and companies associated with it took out around Tk 80,000 crore in loans through 17 branches of Islami Bank since 2015.

Selling the shares will require the bank to get approval from both the Bangladesh Bank (BB) and the Bangladesh Securities and Exchange Commission (BSEC), which barred any transfer or sales of the shares held in six banks by S Alam Group Chairman Mohammed Saiful Alam and his family members after the fall of the Sheikh Hasina-led government in early August.

"We will sell the shares owned by the S Alam Group and its concerns by filing a lawsuit to collect Tk 10,000 crore," Islami Bank's Chairman Md Obayed Ullah Al Masud said at a press conference at the Bangladesh Bank yesterday.

Central bank Governor Ahsan H Mansur as well as board members of Islami Bank were present at the press conference.

Masud said that Islami Bank had a Tk 20,000 crore gap between investments and deposits, which was created as the bank paid correspondent banks for letters of credit (LCs) opened by the S Alam Group.

"But S Alam group did not settle its liabilities to Islami Bank."

The remaining Tk 10,000cr will be raised by issuing new shares, Masud added.

At face value, the shares held by the S Alam Group are worth Tk 1,600 crore, he informed.

"However, taking into consideration that each share is trading for around Tk 60 at the Dhaka Stock Exchange, the market value is nearly Tk 10,000 crore."

At the press conference, BB governor Mansur said the central bank is taking action against individuals, not companies like S Alam Group and Beximco, which are considered national assets.

Mansur emphasised that the central bank would not shut down companies such as S Alam Group and Beximco.

"We are trying to prevent fund diversion," he added.

However, he said legal action would be taken against the S Alam Group's chairman and other officials for alleged crimes in the banking sector.

Islami Bank Chairman Masud added that the S Alam Group did not just take out money, but also destroyed the bank's relationships with international lenders.

The chairman added that they would invite former foreign shareholders like IFC and Alraji Saudi Group to invest in it again by January.

"In the three months since the board was reconstituted in August, deposits have increased by around Tk 5,000 crore and remittance is also increasing," he said, adding that they are now suspending new lending.

"We restarted the Real-Time Gross Settlement (RTGS), Bangladesh Electronic Funds Transfer Network (BFTN) and the National Payment Switch Bangladesh (NPSB), which reflects that all the services are now open at Islami Bank."

The bank is going to appoint three officials at each of its 2,700 agent points to increase the flow of deposits, he added.

By early September this year, S Alam Group, whose founder weaponised his close political ties to the ousted Awami League regime, accounted for more than half of the total loans disbursed by Islami Bank of Tk 174,000 crore.

S Alam, along with his family and associates, have at least a 30 percent stake in the Shariah-based lender, according to its annual reports.

However, allegations are rife that the group has a much higher stake by holding numerous shares under pseudonyms.

Once a profitable institution, Islami Bank's financial stability began to deteriorate after S Alam Group started exerting influence following a change to the top brass.

Until 2015, the S Alam Group had no stake in Islami Bank.

Afterwards, the conglomerate began buying the bank's shares through seven shadow companies, documents show.

After fully taking charge in 2017, S Alam Group appointed 7,240 employees and officials in violation of rules and regulations. Most of them hailed from S Alam's hometown of Patiya in Chattogram.

Founded in 1985 by Saiful Alam, a relative of former Awami League politician Akhtaruzzanan Chowdhury Babu and former Land Minister Saifuzzaman Chowdhury, S Alam Group grew into one of Bangladesh's largest conglomerates.​