🇧🇩 Everything about Hasina's misrule

[Saif]

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.​

 

[Bilal9]

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


View attachment 7402
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.​

One can surmise more or less directly - that all her classic autocrat moves were taught to her by the intelligence agency of the entity next door who ensured her survival. She could not figure out these moves by herself, credit should be attributed to professionals.

 

[Saif]

One can surmise more or less directly - that all her classic autocrat moves were taught to her by the intelligence agency of the entity next door who ensured her survival. She could not figure out these moves by herself, credit should be attributed to professionals.

Our army has the duty of dismantling the wide spread network of RAW to save the nation from sabotage and anarchy. India is an enemy country and should be dealt with iron fist.

 

[Saif]

Hasina destroyed Bangabandhu’s legacy: Prof Yunus

"Bangladesh is liberated… We are a free country now, said Nobel Laureate Professor Muhammad Yunus

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Hasina destroyed Bangabandhu's legacy: Prof Yunus

Sheikh Hasina, who was forced to resign as prime minister of Bangladesh yesterday amidst massive civil unrest in the country, destroyed the legacy of her father Bangabandhu Mujibur Rahman, Nobel Laureate Professor Muhammad Yunus, told The Print.

Speaking to ThePrint minutes after Hasina left Bangladesh, Yunus, who has been charged by the Hasina government in over 190 cases, said, "Bangladesh is liberated… We are a free country now."

"We were an occupied country as long as she (Hasina) was there. She was behaving like an occupation force, a dictator, a general, controlling everything. Today all the people of Bangladesh feel liberated."

Yunus was convicted by the Hasina-led government in January for violating the country's labour laws and is currently out on bail.

The Nobel Laureate said this is like a second liberation for the people of Bangladesh and there is celebration all over the country. "They are feeling the sense of liberation and joy that we can start all over again….We wanted to do it in the first round when we became independent in 1971. And we missed it because of all the problems we have right now. We now want to make a fresh start and create a beautiful country for ourselves. That's the commitment we make and students and young people will be leading our future," he said.

Asked about vandalism by protesters, who tried to damage a statue of Mujibur Rahman in Dhaka and stormed the parliament building, Yunus said that it's an expression of the "damage she (Hasina) has done".

"It says what they feel about Hasina, what she did to herself and her father… it's not the fault of the young people who are doing this," he said.

Yunus, founder of the pioneering microfinance system that lifted millions of poor out of poverty in Bangladesh, ruled out any role in active politics. "I'm not the kind of person who would like to be in politics. Politics is not my cup of tea," he maintained.

Currently in Paris, he said he would soon return to Bangladesh and continue to work for the people the way he did earlier.

"I will continue with my work in a more free environment that I didn't have during the regime of Sheikh Hasina because she was always attacking me. I will continue, devote myself to the things I could not do before," he said.​

 

[Saif]

শত শত কোটি টাকার মালিক হাছান মাহমুদ

 

[Saif]

Dhaka Wasa MD Taqsem A Khan resigns

Wasa sources said he submitted his resignation via email yesterday

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Dhaka Wasa MD Taqsem A Khan resigns

Taqsem A Khan

Taqsem A Khan, the managing director of Dhaka Water Supply and Sewerage Authority (WASA), has resigned from his post.

Wasa sources said he submitted his resignation via email yesterday.

According to Wasa sources, Taqsem cited health-related issues as the reason for his "inability to continue" in his role as the managing director.

When The Daily Star reporter called Wasa Chairman Professor Sujit Kumar Bala for his comment in this regard, he repeatedly rejected the calls.

Taqsem was first appointed as the managing director of Dhaka Wasa in 2009. His tenure was extended multiple times, with the latest extension in August of last year, when he was appointed for the seventh time for an additional three years.

Since former prime minister Sheikh Hasina's resignation on August 5, Taqsem had not been seen at his office. It remains unclear whether he is still in the country or left for abroad.

Despite severe criticism from various quarters regarding Wasa services, Taqsem, who is a US citizen along with his wife and children, had held onto his post.​

 

[Saif]

Dhaka wasa MD: Never-ending tenure of Taqsem ends!

Taqsem A Khan resigned as the managing director of Dhaka Wasa on Wednesday after being at the helm of the state-owned agency for nearly 15 years marked by many allegations of irregularities.

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Dhaka wasa MD: Never-ending tenure of Taqsem ends!

Taqsem A Khan resigned as the managing director of Dhaka Wasa on Wednesday after being at the helm of the state-owned agency for nearly 15 years marked by many allegations of irregularities.

Taqsem resigned over an email, stating that health problems had rendered him unable to work.

The Local Government Division (LGD) yesterday issued an order mentioning that Taqsem's tenure has ended and AKM Sahid Uddin, a senior deputy managing director of Dhaka Wasa, would be the new managing director.

Taqsem was appointed Wasa MD on October 14, 2009. His tenure was extended for the seventh time on October 14, 2023.

There are allegations that Wasa supplied contaminated water and overspent funds on projects that did not bear fruit while Taqsem was at the helm.

Many say that the cost of Dhaka Wasa water increased 16 times because of him.

In May 2023, former Wasa chairman Gholam Mostofa wrote a letter to the LGD, highlighting the irregularities at Wasa.

The ministry then responded by promptly removing Mostafa from his post and keeping Taqsem, a US citizen, as the MD.

Mostafa told this newspaper at that time that Taqsem's monthly salary increased by 421 percent over the years and stood at Tk 6.25 lakh. Even during the Covid-19 pandemic, his salary was bumped by Tk 1.75 lakh.

Talking to reporters at his office yesterday, LGRD Adviser AF Hassan Ariff said, "The stories of his corruption are known to people."

The corrupt individuals who used to surround Taqsem are still active, he said.

"We will take legal action against them," he added.

In 2019, Taqsem caused public outrage after saying that Wasa water was fully safe for drinking.

He made the claim at a press conference arranged to refute allegations made by Transparency International Bangladesh (TIB).

TIB, after a year-long study titled "Dhaka Wasa: Challenges of Good Governance and Way Forward", revealed their findings in April 2019, mentioning how 91 percent of the 2,728 service recipients of Dhaka Wasa water had to boil the water to make it drinkable.

In the process, they burnt gas worth Tk 332 crore a year.

But many Dhaka dwellers are still buying dirty and smelly water, facing acute shortage of drinking water, being deprived of access to the sewerage network, and encountering the same old water logging.

Mizanur Rahman, a resident of Jurain's Mistir Dokan area, said many of around two lakh residents of Purba Jurain are still facing similar problems and some do not even have running water.

Mizanur is one of a few hundred residents from Jurain, Shyampur, Madhya Badda, Rampura and Tejgaon who demonstrated in front of the Wasa's Karwan Bazar headquarters on April 23, 2019.

The image of him carrying a jug full of dirty water as a sarcastic gift of "sherbet" to Taqsem is still fresh in the minds of Dhaka residents.

Mizanur and several others held a human chain in front of Wasa yesterday demanding that Taqsem be arrested and punished.

The city dwellers did not get the benefit of Wasa's treatment plants due to absence of a supply network, experts say.

Widespread corruption and delays in project implementation also plagued Wasa, said a report of the Anti-Corruption Commission in July 2019.

The ACC report said Wasa kept extending deadlines and increasing the costs of projects to create room for corruption.

Corruption and irregularities also took place during the selection of consultants and contractors during revenue collection and overtime bill disbursements, said the report.

Manual metre reading is also an area where cartels have been formed to misappropriate money and deny the government its revenue, said the report that identified eight projects and three areas in Dhaka where corruption took place, and made a 12-point recommendation to prevent graft.​

 

[Saif]

Former land minister amasses huge wealth and property in US and Dubai

Former land minister Saifuzzaman Chowdhury Javed and his wife Rukhmila Zaman Chowdhury have amassed huge wealth and property in the United States and in Dubai. They have huge sums of money deposited in foreign banks. Neither Saifuzzaman nor any member of his family have taken permission from...

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Former land minister amasses huge wealth and property in US and Dubai
Shanaullah SakibDhaka
Updated: 13 Aug 2024, 13: 30

Former land minister amasses huge wealth and property in US and Dubai

Former land minister Saifuzzaman Chowdhury Javed and his wife Rukhmila Zaman Chowdhury have amassed huge wealth and property in the United States and in Dubai. They have huge sums of money deposited in foreign banks. Neither Saifuzzaman nor any member of his family have taken permission from Bangladesh Bank to take money abroad, giving rise to questions about this huge wealth amassed overseas.

Bangladesh Bank’s Financial Intelligence Unit has asked the banks within the country to freeze all accounts of Saifuzzaman Chowdhury Javed, his wife, children and their business establishments. No transactions can be carried out from these accounts over the next 30 days. The credit cards in their names cannot be used either. Bangladesh Financial Intelligence Unit (BFIU) issued these directives by letter yesterday.

Rukhmila Zaman Chowdhury is the chairman of the private sector United Commercial Bank (UCB). Saifuzzaman Chowdhury Javed had been land minister of the Awami League government in 2018-23. But after the media flashed news of his huge wealth abroad before the election last year, he was not made minister in the last government.

Saifuzzaman Chowdhury and Rukhmila Zaman Chowdhury are reportedly both out of the country at present and so their statements regarding the wealth they have built up in the US and Dubai could not be availed. However, in March this year Saifuzzaman Chowdhury told a press conference that his father had business in London back in 1967. He himself had studied in the US and has been doing business there since 1991. He later expanded his business to the UK. He has income tax records there too. He said he had taken bank loans for his overseas business.

Assets abroad

Bangladesh Bank records reveal that Saifuzzaman Chowdhury opened a company by the name of Rapid Raptor FZE in the UAE in 2014 and another company Zeba Trading FZE in 2015. Rapid Raptor FZE is registered as a computer and software company and Zeba Trading for sales of construction material. Saifuzzaman has banks accounts with Dubai Islamic Bank, First Abu Dhabi Bank and Janata Bank Dubai branch. A total amount of 39,583 dirham and 6,670 dollars is deposited in these accounts. From 2017 till last month, Saifuzzaman Chowdhury bought and sold 226 properties in the UAE.

Two properties was bought on 15 September and 30 November 2023 in the name of Rukhmila Zaman in Dubai’s Al Barsha South 3. These properties are worth 2,250,369 dirham equivalent to 75 million taka (7.5 crore) in Bangladeshi currency.

Visiting Dubai in March last year, this Prothom Alo correspondent found that Saifuzzaman Chowdhury and his family had amassed wealth there. Their five-star hotel was under construction there in the Business Bay are of this important and expensive commercial city of the Middle East.

BFIU also found evidence of their assets in the US. From 8 March to 10 December 2021 a total of 45,340 US dollars was deposited in the US-based TD Bank. The money was deposited through First Abu Dhabi Bank and HSBC Bank. Some money was deposited from a US company Capital World Maritime Limited.

Also, 1,765,000 US dollars was deposited to the First American Title Insurance Company on behalf of Saifuzzaman Chowdhury’s company Aramit Properties LLC and GTS Properties LLC. Over a span of time from 2005, nine properties were bought there through Nahar Management Inc which was connected to Saifuzzaman Chowdhury. This information was available in BFIU records. Aramit Properties LLC, GTS LLC and Nahar Management Inc are all US-based companies.

BFIU officials say that so far they only have information on Saifuzzaman Chowdhury’s assets in these two countries. But they think that he has much more assets than this in the UK.

Before the last election, Transparency International Bangladesh (TIB) has said at a press conference, a certain minister has over 23 billion taka in investments and business overseas. Later this minister was identified as Saifuzzaman Chowdhury. It was learnt that the former minister had opened companies in the name of his wife Rukhmila Zaman and daughter Zeba Zaman. He also opened a company overseas in the name of his family business Aramit Group. During a press conference last March Saifuzzaman Chowdhury admitted having business and property in London.

Was UCB the source of funds?

After the fall of the government, over 150 shareholders of United Commercial Bank demanded that the bank be freed from the control of the former land minister Saifuzzaman Chowdhury and his family. They took up position in from for the UCB head office in Gulshan on Thursday, voicing this demand. They displayed festoons and raised allegations of the former land minster siphoning off money overseas and other irregularities related to the bank.

In a letter sent to Bangladesh Bank, a number of shareholders of the bank said that even though Rukhmila Zaman was chairperson of the bank, it was Saifuzzaman Chowdhury who basically carried out this responsibility and the bank was sinking into bankruptcy due to his arbitrary actions and embezzlement. The letter stated that Saifuzzaman Chowdhury had assets worth 18.88 billion taka in the UK, paid for with the money embezzled from the bank’s depositors. The letter went on to say the bank had been made into a family business from 2017 and was faced with blatant looting, financial corruption and money laundering. As a result, default loans had mounted in the bank. In 2017 the bank’s default loans stood at 17.92 billion taka and in 2023 this increased to 27.82 billion taka.

Action must be taken so that no one launders money in future. Also, initiative must be taken to bring back the funds by making agreements with the countries where the money has been transferred.”

Mustafa K Mujeri , former chief economist, Bangladesh Bank

The late Awami League leader Akhteruzzaman Chowdhury of Chattogram, father of the former land minister, had been the founder chairman of UCB. Bank sources say that in 2017 the one of the major shareholders of the bank, family members of the Partex Group owners, were forced to drop out of UCB. Saifuzzaman Chowdhury’s wife Rukhmila Zaman was then made the bank’s chairperson. As she was in the UK, the bank was basically run by Saifuzzaman Chowdhury, the bank’s senior officials confirm.

When asked about the matter, Bangladesh Bank’s former chief economist Mustafa K Mujeri told Prothom Alo, “Everyone knows that the powerful persons have siphoned out money. That is why the dollar crunch in the country has been on for so long. A lot of money was laundered by forceful takeover of banks. The main task now is to identify those responsible and take action against them. Such action must be taken so that no one launders money in future. Also, initiative must be taken to bring back the funds by making agreements with the countries where the money has been transferred.”​

 

[Saif]

‘Big defaulters won’t be spared’

Finance Adviser Salehuddin Ahmed has vowed to mete out exemplary punishment to big loan defaulters as the interim government scrambles to fix the ailing banking sector of Bangladesh.

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‘Big defaulters won’t be spared’
Finance Adviser Salehuddin Ahmed shares his plan to discipline rogues in banking sector

Finance Adviser Salehuddin Ahmed has vowed to mete out exemplary punishment to big loan defaulters as the interim government scrambles to fix the ailing banking sector of Bangladesh.

The new government has begun its journey with banks struggling to cope with a ballooning bad debt. At the end of March, delinquent loans increased to Tk 182,295 crore, the highest in the history of Bangladesh. That means 11.1 percent of the disbursed loans have soured. The amount is even higher if outstanding rescheduled loans and outstanding restructured written-off loans are taken into account.

"How did it happen?" said Salehuddin, who worked as the central bank governor from 2005 to 2009. He presided over the financial system during the army-backed caretaker government until Sheikh Hasina formed a new administration.

In an exclusive interview with The Daily Star on Thursday, Salehuddin, the head of the finance ministry, spoke about his plans to take recourse to the judiciary to punish the big loan defaulters and tackle the ongoing situation through the central bank. On Friday, he got the additional charge of the commerce ministry.

"Big defaulters will not be spared. If necessary, we will urge the chief justice to form a special bench [to deal with such cases]," he said.

Salehuddin pointed out that the central bank, along with the banks, has a responsibility to reduce bad loans. He has already talked to new Bangladesh Bank Governor Ahsan H Mansur who assured him of taking stern action against the loan defaulters, including the big ones.

As part of the immediate steps to rein in default loans, the central bank will discontinue concessions and rescheduling facilities enjoyed by the loan defaulters over the years, Salehuddin said.

The interim government headed by Nobel laureate Prof Muhammad Yunus took charge earlier this month with a pledge to bring reforms as demanded by the student movement against discrimination that ousted Hasina.

Despite uncertainties amid chaos in the immediate aftermath of the uprising, the political changeover has brought optimism among economists and civil society who expect big changes, especially in the economic sector.

Salehuddin said they took charge when the country was reeling from a multi-pronged economic crisis caused by domestic issues alongside global headwinds. There were regulatory failures and irregularities in the name of development.

The adviser pointed out inflation, banking sector irregularities, low revenue collection, a sharp decline in foreign currency reserves, money laundering, and graft as the key challenges to the economy.

Along with restoring law and order, the government has prioritised steps to wipe out setbacks to economic growth, he said. The new central bank governor was appointed in a swift move to fill a vacuum created by the resignation of his predecessor. The interim government was also working to bring changes to the posts of chairman of different banks, he added.

In the past financial sector, rules and regulations were violated using "special power". For example, the single exposure limit was not followed in disbursing loans, Salehuddin said.

The new government has stopped such irregularities, he said.

"Most importantly, transparency and accountability in the financial sector have been ensured," he added.

The adviser said he has asked officials to end the culture of passing the buck in the sector where everyone has to take responsibility and be accountable.

Asked about medium-term reform plans, he said the authorities would bring some necessary changes to the financial and banking sectors, and he has talked with the development partners about the matter.

"Some reforms are required urgently which we will ensure," he said.

On the other hand, establishing a banking commission could be part of long-term reforms. The interim government may take initiatives to this end, he added.

CENTRAL BANK AUTONOMY

The full autonomy of the Bangladesh Bank has always been in question in the past. The finance adviser said the issue depends on the person who remains at the helm of the regulator.

"The Bangladesh Bank Order is a very good law which provides enough authority to the central bank. Yes, there are issues which demand discussion with the government. However, those are not day-to-day issues," he said.

It is the central bank's full authority to decide what will be the country's monetary policy, and interest or exchange rates. Besides, it is also the duty of the central bank to act against loan defaulters, Salehuddin said.

In his view, the central bank has enough autonomy. There are some limitations mainly because of the Bank Company Act.

The Daily Star asked whether the interim government will support the central bank when the latter needs to increase the policy rate to tame inflation and boost reserves, or slightly raise the crawling peg mid-rate against the dollar.

Salehuddin said the central bank governor has talked about revisiting some rates and spoke about the differences.

He said Governor Mansur will work to this end because if these issues are not addressed, then there will be uncertainty over inward remittances and the currency market.

DEVELOPMENT PARTNERS

The finance adviser identified development projects, some of which have not started while some are ongoing, as the biggest issue for the interim government.

Bangladesh's development partners also wanted to know the interim government's position on the projects and they were informed that the ongoing projects will continue.

However, some large projects could be placed at the Executive Committee of the National Economic Council.

This newspaper asked him whether the interim government would seek budget support from international development partners such as the World Bank and the International Monetary Fund to ease pressure on reserves.

Salehuddin said support from development partners is not a "big issue" when it comes to improving the reserves, for which he emphasised increasing export earnings and remittances, and bringing more foreign direct investments.

The development partners set different conditions in line with Bangladesh's economic reforms in their loan programmes and these reforms are also the interim government's priority, he said.

If their priorities match, then the government will be able to secure funds from the development partners, Salehuddin said.

The development partners have pledged budget and project support if the government continues going forward on the path it has taken, he added.

MONEY LAUNDERING

Salehuddin also vowed action against money launderers, saying the government has heard about flights of foreign currencies from the country and it will look into the matter seriously.

The government has a committee on money laundering but it has not held a single meeting in the past two and a half years.

The committee sat on Wednesday within a week of the interim government taking charge.

Salehuddin said the committee has a list of money launderers and that it was asked to include names of old launderers alongside new ones.

Also, the government has ordered investigation authorities to make their job visible by conducting quick probes into allegations of money laundering.

Salehuddin said he has directed the National Board of Revenue to fix the collection system since revenue is crucial for the country's economy and the government's operations.

Although the digitalisation of revenue collection has been talked about for a long time, it has not been completed. The government will solve this problem soon, Salehuddin said.

He also said the current government will allow the universal pension scheme, introduced by the Hasina administration, to continue as many developed countries have strong social safety schemes, including health insurance.

However, some of the components of the universal pension scheme will be revisited, he added.​

 

[Saif]

S Alam drains Janata branch dry

As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country’s banking sector.

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S Alam drains Janata branch dry

As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country's banking sector.

Janata's Sadharan Bima Bhaban Corporate Branch in Chattogram provided Tk 8,216 crore to S Alam Group, which is 167 percent more than the branch's single borrower exposure limit, according to the bank's documents.

The business conglomerate took another Tk 2,233.45 crore from Janata to take the tally to Tk 10,449.45 crore, which is 451.57 percent of the struggling state-run bank's paid-up capital.

As per law, a bank is not allowed to lend more than 25 percent of its paid-up capital to a single client. At the end of June this year, Janata's paid-up capital stood at Tk 2,314 crore.

The loans to S Alam, which has controlling stakes in as many as eight banks, accounted for 10.7 percent of Janata's total disbursed loans of Tk 98,000 crore at the end of June.

As much as 49 percent of the bank's outstanding loans have turned bad, putting its financial health at risk.

Amid such a situation, the bank on June 25 rescheduled the Tk 1,844.60 crore loans taken by the six companies of S Alam Group for four years -- by breaching rules but with special permission from the central bank.

Of the sum, Tk 1,038.75 crore was for S Alam Refined Sugar Industries, Tk 1,186.43 crore for S Alam Trading Company, Tk 696.42 crore for S Alam Vegetable Oil, Tk 221.13 crore for Global Trading Corporation and Tk 1,229.55 crore for S Alam Cold Rolled Steels.

The companies were given the rescheduling facility although S Alam Group had outstanding loans of Tk 8,895.91 crore.

As per banking rules, a fresh loan rescheduling facility can be granted for a client only if it is within the permitted limits.

This was not the case for the S Alam companies: the rescheduled liabilities of the S Alam companies were Tk 4,372.28 crore against the limit of Tk 3,250 crore.

Yet the central bank gave a no-objection certificate for rescheduling the loans on July 28.

However, in its no-objection certificate, the central bank set some conditions, including the loan amount cannot be increased anymore, and the loan amount must be brought within the permitted limits by December 31, 2025.

Saiful Alam, chairman of S Alam Group, and Md Abdul Jabbar, managing director and chief executive officer of Janata Bank, could not be reached for comment.​

 

[Saif]

Awami League: From progressive politics to fascism

The AL regime has been somewhat of a conundrum.

www.thedailystar.net

Awami League: From progressive politics to fascism

Fast forward to 2024, and one finds that the AL-led 14-party alliance’s rule is being labelled “fascist.” VISUAL: SADATUDDIN AHMED EMIL

August 5 was a historic day for Bangladesh for more reasons than one. The Awami League (AL), the party whose cause was a cornerstone in Bangladesh's history, was ousted by the masses.

Since independence, political turmoil has been part of narratives closely related to Bangladesh. One of the factors which worked in the AL's favour, from the time the party assumed responsibility in 2009, was that it was regarded as the most progressive and liberal party to have gained power following liberation. At that point in time, AL's values struck a chord with the secular middle-class Bangladeshi. The preceding regimes association with elements such as the military, fundamentalism, and state-centric politics aided in this regard.

Fast forward to 2024, and one finds that the AL-led 14-party alliance's rule is being labelled "fascist."

The AL regime has been somewhat of a conundrum. The Perspective Plan of Bangladesh 2041 (PP 2041), which was published in 2020, envisioned to build on economic advancements and enhance the lives of people. The AL accommodated more public-private partnerships within the media world than any other party before and oversaw the widespread introductions of leading social media websites such as Facebook, YouTube, TikTok, and Instagram. Indeed, the regime looked outwards and allowed creative media productions to be released, which did not always comply with the more conservative National Broadcast Policy of 2014. Accordingly, the party is largely responsible for digitalising a new generation of Bangladeshis, many of whom have smartphones and global aspirations today and took to the streets during the recent protests. Student coordinators such as Nahid Islam and Asif Mahmud are surely part of that generation and are, in fact, products of "Digital Bangladesh."

"Digital Bangladesh" was a pillar that supported the party's return to the centre in 2009 and represented its defiance of right-wing politics. AL's reformist approaches resonated with the masses in the context of globalisation and the interrelatedness of international networks in the 21st century. Their alliance with left-wing parties enabled the AL to stay in power and inspire many in the country. But, as it has transpired, the 14-party alliance seems to have paved the way for more dreams than stairs to reach those ambitions.

The recent movement portrayed the angst and frustration of the people from various sectors in Bangladesh, including journalism. The protests that began in the first week of July should be credited for capturing on-the-ground reactions. The mass killings, detentions, disappearances and violence against unarmed protestors that took place during this movement truly called into question the ethos of AL's political mandate. Over 400 people have lost their lives during the quota reform movement between July 16 and August 4, with some claiming that the number may well be understated. It has also been put forward that hospital records have been tampered with and bodies hidden, further putting into question just how many people have sacrificed their lives to bring an end to AL's rule.

Students have always been integral to the political narrative of Bangladesh. The fall of the Ershad regime was not brought about only by workers, but students as well, who endeavoured to take the nation forward on the path of democracy. Students again played their part in 2008 and 2013, when the Shahbagh Protests signalled their support for secular and not communal politics. In 2024, students took a stance once against the fascist practices of the Awami regime.

The tragic reality is that the AL committed to preserving democracy in the country, but backed the said promise by fascist means. The quota reform movement, which eventually led to the AL government's end, stemmed from opposition to fascist practices which often granted AL supporters, activists, and leaders the license to terrorise communities around the country. Throughout its rule, the former ruling party publicly branded opposition parties, such as the Bangladesh Nationalist Party (BNP), and its allies as being fundamentalist and in conflict with the progressive agenda of the party.

While AL's statement may well be true when considering the realities of grassroots politics and the history of BNP and its allies, the Awami League's ideology also correlated with its globalist persuasions. The AL attained success in this sphere and was able to, for a period since 2009, be the flagbearer of the identity of the modern Bangladeshi. But, at present the premise of AL is being questioned and it remains to be seen how that plays out.

In essence, what the masses including the youths of Bangladesh have conveyed through this movement is that they are averse to right-wing politics in general, and both AL and BNP are considered part of that category today. This is very important to consider as we eventually transition to political-administrative rule again. Only time will tell whether progressive politics really do see the light of day in Bangladesh and who will be the leading stakeholders of the future. Meanwhile, the appointment of Nobel laureate Dr Muhammad Yunus as the chief of the interim government seems to be a step in the right direction.

Nihad Nowsher works in business development.​

 

[Saif]

Ex-water resources minister Ramesh Chandra sent to jail

Former water resources minister Ramesh Chandra Sen was sent to Thakurgaon jail on Saturday under the Explosives Act in a case filed with the Thakurgaon Sadar police station.

www.newagebd.net

Ex-water resources minister Ramesh Chandra sent to jail
Staff Correspondent 17 August, 2024, 16:02

Ramesh Chandra Sen and MA Latif | Collected photo

Former water resources minister Ramesh Chandra Sen was sent to Thakurgaon jail on Saturday under the Explosives Act in a case filed with the Thakurgaon Sadar police station.

Ramsesh, also a former AL lawmaker for Thakurgaon-1, was arrested by a team of police headquarters at his house in Ruhia area of Thakurgaon district and taken into custody at about 11:00pm on Friday.

Thakurgaon district superintendent of police Uttam Prashad Pathak said that they produced him before the court and the court sent him to jail.

Superintendent of the police office issued a statement in this regard saying that he was arrested in a case filed with the Thakurgaon Sadar police station.

Ramesh Chandra Sen is a member of Awami League advisory council. He served as water resources minister from 2009 to 2014.

Ramesh first became lawmaker for Thakurgaon-1 in a by election in 1997 and later he was elected in 2008, 2014, 2018 and 2024.

A Chattogram court, meanwhile, on Saturday placed former Awami League lawmaker from Chattogram 11 MA Latif on three-day remand.

Latif was arrested earlier in the day in a case filed over shooting and injuring protesters during the quota reform student movement.

Chattogram metropolitan magistrate Jewel Deb passed the order this afternoon after the police produced him before the court and sought 10-day remand.

Latif was arrested by the police in the Bayazid Bostami area in the morning and sent to the court.

At about 12:30am he was brought to the court, said Fazlul Quader Patwari, officer-in-charge of the Double Mooring police station.

The arrest was made following the case filed by one Ershad with the police station, he added.

According to the case statement, Latif and 15 named and 100 to 150 unnamed individuals have been accused of opening fire on the protesters that left many people injured on August 4.

On August 10, the former lawmaker was allegedly picked up by the army personnel from his relative’s house in the port city’s Madarbari area, where he was hiding.​

 

[Saif]

AL govt leaves behind $156 billion debt

When Sheikh Hasina returned to power in 2008, Bangladesh’s total debt was just $33.66 billion. When she fled amid an unprecedented student-led uprising on August 5, she left behind a burden of $156 billion in local and foreign loans for the country to carry.

www.thedailystar.net

AL govt leaves behind $156 billion debt

When Sheikh Hasina returned to power in 2008, Bangladesh's total debt was just $33.66 billion. When she fled amid an unprecedented student-led uprising on August 5, she left behind a burden of $156 billion in local and foreign loans for the country to carry.

Converted to the local currency, the country's total debt stood over Tk 18.35 lakh crore as of June 30, according to finance ministry data.

These included $88 billion or over Tk 10.35 lakh crore from domestic sources and the remaining $68.33 billion or nearly Tk 8 lakh crore was external debt.

To put in words how the vast debts are affecting Bangladesh's finances: Tk 1.135 lakh crore or 14.02 percent of the total has been kept for interest payment in the proposed budget for this fiscal year, which is the highest among the sectors in the outlay of over Tk 8 lakh crore.

Economists have blamed stagnant revenue growth against a huge rise in expenditure, coupled with corruption in mega projects, for the massive debts.

The government spent around Tk 54 lakh core in total in its three consecutive terms while revenue earnings amounted to just Tk 37 lakh crore. Government expenditure increased from Tk 94,000 crore in FY09 to over Tk 7 lakh crore in the revised budget for FY24.

Bangladesh's revenue-GDP ratio has hovered around 9 percent, one of the lowest rates in the world.

A lack of government initiatives to bring reforms to the National Board of Revenue (NBR), along with tax dodging and huge tax exemptions provided to different pressure groups is blamed for the low revenue collection.

Besides, corruption in different mega projects increasingly made the revenue-expenditure gap bigger, said some leading economists.

Most of the mega projects were riddled with corruption, said Zahid Hussain, a former lead economist at the World Bank's Dhaka office.

"Big Projects, big corruption," he told The Daily Star last night.

He mentioned Bangladesh built the Padma Bridge with its own funds that came from domestic loans while the funds for the Karnaphuli Tunnel and the under-construction Rooppur Nuclear Power Plant have come from foreign sources.

"Corruption happened through cost escalation. Many, many unnecessary layers were added to the projects," he said, citing the Rooppur power project as an example.

Dhaka University economics professor Dr Selim Raihan cited the government's failure to mobilise domestic resources to increase public expenditure as one of the key factors behind the rise in debt.

"The government failed to increase the revenue collection over the past one decade or so," said Selim, who is also the executive director of the South Asian Network on Economic Modeling (SANEM).

The second is corruption in activities surrounding the process of taking loans, especially for mega projects with foreign funds, he said.

"A group with vested interests exploited the foreign loan-based mega projects by massively increasing the costs multiple times."

As a developing nation, Bangladesh has to take loans, but the Hasina government had a tendency to take short-term loans as well as high-interest loans while the focus should have been on low-interest and long-term loans with favourable conditions.

This tendency grew over the years. Loans from single sources increased while borrowing from multilateral sources with more accountability and transparency was minimal.

Bangladesh's debt service-to-revenue ratio is projected to cross the 100 percent mark for the first time owing to rising loans and lower tax and export receipts, highlighting the growing risk to the country's capacity to repay.

The debt service-to-revenue and grants ratio stood at 58.7 percent in FY21 but it surged to 72 percent in FY22 and stood at 71.8 percent in FY23, according to the International Monetary Fund (IMF).

The ratio is projected to grow to 101.1 percent in the current financial year.

Debt service is defined as the sum of interest and amortisation of medium, long, and short-term debt.

"The increasing debt service-to-revenue ratio highlights the urgency of mobilising tax revenue to support much-needed spending to achieve pro-poor, green growth recovery," the IMF said in a report.

The ratio increased as the NBR missed its tax target for the 11th consecutive year in FY23, in the face of slowing growth of collections amidst economic slowdowns and ambitious goals set by the government.

The debt-to-GDP ratio of Bangladesh was forecast to cross 40 percent in the current fiscal year as the government continued to borrow to bankroll its expenditures amid the low collection of revenue.

It was 39.8 percent in FY23 and is forecast to be 41.41 percent at the end of FY24, according to a fiscal monitoring report of the IMF.

In the last decade, the debt-to-GDP ratio rose by 13 percentage points. The IMF forecast that the ratio would reach 43.5 percent in 2028-29.​

 

[Saif]

S Alam, family barred from selling bank shares

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

www.thedailystar.net

S Alam, family barred from selling bank shares

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

The six are Islami Bank Bangladesh, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank.

As per the central bank's request, the BSEC sent a letter instructing Dhaka Stock Exchange, Chittagong Stock Exchange, and Central Depository Bangladesh to issue the bar on the sale and transfer of the shares.

The letter lists 56 companies owned by Alam's 25 relatives which have come under the restriction.

The BSEC ordered the intermediaries to abide by the order with immediate effect.

Last week, the National Board of Revenue had asked banks to provide account details of Mohammed Saiful Alam and his family members.​

 

[Saif]

Govt for China loan restructure

Finance and commerce adviser Salehuddin Ahmed on Tuesday said that they had asked China for restructuring its loans given to the immediate past government for development projects on...

www.newagebd.net

Govt for China loan restructure
Staff Correspondent 21 August, 2024, 00:08

Finance and commerce adviser Salehuddin Ahmed on Tuesday said that they had asked China for restructuring its loans given to the immediate past government for development projects on high interest rates and short grace periods.

He made the request for reduced interest rates and increased grace periods for the China-funded projects when Chinese ambassador in Bangladesh Yao Wen paid a courtesy call to the adviser at the finance ministry of the interim government.

‘We want repayment period to be extended by 10 years’, said the finance and commerce adviser of the interim government led by Nobel laureate professor Muhammad Yunus since prime pinister Sheikh Hasina was ousted from power on August 5 amid mass uprising.

The Chinese ambassador admitted that they received some requests and wishes during the meeting, and without elaborating what they were he said that there were scopes for discussion on the issues.

The Chinese ambassador highlighted that the relation between Bangladesh and China was based on mutual respect as well as benefits.

Calling the meeting with finance adviser constructive, the Chinese ambassador said that they had already extended support to the interim government committed to keep the country’s development.

Economic Relations Division officials who attend the meeting said that loans worth four billion had been disbursed so far by China against a commitment of $7 billion.

Some of the Chinese funded projects, including a tunnel underneath Rriver Karnaphuli in Chattogram, have failed to fulfil major aims, and a sewage treatment plant at Dasherkandi in Dhaka has remained inoperative despite inauguration of the project in 2023.

The government’s outstanding foreign debt already stood at $62.4 billion in FY23, marking more than a threefold increase in 14 years, and the outstanding domestic debt increased to Tk 10.35 lakh crore at the end of 2023.

The foreign debt as a percentage of GDP increased to 44 per cent in FY24 from 37 per cent in FY20, and the domestic debt dropped to 56 per cent in FY24 from 63 per cent FY20, according to the latest debt strategy released by the Finance Division in July.

Among the bilateral lenders, Japan stands out as the biggest creditor, accounting for 42 per cent of the bilateral debt. Russia, China, India and South Korea are the other major sources of bilateral external financing accounting for 25 per cent, 21 per cent, 5 per cent and 3 per cent respectively.

Chinese loans increased to 21 per cent of the total external debt in FY24 compared with 6 per cent in FY20.

Noting that the interim government is aware of the fact, the finance and commerce adviser said that loans would be taken in future to implement projects serving the best interest of people.

Answering a question, the finance and commerce adviser dismissed the speculation regarding withdrawing the Tk 1,000 note from the market.

Earlier, the adviser had also a courtesy call with Canadian high commissioner to Bangladesh Lilly Nicholls at his office.​

 

[Saif]

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]

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]

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]

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]

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.”​