Some 51 corrupt officials of 13 private banks have misappropriated Tk. 29.67 crore over the last 15 years, according to a document obtained by The Independent from the Bangladesh Bank (BB). Of the total amount, banks’ stake is Tk. 19.52 crore, Tk. 6.34 crore of the government and Tk. 3.63 crore of clients of the banks.

Some of the officials involved in alleged misappropriation of the huge money are still in service while some others are under ‘temporary suspension.’ Departmental cases are pending with the courts. 

Meanwhile, the Anti Corruption Commission (ACC) is investigating into all the cases.

While talking to The Independent last week, ACC chairman Ghulam Rahman said officials of the commission are working on it and the next course of actions will be initiated after completion of investigations.

He told The Independent that the commission was often receiving complaints of misappropriation of money by bank officials which is alarming with regard to discipline of the country’s financial sector.
“Recently, complaints against bankers regarding services and honesty is on the rise and I think the respective management of each bank should strengthen the functions of supervision to check it,” Rahman said.

Regarding the investigation, the ACC has informed officially the ministry of Finacne and Public Administration. Later, the ministry of finance has sent a letter to the central bank requesting to dig out the severity of corruption in other banks. 

A BB official, seeking anonymity, said the central bank accordingly has asked managements of all the banks to take initiatives to check embezzlement of public money and that of the bank clients; and to save respective bank from incurring loss of money.

“The BB is constantly monitoring the ‘stress testing’ strength of the banks and it is a routine duty. But, bank itself should take appropriate initiatives in this regard,” said the official.

Meanwhile, a top official of a private bank has said recovery of the embezzled money could not be commenced because of non-disposal of cases.

“In my view, it will not be possible for a bank management to check such corruption without proper training on integrity and proper discharge of duties by its officials,” said the official, wishing not to be named.  

Meanwhile, banks incurred loss of money due to corrupt officials are Uttara Bank Ltd, AB Bank Ltd, Islami Bank Ltd, Pubali Bank Ltd, United Commerce Bank Ltd, Prime Bank Ltd, Social Investment Bank Ltd, Southeast Bank Ltd, Bangladesh Commerce Bank Ltd, Bangladesh Development Bank Ltd, Commerce Bank of Ceylon and Jamuna Bank Ltd and Al Baraka Bank.      

Besides, three Grameen Bank (GB) officials have embezzled around Tk. 20 lakh by preparing fake documents. The report does not mention whether the sum is owned by GB itself or its clients.

The Independent/Bangladesh/ 12th April 2012

Mohammad Abdul Mannan, Managing Director of IBBL, addresses a discussion at the Bank’s local office premises in the city recently.

Islami Bank Bangladesh Limited (IBBL) has organised a discussion meeting with the professionals of the country at its local office premises recently.

Mohammad Abdul Mannan, Managing Director of the Bank was present on the occasion as chief guest where Md. Nazibur Rahman, Executive Vice President and incumbent of local office of the Bank was in the chair, said a press release.

The function was addressed, among others, by AKM Munirul Alam Al-Mamun, Senior Vice President, Prof. Mohammad Ali of Bangladesh University of Engineering and Technology (BUET), Advocate Jasimuddin Sarker of Bangladesh Supreme Court, Dr. Golam Rahman Bhuiyan and Md. Abu Huraira, Director, Bangladesh Chamber of Commerce and Industry.

The Daily Sun/Bangladesh/ 12th April 2012

Sonali Bank Limited, one of the country's largest commercial bank, recently disbursed micro-credit worth Tk 4 million among 100 poor people at Rajoir Upazila in Madaripur.

Meshba-ul-Haque, Genaral Manager of Faridpur General Manager’s office presided over the function, said a press release.

Md Mainul Haque, Deputy Managing Director of the Bank handed over the loan documents under a project titled "Poverty Alleviation and Ideal Village".

The function was attended, among others, by Ronendro Nath Mondol, DGM of Micro-Credit Division of Sonali Bank at the Banks’ head office and Md Nazrul Islam, AGM of Madaripur principal office.

The loan receivers were urged to make best use of their loan amounts to bring changes to their lots, he added.

BSS adds: Meanwhile, the tri-monthly business assessment and IT Risk Management meeting of Sonali Bank Limited (SBL) was held on Tuesday at the conference room of Rangpur Community Medical College here.

General Manager of Rangpur Divisional General Managers’ Office of SBL Iqbal Hasan attended the meeting as the chief guest with Deputy General Manager (DGM) of its Rangpur Corporate Branch Shahidul Islam in the chair.

Assistant General Manager (AGM) of Nilphamari Region of the Bank Amarendra Nath Biswas was present as the societal guest.

Twenty eight Branch Managers from all 28 SBL branches under Rangpur Corporate Branch, Principal Office in Rangpur and Nilphamari Regional Offices took part in the meeting.

The Daily Sun/Bangladesh/ 12th April 2012

A official of Alliance Capital Asset Management Limited, speaks at the training session for the sales agents in the city yesterday.

Alliance Capital Asset Management Limited (ACAML), asset manager of MTB Unit Fund, held training sessions for the sales agents of the fund in the city yesterday.

MTB Unit Fund is an open-ended fund with an initial size of Tk 100 crore. Mutual Trust Bank Limited has provided Tk 20 crore as the sponsor of the fund. Bangladesh General Insurance Company Limited is the Trustee and BRAC Bank Limited is the Custodian of the fund.

As an open-ended fund, MTB Unit Fund will not be listed on the stock exchanges. Units of the fund, initial subscription of which starts from 15 April 2012, will be sold from 115 sales centres of 21 sales agents across the country.

These sales centres will make it easy for the investors to buy, sell or transfer their units without any hassle. MTB Unit fund is the first open-ended fund with certificates in dematerialised form and comes to the market at a time when the DSE P/E ratio is hovering around 14.

The sales agents were trained thoroughly about the product and also the sales and repurchase procedures as they will have to answer queries of the investors, accept applications, repurchase or transfer forms and deliver necessary papers or cheques to them.

The Daily Sun/Bangladesh/ 12th April 2012

Md. Nurun Newaz Salim, Chairman of NCC Bank Limited, presides over an AGM of the Bank at Bashundhara Convention Centre in the city recently.

National Credit and Commerce Bank Limited (NCCBL) has approved 10 percent cash and 17 percent stock dividends for its shareholders for the year 2011.

The approval came from the Bank’s 27th annual general meeting (AGM) held at the Bashundhara Convention Centre in the city recently, said a press release.

Md Nurun Newaz Salim, Chairman of the Bank, presided over the AGM while Mohammed Nurul Amin, Managing Director were present on the occasion.

Directors, sponsors and a large number of shareholders were also participated the annual general meeting.

The director’s report and audited accounts of the Bank for the year ended on December 31, 2011 was placed before the shareholders at the AGM.

In his speech, Md Nurun Newaz Salim expressed that deposits, advances, profits, foreign exchange business, recovery of bad loans and advances and other fields of activities have recorded significant improvement of NCC Bank during the year 2011.

The Daily Sun/Bangladesh/ 12th April 2012