FINANCE Minister AMA Muhith made no secret now that banks and financial institutions suffered ‘sea level theft’ admitting massive corruption and irregularities that swept the financial sector over the past several years. The Minister in a statement in Parliament on Tuesday made the remark replying question of a lawmaker but many wonder why he failed to check such theft and corruptions and rather witnessed in silence without stopping it is the big question. Now when the Minister said it was not ‘pukur churi’ but ‘sagor churi’ people just wonder how could it all take place over the years when he has all powers and authorities to check it and put swindlers on trial. Even the incident of money heist from Bangladesh Bank points out that the Finance Minister was not in total control of banking when local and international swindlers were taking away money from banks and financial institutions. Most people now believe that he is too old and also evasive of responsibility and better he should resign to help save the nation. The Minister’s sudden speaking like an alien now admitting the huge theft however can’t exonerate him of the responsibility and it is better to hold him accountable for unbridled corruption and irregularities when he did not put others on trial for destroying the country’s financial institutions. It is unfortunate when the Finance Minister said the losses to banks were huge but not to the extent that require them to shut their doors. But the government’s regular recapitalization of those banks is suggestive that he is avoiding their shut down by spending budgetary resources. He could avoid the situation by timely action but many believe that the government fondness for dishonest people and the minister’s tolerance to party men who enjoyed impunity resulted into such huge theft of resources of banks and financial institutions. Independent lawmaker Rastum Ali Farazi’s disclosure on Parliament floor that the country lost Tk 2,75 trillion in recent past in the form of capital flight has just figured out how unsuccessful and ineffective the Finance Minister was in his job all through these years. The further disclosure that banks lost yet another Tk 30.000 crore in the form of fictitious loans suggests that the entire banking sector was unguarded. It includes huge bad loans from Sonali Bank by Hallmark Group and some others. Swindlers have almost made empty BASIC Bank and Agricultural Bank. One can’t understand when such swindling emerged why the Finance Minister even refused to dissolve their governing bodies and bring the politically appointed directors to book for mishandling of loan cases. The latest incident in which the government failed to protect its own reserves makes the point how unguarded the country’s banking sector is. It needs total overhauling to stop capital flight and save the banking sector from ruin.
