The nation is passing the time when we are being asked to accept all sort of contradictions and live insecurely. Even the law enforcing agencies like police and RAB are engaged in crimes including murder, yet the government is uncomfortable about such exposures.The government is asking foreigners to come and invest in Bangladesh and there are persons enjoying special positions to tell us the foreign response for investment is very encouraging. But the government has no control over its own money going out of the country because fearful uncertainty in politics including a government which was afraid to face free election and itself elected in a voter less election.A government move to investigate that wealthy Bangladeshis were investing to have a second home in Malaysia illegally, suffered a setback due to alleged non-cooperation from Kuala Lumpur.A relevant team of Bangladesh Bank (BB) had been to Kuala Lumpur recently to gather information about the Bangladeshi businessmen, politicians, corporate officials, bankers and bureaucrats who had qualified for the second home programme and were living there, reports said quoting Bangladesh Bank officials. Malaysian authorities reportedly refused to divulge the investigation team with the details of the 2,850 Bangladeshis who had been selected by Kuala Lumpur under its ‘My Second Home Programme’ in last one decade. The question which is being raised is why relevant agencies of Bangladesh including Bangladesh Bank and tax officials have failed to check flight of capital of increasing number of people for years. As Malaysia under its second home programme attracted investment from different countries including Bangladesh, so it cannot be expected that it would provide information of those who have invested in Kuala Lumpur. In fact, Malaysia introduced the second home programme for attracting investment from different countries. The programme, as it appears, has paid dividends as increasing number of people including many from Bangladesh, have taken their illegally earned money to Kuala Lumpur. BB governor Atiur Rahman told the media that the central bank had sent the investigation team following media reports that increasing number of Bangladeshis were taking part in the Malaysian second home programme by investing huge amount of money in foreign currencies. BB investigation team was disappointed as the Malaysian authorities refused to provide any data about the investors, he told the media. ‘Now [we] are contemplating alternative ways to carry out the investigation,’ the governor said without disclosing his plans.May be soon Bangladesh Bank will decide to send a team for an expensive tour of the world to know about the Bangladeshis invested abroad. They will have a good time at public expense. There is some truth if not whole that those who are responsible for investing the ill-gotten money abroad, they cannot be touched by Bangladesh Bank. Those who are in politics do so for remaining above law for their crimes.Bangladeshi entrepreneurs need to take permission from the central bank under the foreign currency law to invest outside the country, Atiur said adding BB has no record that any Bangladeshi staying in Malaysia under the ‘second home programme’ sought such approval. Meanwhile, the Swiss National Bank in its annual report released a few days ago said that deposits by Bangladeshis in Swiss banks rose by 62 per cent to Tk 3,236 crore in 2013 from Tk 1,991 crore in 2012. These are only some examples of not only capital flight at alarming rate but also people’s loss of confidence to invest at home in absence of political stability, some analysts said. If situation does not improve many more people, they said, are likely to migrate to different countries with their money out of the country. Meanwhile, the parliamentary standing committee on Finance Ministry inquired about the issue to BB officials who attended a meeting last week, chairman of the committee M Abdur Razzak said adding the actions of BB on the issue were not satisfactory. Bangladeshis in increasing number were investing not only in Malaysia but also in countries like Canada, the UAE, Thailand, Singapore and the USA. A large number of Bangladeshis are making investment also in Australia. The parliamentary standing committee has already asked BB to try other options to expedite the investigation. The ‘opportunist citizens’, he said were smuggling a large amount of money in foreign exchange out of the country, which was affecting investment and over all economy. When Bangladeshis do not feel safe with their investment in Bangladesh we cannot expect people from other countries to come and invest in our country, said some economists requesting anonymity. Expressing concern over the flight of capital, they expressed the hope that necessary steps would be taken to restore people’s confidence for their investment in the country. Capital flight was posing a serious threat for the economy, Centre for Policy Dialogue distinguished fellow Debapriya Bhattacharya, said in his reaction on the issue to the media. He said the irony was that the country was witnessing capital flight when it badly needed foreign investment. Thirty-two Bangladeshi citizens qualified under the mm2h programme for the first time in 2003 after Malaysia opened its borders for foreign citizens. A good number of Bangladeshi rich people quickly availed of the opportunity. About 11.3 per cent out of 25,220 people entering Malaysia under the criteria were Bangladeshis, revealed available data. The statistics of Bangladeshis investing in countries like Singapore, Thailand, Canada and the UAE, was however, not available from any official source. But unconfirmed sources said that large number of people have already made huge investments in those countries. One reputed industrialist speaking on condition of anonymity told this correspondent that as he did not feel safe with his investment in Bangladesh, so he has decided to invest in Canada. Though he has good investment in Dhaka but he was staying most of the time in Canada and planning to reduce the size of his business in Dhaka. Until last year, 2,755 Bangladeshis went to Malaysia to stay there as long as possible on a multiple-entry social visit pass. In the first three months of the current year, 95 Bangladeshis sent money illegally to Malaysia to avail of the opportunity, it is alleged.The government has to convince the foreign investors firstly why so much capital is going out of country. Secondly how efficient the government can be in governance including maintaining law and order when its own godfathers feel free to break down law and order committing all sorts of crimes including extortion of money.
