Gulam Rabbani :
The High Court has come down with deep anger upon the Bangladesh Bank, central bank of the country, for its role over the money laundering from the country’s commercial banks and other financial institutions. This anger has been projected recently in a series of orders passed by the HC benches.
What was the role of BB’s concerned officials when the money had been looting from the banks and other financial institutions,
the HC wanted to know in the orders.
Supreme Court lawyer Khurshid Alam Khan thinks these orders are a positive approach of the higher judiciary upon the financial sectors.
He said, “This is a positive approach of the country’s higher judiciary upon the financial sector. A lot of anomalies have been sighted in the financial sector. And there is a problem somewhere in monitoring the issues. That is why I think a lesson should be given to BB through judicial interruption.”
The lawyer said the central bank authorities have failed to properly monitor the country’s financial institutions. The central bank should be reshuffled for that, added the lawyer.
Following a Suo Moto ruling the HC bench of Justice Md Nazrul Islam Talukder and Justice Mohi Uddin Shamim on January 21 sought details including names, addresses and statuses of the officials of the BB who were in charges of overseeing financial institutions and money laundering matters from 2008 to 2020.
It also asked the BB governor to inquire if the officials of that period were responsible for the bankruptcy of the country’s financial institutions and to submit a report on February 15 this year.
In its order the court said, “Whether the officials of the concerned departments were able to identify the long-term money laundering process during this period, whether they were involved, whether they reported it to the relevant authorities, or whether they fueled or co-operated in this money laundering cases, we want to know.”
The court also said, “Such a big event was happening, they did not know anything, it is not believable. They are the public servants. They have to be accountable to the people.” In another order the HC on December 17 this year said that a section of BB top officials are harboring the financial thugs and perpetrators.
The court said, “The concerned officials of the central bank, particularly the DGMs, GMs, Executive Directors and Deputy Governors who were in charge of monitoring the performances and activities of the Banks and Financial Institutions at the relevant time, had been harboring the financial thugs or perpetrators, just to be personally gained at the cost of destroying the motherland’s economy.”
The HC bench of Justice Muhammad Khurshid Alam Sarkar made the observation following a company application filed under Section 233 of the Companies Act, 1994.
‘Tees Mart Inc’, a company holding 10% shareholder of Bangladesh Industrial Finance Company Limited (BIFC), filed the petition in March last year seeking HC directives to remove present Board of Directors of the BIFC.
In the order the court also observed, “For the case in hand, the General Managers who were in charge of overseeing the activities of the Financial Institutions from the year 2002 to date should be made answerable for causing the disaster in the Financial Sector.”
“The BB Governor shall look into the matter for the greater interest of the nation in order to dismantle the prowess and ill-planes of the offenders, so that no further public money is purloined by the crook businessmen in collaboration with the unscrupulous BB officials,” also read the court order.
Attorney General AM Amin Uddin thinks that the HC observation will be useful. This observation will help in taking action against anyone who will commit a crime in the future, added the chief law officer of the state.
He also hoped that the BB will take action against the corrupt officials according to the observations of the HC.
Lawyer Khurshid Alam Khan suggested the overhauling of total system, including the recruitment process of the Bangladesh Public Service Commission (PSC) in order to recruit meritorious students in the banking sector.
Many disqualified candidates are being selected in the banking profession due to lack of proper recruitment process, said the lawyer adding that especially this group of people are committing crime in the sector.
The High Court has come down with deep anger upon the Bangladesh Bank, central bank of the country, for its role over the money laundering from the country’s commercial banks and other financial institutions. This anger has been projected recently in a series of orders passed by the HC benches.
What was the role of BB’s concerned officials when the money had been looting from the banks and other financial institutions,
the HC wanted to know in the orders.
Supreme Court lawyer Khurshid Alam Khan thinks these orders are a positive approach of the higher judiciary upon the financial sectors.
He said, “This is a positive approach of the country’s higher judiciary upon the financial sector. A lot of anomalies have been sighted in the financial sector. And there is a problem somewhere in monitoring the issues. That is why I think a lesson should be given to BB through judicial interruption.”
The lawyer said the central bank authorities have failed to properly monitor the country’s financial institutions. The central bank should be reshuffled for that, added the lawyer.
Following a Suo Moto ruling the HC bench of Justice Md Nazrul Islam Talukder and Justice Mohi Uddin Shamim on January 21 sought details including names, addresses and statuses of the officials of the BB who were in charges of overseeing financial institutions and money laundering matters from 2008 to 2020.
It also asked the BB governor to inquire if the officials of that period were responsible for the bankruptcy of the country’s financial institutions and to submit a report on February 15 this year.
In its order the court said, “Whether the officials of the concerned departments were able to identify the long-term money laundering process during this period, whether they were involved, whether they reported it to the relevant authorities, or whether they fueled or co-operated in this money laundering cases, we want to know.”
The court also said, “Such a big event was happening, they did not know anything, it is not believable. They are the public servants. They have to be accountable to the people.” In another order the HC on December 17 this year said that a section of BB top officials are harboring the financial thugs and perpetrators.
The court said, “The concerned officials of the central bank, particularly the DGMs, GMs, Executive Directors and Deputy Governors who were in charge of monitoring the performances and activities of the Banks and Financial Institutions at the relevant time, had been harboring the financial thugs or perpetrators, just to be personally gained at the cost of destroying the motherland’s economy.”
The HC bench of Justice Muhammad Khurshid Alam Sarkar made the observation following a company application filed under Section 233 of the Companies Act, 1994.
‘Tees Mart Inc’, a company holding 10% shareholder of Bangladesh Industrial Finance Company Limited (BIFC), filed the petition in March last year seeking HC directives to remove present Board of Directors of the BIFC.
In the order the court also observed, “For the case in hand, the General Managers who were in charge of overseeing the activities of the Financial Institutions from the year 2002 to date should be made answerable for causing the disaster in the Financial Sector.”
“The BB Governor shall look into the matter for the greater interest of the nation in order to dismantle the prowess and ill-planes of the offenders, so that no further public money is purloined by the crook businessmen in collaboration with the unscrupulous BB officials,” also read the court order.
Attorney General AM Amin Uddin thinks that the HC observation will be useful. This observation will help in taking action against anyone who will commit a crime in the future, added the chief law officer of the state.
He also hoped that the BB will take action against the corrupt officials according to the observations of the HC.
Lawyer Khurshid Alam Khan suggested the overhauling of total system, including the recruitment process of the Bangladesh Public Service Commission (PSC) in order to recruit meritorious students in the banking sector.
Many disqualified candidates are being selected in the banking profession due to lack of proper recruitment process, said the lawyer adding that especially this group of people are committing crime in the sector.
