Sagar Biswas :
The same group, which was involved with 2009 share market scam, has again become active to grab the state-run financial institution Investment Corporation of Bangladesh [ICB] by retaining Fayekuzzaman as managing director (MD) for the sixth consecutive term.
Official sources said. the ICB is now facing debacle due to alleged corruption, mismanagement and nepotism of high levels. Top ICB officials of have allegedly misappropriated huge amount of money in the name of disbursing loans
among the clients, though the share market is yet not strong enough to stand on its own foot after two massive crashes in 1996 and 2009.
The Anti-Corruption Commission [ACC] has already launched a full-scale investigation into alleged corruption of ICB high ups and also interrogated the ICB Managing Director Md Fayekuzzaman and its former Director Md Moshiur Rahman in this connection.
Meanwhile, Md Fayekuzzaman has started lobbying to get appointment as MD of the ICB for the sixth consecutive tenure despite having strong allegations against him for negative role during 2009 share market crash, sources said.
Official sources said, Md Fayekuzzaman had joined ICB as MD for the first time on July 11, 2010. Earlier, he served as deputy MD of the state-owned Agrani Bank. He was appointed MD of ICB on December 5, 2013 for the fourth time and again he got another year of extension in the following year.
Taking the opportunity, Md Fayekuzzaman appointed highest number of employees in the last five years, ICB officials said.
When contacted over phone, Md Fayekuzzaman told The New Nation that he was not aware about getting appointment in ICB for the sixth consecutive time. “Actually, I can’t tell you about the matter at this moment. But I am not lobbying to become MD again.”
Former Deputy Governor of Bangladesh Bank and Chairman of the probe committee on the share market scam Ibharhim Khelad in his report pointed out that there was a negative role of the ICB MD [Fayekuzzaman ] during the 2009 share market crash.
Ibrahim Khaled, however, expressed severe dissatisfaction about the recent performance of ICB and further appointment of the same person who was allegedly involved with share market scam.
On the other hand, expressing displeasure former Governor of Bangladesh Bank Salehuddin Ahmed on Wednesday said, “It was thought that the ICB could play a positive role to pick-up the share market. But it failed to do that.”
“It needs skilled and dynamic person in the leadership of ICB [as MD]. And so, the performance of MD must be accomplishable, whoever will got appointment in this post,” he said.
In 2009, according to Centre for Policy Dialogue [CPD], most of the new investors didn’t have enough knowledge about the stock market but invested their all savings in the market while 238 brokerage houses opened 590 branches in 32 districts.
The scenario was almost same in 1996, when shares were used to be sold in front of Dhaka Stock Exchange [DSE] in the street and it was not easy for illiterate investors to identify which one was profitable and which one not. Even fake printed shares also were sold in the street.
One of the ICB’s basic functions is ‘direct purchase and sale of shares and debentures, including placement and equity participation.’ Besides, ICB’s another duty is ‘providing lease finance singly and through syndication.’
Not only that, the ICB is also assigned to provide advance against ICB Unit, Bangladesh Fund, Mutual Fund certificates and ICB AMCL Unit Fund certificates. Apart from it, the jobs of ICB also includes introducing new business, Venture Capital Financing, taking part in offloading of state owned enterprises shares and managing Equity and Entrepreneurship Fund [EEF] & others special schemes declared by the government .
But in all cases, the role of ICB was not satisfactory at all despite several attempts taken by the government, according to sources.
