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Muhith again backtrack from  releasing money heist report

Business Report
 
Finance Minister AMA Muhith has again made it clear he will not release Bangladesh Bank money heists report until the right time to facilitate the recovery of money from the Philippines. According to his latest public confirmation, the report was scheduled to go online on the finance ministry’s website (today) Thursday 
Meanwhile, a Philippines court on September 19 ordered the country’s central bank to return nearly $15 million, a part of the Bangladesh Bank’s stolen fund that has been recovered, to Bangladesh Bank.
The court ruled that the BB is the legal owner of the funds, which were wired into the island nation’s banking system by unknown hackers in February this year, BB officials said.
Bangko Sentral Pilipinas (BSP), the central bank of the Philippines, will now have to comply with the court order, BB officials said. The recovered money is now in the vault of the Philippines central bank. 
Back in Dhaka, Muhith’a backtracking to release the Bangladesh government investigation report came at a time when a news report from Manila said the authorities are waiting there for the release of investigation report of Bangladesh government on money hest to fix the blame about the money heist. 
In this background, Mihith deferred the release of the report again. He told reporters on Wednesday that “We filed cases there [in the Philippines]. They will be upset if the report is made public now,” Finance Minister AMA Muhith told reporters yesterday after a meeting of the cabinet committees on economic affairs and purchase.
Earlier, Muhith said the report would be released before his two-week tour of a number of countries, including the US, which starts on Saturday.
“Now it will not happen in my absence. We can’t say when it will be published, but it will definitely be published later,” he added.
A three-member government-formed committee led by former Bangladesh Bank Governor Mohammed Farashuddin submitted the report to the finance ministry on May 30. Since then, Muhith on several occasions pledged to publish it.
On July 21, the minister told the parliament that the probe report on the heist will be made public within the “next few days”.
Muhith said separate discussions with the law minister and the attorney general over the matter led him to decide not to publish the report for now.
In February, $101 million was hacked from the BB’s reserve account with the Federal Reserve Bank of New York Fed. Of the sum, $81 million was siphoned off to the Philippines and $20 million to Sri Lanka.
Bangladesh has already got back the money laundered to Sri Lanka. Of the $81 million, the Philippines court gave an order to return $15 million to Bangladesh and the amount would be deposited to the BB account in a few days.
The finance minister yesterday said he is hopeful of getting back almost 100 percent of the stolen money.
Muhith said Bangladesh’s ambassador to the Philippines met the new president of the country and invited him to visit Bangladesh.
President Rodrigo Duterte told the ambassador that he will not visit Bangladesh until his country returns the money, the finance minister added.

Comment

Business Report
 
Finance Minister AMA Muhith has again made it clear he will not release Bangladesh Bank money heists report until the right time to facilitate the recovery of money from the Philippines. According to his latest public confirmation, the report was scheduled to go online on the finance ministry’s website (today) Thursday 
Meanwhile, a Philippines court on September 19 ordered the country’s central bank to return nearly $15 million, a part of the Bangladesh Bank’s stolen fund that has been recovered, to Bangladesh Bank.
The court ruled that the BB is the legal owner of the funds, which were wired into the island nation’s banking system by unknown hackers in February this year, BB officials said.
Bangko Sentral Pilipinas (BSP), the central bank of the Philippines, will now have to comply with the court order, BB officials said. The recovered money is now in the vault of the Philippines central bank. 
Back in Dhaka, Muhith’a backtracking to release the Bangladesh government investigation report came at a time when a news report from Manila said the authorities are waiting there for the release of investigation report of Bangladesh government on money hest to fix the blame about the money heist. 
In this background, Mihith deferred the release of the report again. He told reporters on Wednesday that “We filed cases there [in the Philippines]. They will be upset if the report is made public now,” Finance Minister AMA Muhith told reporters yesterday after a meeting of the cabinet committees on economic affairs and purchase.
Earlier, Muhith said the report would be released before his two-week tour of a number of countries, including the US, which starts on Saturday.
“Now it will not happen in my absence. We can’t say when it will be published, but it will definitely be published later,” he added.
A three-member government-formed committee led by former Bangladesh Bank Governor Mohammed Farashuddin submitted the report to the finance ministry on May 30. Since then, Muhith on several occasions pledged to publish it.
On July 21, the minister told the parliament that the probe report on the heist will be made public within the “next few days”.
Muhith said separate discussions with the law minister and the attorney general over the matter led him to decide not to publish the report for now.
In February, $101 million was hacked from the BB’s reserve account with the Federal Reserve Bank of New York Fed. Of the sum, $81 million was siphoned off to the Philippines and $20 million to Sri Lanka.
Bangladesh has already got back the money laundered to Sri Lanka. Of the $81 million, the Philippines court gave an order to return $15 million to Bangladesh and the amount would be deposited to the BB account in a few days.
The finance minister yesterday said he is hopeful of getting back almost 100 percent of the stolen money.
Muhith said Bangladesh’s ambassador to the Philippines met the new president of the country and invited him to visit Bangladesh.
President Rodrigo Duterte told the ambassador that he will not visit Bangladesh until his country returns the money, the finance minister added.

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Locally reared cattle supplied over 80pc demand

Business Report
 
Locally reared cattle served over 80 percent demand of sacrificial animal this year during Eid-ul-Azha festival making the nation one step closer to self sufficiency and dependence on supply from across the border. 
As per news report there is no official estimate on how many cattle were sacrificed during this Eid. But Bangladesh Meat Merchants’ Association (BMMA) sources said it stood between 55 to 57 lakh cattle, in addition to goats and other animals, compared to about 55 lakh during previous year’s Eid festival. The supply of locally grown cattle was over 42 lakh this year which is around two lakh higher than that of last year, the source said adding it was sufficient and indicative of steady local self sufficiency. 
They said cattle from India used to meet around 40 percent of the need for sacrificial animals during the Eid festivals before announcing ban on cattle supply by India. But this dependence has been on the decline for the last two years. 
Traders would bring around eight to nine lakh cattle from India in the month before this Eid festival. But it is falling.
Last year, locally reared cattle met around 70 percent of the demand for sacrificial animals, this year it declined to around 20 percent. Before this Eid, the Department of Livestock Services had projected supply of locally grown cattle would be 44 lakh.
In fact farmers this time fattened around 33 lakh cattle against 30 lakh last year. The DLS is yet to estimate the number of animals sacrificed during this Eid. According to it, 96 lakh animals, including goats, were slaughtered during last year’s 
Eid. DLS sources said the supply of locally grown cattle was adequate. They said locally farmed cattle largely met the demand for sacrificial animals this Eid.”
The share of cattle brought from India was insignificant. The number of locally reared animals, including goats, ready for slaughter rose to 1.14 crore this year from 1.09 crore last year, he said. Over the last one and a half years, the number of cattle farms increased and existing farms enhanced their capacity to meet shortage of Indian animals.

Comment

Business Report
 
Locally reared cattle served over 80 percent demand of sacrificial animal this year during Eid-ul-Azha festival making the nation one step closer to self sufficiency and dependence on supply from across the border. 
As per news report there is no official estimate on how many cattle were sacrificed during this Eid. But Bangladesh Meat Merchants’ Association (BMMA) sources said it stood between 55 to 57 lakh cattle, in addition to goats and other animals, compared to about 55 lakh during previous year’s Eid festival. The supply of locally grown cattle was over 42 lakh this year which is around two lakh higher than that of last year, the source said adding it was sufficient and indicative of steady local self sufficiency. 
They said cattle from India used to meet around 40 percent of the need for sacrificial animals during the Eid festivals before announcing ban on cattle supply by India. But this dependence has been on the decline for the last two years. 
Traders would bring around eight to nine lakh cattle from India in the month before this Eid festival. But it is falling.
Last year, locally reared cattle met around 70 percent of the demand for sacrificial animals, this year it declined to around 20 percent. Before this Eid, the Department of Livestock Services had projected supply of locally grown cattle would be 44 lakh.
In fact farmers this time fattened around 33 lakh cattle against 30 lakh last year. The DLS is yet to estimate the number of animals sacrificed during this Eid. According to it, 96 lakh animals, including goats, were slaughtered during last year’s 
Eid. DLS sources said the supply of locally grown cattle was adequate. They said locally farmed cattle largely met the demand for sacrificial animals this Eid.”
The share of cattle brought from India was insignificant. The number of locally reared animals, including goats, ready for slaughter rose to 1.14 crore this year from 1.09 crore last year, he said. Over the last one and a half years, the number of cattle farms increased and existing farms enhanced their capacity to meet shortage of Indian animals.

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EC meeting of Shahjalal Islami Bank Limited held

Business Report
 
A meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited held recently at the head office in the city presided over by its chairman Md. Sanaullah Shahid. 
The members discussed various issues relate to investment in different sectors. Among others Vice-Chairman of the Board of Directors Mr. Mohiuddin Ahmed and  some other directors were present. 
Bank’s Managing Director Farman R Chowdhury, Deputy Managing Directors  Md. Shahjahan Shiraj, M. Akhter Hossain and Abdul Aziz were also present on the occasion.

Comment

Business Report
 
A meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited held recently at the head office in the city presided over by its chairman Md. Sanaullah Shahid. 
The members discussed various issues relate to investment in different sectors. Among others Vice-Chairman of the Board of Directors Mr. Mohiuddin Ahmed and  some other directors were present. 
Bank’s Managing Director Farman R Chowdhury, Deputy Managing Directors  Md. Shahjahan Shiraj, M. Akhter Hossain and Abdul Aziz were also present on the occasion.

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MTB and ACE Autos officials at the signing of service agreement 

Business Report
 
Mutual Trust Bank Limited (MTB) signed an agreement with ACE Autos (Pvt.) Ltd recently for MTB Privilege customers, MTB VISA Signature and MTB MasterCard World cardholders along with MTB Management staff. 
Under the agreement customers can enjoy 10 percent discount on labour charges and extended warranty up to two years at ACE Autos (Pvt.) Ltd.
Azharul Islam, Managing Director & CEO, ACE Autos (Pvt.) Ltd. and Mohammad Anwar Hossain, Head of MTB Cards signed the agreement on behalf of their respective organizations. 
Ajay Barman, Head of Finance and Accounts, ACE Autos (Pvt.) Ltd., Irfan Islam, Head of MTB Privilege Banking along with other senior officials of both the organizations were also present at the occasion.

Comment

Business Report
 
Mutual Trust Bank Limited (MTB) signed an agreement with ACE Autos (Pvt.) Ltd recently for MTB Privilege customers, MTB VISA Signature and MTB MasterCard World cardholders along with MTB Management staff. 
Under the agreement customers can enjoy 10 percent discount on labour charges and extended warranty up to two years at ACE Autos (Pvt.) Ltd.
Azharul Islam, Managing Director & CEO, ACE Autos (Pvt.) Ltd. and Mohammad Anwar Hossain, Head of MTB Cards signed the agreement on behalf of their respective organizations. 
Ajay Barman, Head of Finance and Accounts, ACE Autos (Pvt.) Ltd., Irfan Islam, Head of MTB Privilege Banking along with other senior officials of both the organizations were also present at the occasion.

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Banking through Post office planned 

Business Report
 
The government plans to use post office banking service to find new usefulness of the dwindling system as it is losing significance. The new idea has been mooted to popularise savings tools across the country, especially in remote rural areas, reports said quoting Tarana Halim, state minister for telecom.
The post and telecom division sought approval from the finance ministry last month to introduce the services under Bangladesh Post Office. “We think there is scope to serve the people living in remote areas through post offices and that’s why we have applied for permission to the bank and financial institutions division.”
The telecom division is yet to finalise the paid-up capital that will be needed to launch the services, she said.
“After getting the approval, we will plan to introduce banking services at the post offices,” Tarana said.
Currently, there are around 8,900 post offices across the country and it will be the biggest banking channel if the finance ministry gives a go-ahead to the proposal, Tarana said.

Comment

Business Report
 
The government plans to use post office banking service to find new usefulness of the dwindling system as it is losing significance. The new idea has been mooted to popularise savings tools across the country, especially in remote rural areas, reports said quoting Tarana Halim, state minister for telecom.
The post and telecom division sought approval from the finance ministry last month to introduce the services under Bangladesh Post Office. “We think there is scope to serve the people living in remote areas through post offices and that’s why we have applied for permission to the bank and financial institutions division.”
The telecom division is yet to finalise the paid-up capital that will be needed to launch the services, she said.
“After getting the approval, we will plan to introduce banking services at the post offices,” Tarana said.
Currently, there are around 8,900 post offices across the country and it will be the biggest banking channel if the finance ministry gives a go-ahead to the proposal, Tarana said.

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Sonali Bank gets new DMD

Business Report
 
Sardar Nurul Amin on Monday joined Sonali Bank as deputy managing director, said a circular of banking and financial institution division of the Ministry of Finance.
Previously, he was general manager at head office of the same bank. Nurul started his banking career as senior officer in Sonali Bank in 1984. During his 32 years career, he served as head of IT division at the bank’s head office. He also worked as general manager in three General Managers’ office and as branch head of the bank. He is an MA in sociology from Chittagong University, said a press release.

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Business Report
 
Sardar Nurul Amin on Monday joined Sonali Bank as deputy managing director, said a circular of banking and financial institution division of the Ministry of Finance.
Previously, he was general manager at head office of the same bank. Nurul started his banking career as senior officer in Sonali Bank in 1984. During his 32 years career, he served as head of IT division at the bank’s head office. He also worked as general manager in three General Managers’ office and as branch head of the bank. He is an MA in sociology from Chittagong University, said a press release.

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Officials at BRAC Bank- Ranks FC Properties signing Agreement

Business Report
 
BRAC Bank Limited recently signed a Retail Banking Service Agreement with Ranks FC Properties Limited, a sister concern of Rangs Group and a well-known real estate developer company in Chittagong. 
Under the agreement, BRAC Bank will provide exclusive and faster Home Loan to customers of Ranks FC Properties. In addition to that BRAC Bank Limited will offer preferential rate of interest and processing fees for their customers. 
Kyser Hamid, Head of Retail Sales, BRAC Bank, Fahim Ahmed Faruk Chowdhury, Managing Director, Ranks FC Properties Limited, signed the agreement on behalf of their respective organization. 
S. M. Moinul Hossain, Head of Retail Underwriting, BRAC Bank, Mahbub Sobhan Jalal (Tanvir), Director, Ranks FC Properties and senior officials of both the organizations were present.

Comment

Business Report
 
BRAC Bank Limited recently signed a Retail Banking Service Agreement with Ranks FC Properties Limited, a sister concern of Rangs Group and a well-known real estate developer company in Chittagong. 
Under the agreement, BRAC Bank will provide exclusive and faster Home Loan to customers of Ranks FC Properties. In addition to that BRAC Bank Limited will offer preferential rate of interest and processing fees for their customers. 
Kyser Hamid, Head of Retail Sales, BRAC Bank, Fahim Ahmed Faruk Chowdhury, Managing Director, Ranks FC Properties Limited, signed the agreement on behalf of their respective organization. 
S. M. Moinul Hossain, Head of Retail Underwriting, BRAC Bank, Mahbub Sobhan Jalal (Tanvir), Director, Ranks FC Properties and senior officials of both the organizations were present.

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