Friday, December 09, 2016 BUSINESS

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NBR initiate fresh inquiry against Dr Yunus

Business Correspondent
 
Bangladesh’s tax authorities have launched a new investigation into the financial affairs of the Nobel Peace Prize winner Muhammad Yunus, his family and the micro-credit agency Grameen Bank that he founded, reports Al Jazeera.
Last week, it said, the central investigation cell of the National Board of Revenue (NBR) sent notices to banks requiring them to provide information within seven days about any accounts, loans, or other financial instruments held in the last seven years either by Yunus, his wife, the Yunus family trust, or Grameen Bank.
The notices, seen by Al Jazeera, were sent out a week after a tax commissioner had written to Yunus informing him the NBR had also decided to audit his personal tax return for the current financial year, and asking for documentation to “verify” his income and expenditure.
According to Al Jazeera, the latest inquiry is seen by some observers as a possible new step in the ruling Awami League party’s feud with Yunus, which was initially triggered by his attempt in 2007 to form a political party.
The Al Jazeera report mentioned that Iftekharuzzaman, head of Bangladesh chapter of Transparency International, said the NBR has jurisdiction to make such inquiries but added if it is politically motivated, to victimise a person, then it is a cause of concern.
However, the prime minister’s media adviser, Iqbal Sobhan Chowdhury, denied the new NBR inquiries involved any kind of harassment. “These letters are just a question of a financial institution getting financial information which can happen to any citizen, including ministers and businessman,”said Iqbal Sobhan.
In 2010, the government authorities removed Yunus as the managing director of Grameen Bank
Sabbir Osmani, media spokesperson of the Yunus Centre, was quoted to have said Yunus was “not in a position to comment” on the NBR notices sent to the banks.
The NBR in 2015 reportedly filed a court case against Yunus for allegedly failing to pay $1.5m in tax — an allegation the Nobel Peace Prize winner called “baseless”. The case was subsequently stayed by the High Court, the report pointed out.
Al Jazeera said the NBR letters were sent a couple of weeks after US presidential candidate Hillary Clinton, a strong supporter of Yunus when she was secretary of state, lost the US election.

Comment

Business Correspondent
 
Bangladesh’s tax authorities have launched a new investigation into the financial affairs of the Nobel Peace Prize winner Muhammad Yunus, his family and the micro-credit agency Grameen Bank that he founded, reports Al Jazeera.
Last week, it said, the central investigation cell of the National Board of Revenue (NBR) sent notices to banks requiring them to provide information within seven days about any accounts, loans, or other financial instruments held in the last seven years either by Yunus, his wife, the Yunus family trust, or Grameen Bank.
The notices, seen by Al Jazeera, were sent out a week after a tax commissioner had written to Yunus informing him the NBR had also decided to audit his personal tax return for the current financial year, and asking for documentation to “verify” his income and expenditure.
According to Al Jazeera, the latest inquiry is seen by some observers as a possible new step in the ruling Awami League party’s feud with Yunus, which was initially triggered by his attempt in 2007 to form a political party.
The Al Jazeera report mentioned that Iftekharuzzaman, head of Bangladesh chapter of Transparency International, said the NBR has jurisdiction to make such inquiries but added if it is politically motivated, to victimise a person, then it is a cause of concern.
However, the prime minister’s media adviser, Iqbal Sobhan Chowdhury, denied the new NBR inquiries involved any kind of harassment. “These letters are just a question of a financial institution getting financial information which can happen to any citizen, including ministers and businessman,”said Iqbal Sobhan.
In 2010, the government authorities removed Yunus as the managing director of Grameen Bank
Sabbir Osmani, media spokesperson of the Yunus Centre, was quoted to have said Yunus was “not in a position to comment” on the NBR notices sent to the banks.
The NBR in 2015 reportedly filed a court case against Yunus for allegedly failing to pay $1.5m in tax — an allegation the Nobel Peace Prize winner called “baseless”. The case was subsequently stayed by the High Court, the report pointed out.
Al Jazeera said the NBR letters were sent a couple of weeks after US presidential candidate Hillary Clinton, a strong supporter of Yunus when she was secretary of state, lost the US election.

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BRAC Bank becomes the Kit Partner of National Cricket Team

Tigers to sport BRAC Bank logo from upcoming New Zealand series!

Business Report
 
BRAC Bank Limited has become the proud partner of the Bangladesh National Cricket Team for two years. 
BRAC Bank will be the Team Kit Partner of National Cricket Team, National Women Team and Under 19 Team for all home and away series from 2016 to 2018 except International Cricket Council (ICC) tournaments. Mashrafee and his team will wear BRAC Bank logo on their chest starting from the upcoming New Zealand tour.
BRAC Bank Limited signed an agreement with Munshi Enterprise Limited, the official sponsorship rights holding company of Bangladesh Cricket Board (BCB) for Team Kits Partner, on December 7, 2016 at the bank’s head office in Dhaka. 
Zara Jabeen Mahbub, Head of Communications, BRAC Bank Limited, and Mr. Raquib Fakhrul Munshi, Chairman, Munshi Enterprise Limited, signed the agreement on behalf of their respective organization. Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, Mr. Nayeem Yakub, Head of Business, Munshi Enterprise Limited, and senior officials of the two organizations were present. Starting from the away series against New Zealand in December 2016-January 2017, the partnership will also cover the away series against Sri Lanka in February-March 2017, the home series against Pakistan in July 2017, the home series against Australia in August-September 2017, the away series against South Africa in October-November 2017, the home series against Sri Lanka in January 2018, the away Tri-nation Tournament in February 2018, the away series against West Indies in March-April 2018, the away Asia Cup in June 2018 and the away series against Australia in August-September 2018.
On the occasion, Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, said, “Cricket is the most popular sport of our country. Consistent world class performance of the national cricket team has immensely boosted the country’s image worldwide.” Association with national cricket team not only enhances brand recall but also becomes a pride factor for the brand itself. We believe partnership with the national cricket team will reinforce the bank’s image as a responsible corporate entity, he added.

Comment

Business Report
 
BRAC Bank Limited has become the proud partner of the Bangladesh National Cricket Team for two years. 
BRAC Bank will be the Team Kit Partner of National Cricket Team, National Women Team and Under 19 Team for all home and away series from 2016 to 2018 except International Cricket Council (ICC) tournaments. Mashrafee and his team will wear BRAC Bank logo on their chest starting from the upcoming New Zealand tour.
BRAC Bank Limited signed an agreement with Munshi Enterprise Limited, the official sponsorship rights holding company of Bangladesh Cricket Board (BCB) for Team Kits Partner, on December 7, 2016 at the bank’s head office in Dhaka. 
Zara Jabeen Mahbub, Head of Communications, BRAC Bank Limited, and Mr. Raquib Fakhrul Munshi, Chairman, Munshi Enterprise Limited, signed the agreement on behalf of their respective organization. Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, Mr. Nayeem Yakub, Head of Business, Munshi Enterprise Limited, and senior officials of the two organizations were present. Starting from the away series against New Zealand in December 2016-January 2017, the partnership will also cover the away series against Sri Lanka in February-March 2017, the home series against Pakistan in July 2017, the home series against Australia in August-September 2017, the away series against South Africa in October-November 2017, the home series against Sri Lanka in January 2018, the away Tri-nation Tournament in February 2018, the away series against West Indies in March-April 2018, the away Asia Cup in June 2018 and the away series against Australia in August-September 2018.
On the occasion, Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, said, “Cricket is the most popular sport of our country. Consistent world class performance of the national cricket team has immensely boosted the country’s image worldwide.” Association with national cricket team not only enhances brand recall but also becomes a pride factor for the brand itself. We believe partnership with the national cricket team will reinforce the bank’s image as a responsible corporate entity, he added.

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Yunus hands over International Children’s Peace Prize to 16 year old environmental activist at the Hague

Business Report
 
Nobel Laureate Professor Muhammad Yunus presents the 2016 International Children’s Peace Prize to 16 year old Kehkashan Basu from UAE for her remarkable activism in protecting the environment. The Prize which was conferred by Professor Yunus on 2 December at the Knight’s Hall in the Hague was instituted in 2005 to recognize outstanding contributions made my a child  to protect the rights of other children around the world.
Nobel Laureate Professor Muhammad Yunus presented  the International Peace Prize on December 2 to 16 year old environmental activist Kehkashan Basu at the Grand Hall of Knights at the Hague. The Prize is awarded annually to an exceptional child, whose courageous or otherwise remarkable actions have made a difference in improving children’s rights. The prize was launched by KidsRights during the 2005 World Summit of Nobel Peace Laureates in Rome. 
Professor Yunus, who won the Nobel Peace Prize in 2006 for his efforts for economic and social development, in his keynote speech at the ceremony underlined the urgency and importance of Kehkashan’s work, as more than three million children under the age of five die every year from environment-related diseases and many more suffer deeply from environmental issues. Professor Yunus said: “It is a great achievement for such a young person to already have such reach and impact with her important message. A healthy environment is essential for the survival, wellbeing and development of children, and therefore it is a precondition for the realization of the rights of the child. Kehkashan teaches us that we all have a responsibility to work towards a sustainable future.”
Kehkashan who was born in UAE of Bengali parents began at eight to  educate neighbours on the importance of saving the environment. She planted her first tree and brought together children to collect and recycle waste. She founded her organisation Green Hope at the age of twelve, through which she has initiated countless cleanup operations and awareness campaigns. Kehkashan then became the youngest ever Global Coordinator for the Major Group for Children and Youth of the United Nations Environmental Programme. Green Hope has become an international organization with activities in more than ten countries and over a thousand young volunteers.
Earlier in the trip Professor Muhammad Yunus delivered key note speech at the Trust Women Conference on December 1, 2016 in London on the role of entrepreneurship in shaping societies in the right direction to achieve the three zeroes - zero poverty, zero unemployment and zero net carbon emissions.
Trust Women is a conference organized by Thomson Reuters Foundation which is committed to find real solutions to empower women and to fight slavery worldwide. The annual event brings together global government representatives, corporations, lawyers, and pioneers in the field of women’s rights and anti-slavery.
Professor Yunus also delivered a speech on Social Business - the Business Model for the Future at London Business School(LBS) at Regents Park, London on the same day. The LBS event which is ranked by Financial Times as at #2 business school in the world, was attended by a standing room only audience of students, alumni and faculty.

Comment

Business Report
 
Nobel Laureate Professor Muhammad Yunus presents the 2016 International Children’s Peace Prize to 16 year old Kehkashan Basu from UAE for her remarkable activism in protecting the environment. The Prize which was conferred by Professor Yunus on 2 December at the Knight’s Hall in the Hague was instituted in 2005 to recognize outstanding contributions made my a child  to protect the rights of other children around the world.
Nobel Laureate Professor Muhammad Yunus presented  the International Peace Prize on December 2 to 16 year old environmental activist Kehkashan Basu at the Grand Hall of Knights at the Hague. The Prize is awarded annually to an exceptional child, whose courageous or otherwise remarkable actions have made a difference in improving children’s rights. The prize was launched by KidsRights during the 2005 World Summit of Nobel Peace Laureates in Rome. 
Professor Yunus, who won the Nobel Peace Prize in 2006 for his efforts for economic and social development, in his keynote speech at the ceremony underlined the urgency and importance of Kehkashan’s work, as more than three million children under the age of five die every year from environment-related diseases and many more suffer deeply from environmental issues. Professor Yunus said: “It is a great achievement for such a young person to already have such reach and impact with her important message. A healthy environment is essential for the survival, wellbeing and development of children, and therefore it is a precondition for the realization of the rights of the child. Kehkashan teaches us that we all have a responsibility to work towards a sustainable future.”
Kehkashan who was born in UAE of Bengali parents began at eight to  educate neighbours on the importance of saving the environment. She planted her first tree and brought together children to collect and recycle waste. She founded her organisation Green Hope at the age of twelve, through which she has initiated countless cleanup operations and awareness campaigns. Kehkashan then became the youngest ever Global Coordinator for the Major Group for Children and Youth of the United Nations Environmental Programme. Green Hope has become an international organization with activities in more than ten countries and over a thousand young volunteers.
Earlier in the trip Professor Muhammad Yunus delivered key note speech at the Trust Women Conference on December 1, 2016 in London on the role of entrepreneurship in shaping societies in the right direction to achieve the three zeroes - zero poverty, zero unemployment and zero net carbon emissions.
Trust Women is a conference organized by Thomson Reuters Foundation which is committed to find real solutions to empower women and to fight slavery worldwide. The annual event brings together global government representatives, corporations, lawyers, and pioneers in the field of women’s rights and anti-slavery.
Professor Yunus also delivered a speech on Social Business - the Business Model for the Future at London Business School(LBS) at Regents Park, London on the same day. The LBS event which is ranked by Financial Times as at #2 business school in the world, was attended by a standing room only audience of students, alumni and faculty.

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690th EC meeting of Shahjalal Islami Bank Limited held

Business Report
 
The 690th meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited held recently at head office of the Bank. The meeting was presided over by Mr. Md. Sanaullah Shahid, Chairman of the EC of the Bank. The members of the committee discussed various issues relate to investment in different sectors. Among others Chairman of the Board of Directors of the Bank Mr. Engineer Md. Towhidur Rahman, Vice-Chaiman of the Board of Directors Mr. Mohiuddin Ahmed, Vice-Chaiman of the EC Mr. Fakir Akhtaruzzaman, Directors Mr. A. K. Azad, Mr. Akkas Uddin Mollah, Mr. Mohammed Younus and Mr. Khandoker Sakib Ahmed, Managing Director Mr. Farman R Chowdhury, Deputy Managing Directors Mr. Md. Shahjahan Shiraj, Mr. M. Akhter Hossain and Mr. Abdul Aziz were present in the meeting.

Comment

Business Report
 
The 690th meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited held recently at head office of the Bank. The meeting was presided over by Mr. Md. Sanaullah Shahid, Chairman of the EC of the Bank. The members of the committee discussed various issues relate to investment in different sectors. Among others Chairman of the Board of Directors of the Bank Mr. Engineer Md. Towhidur Rahman, Vice-Chaiman of the Board of Directors Mr. Mohiuddin Ahmed, Vice-Chaiman of the EC Mr. Fakir Akhtaruzzaman, Directors Mr. A. K. Azad, Mr. Akkas Uddin Mollah, Mr. Mohammed Younus and Mr. Khandoker Sakib Ahmed, Managing Director Mr. Farman R Chowdhury, Deputy Managing Directors Mr. Md. Shahjahan Shiraj, Mr. M. Akhter Hossain and Mr. Abdul Aziz were present in the meeting.

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