• Saturday, August 02, 2014

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Finance Minister AMA Muhith

BASIC chairman bows out

BASIC chairman bows out

With the clamour for his dismissal growing louder, Sheikh Abdul Hye Bacchu, the main accused behind BASIC Bank's current financial straits, has stepped down from the post of chairman. The resignation, handed to Finance Minister AMA Muhith on Friday night, comes just two months before the expiry of his second term as chairman of the troubled bank. By resigning from the post, Bacchu has not gotten away with his misdeeds, the minister told reporters at his office yesterday. “Resignation does not give a solution -- the prosecution will go on.” Muhith...

Money Whitening Scope

Muhith trashes media reports

Muhith trashes media reports

Finance Minister AMA Muhith yesterday said media reports on continuation of the scope for whitening black money through investment in real estate were “utter nonsense”. "Yes, and I have stuck to my guns. It is rubbish that you have printed … totally rubbish … I have not given anything," said a peeved Muhith in...

Muhith blasts media for report on money whitening

Muhith blasts media for report on money whitening

In a fresh twist of statement, the finance minister today insisted that the government did not offer any scope to legalise black money in the new fiscal year. AMA Muhith also lambasted the media for reports that the government has allowed unquestioned legalisation of black money in real estate. "The real estate sector will get...

Editorial

Whitening black money

FINANCE Minister AMA Muhith has backtracked on his post-budget press conference announcement to the effect that thenceforth the provision for legalizing black money stood cancelled. Just three weeks on, during the passage of the finance bill, the finance minister treated us with a retraction. He has declared that undisclosed or unearned incomes would be allowed to be legalized and that two options will be available for this purpose: Investments in real  estate by paying tax, and legalization of unearned...

Square to launch baby diapers

Square Toiletries, a concern of local conglomerate Square Group, is set to launch baby diapers to cater to the growing demand, an official said yesterday. Malik M Sayeed, head of marketing of Square Toiletries, said the company plans to manufacture baby diapers considering market prospects and to diversify its product basket for baby care. "We are introducing diapers to help parents take better care of their babies. We hope to launch our product by September," Sayeed said. The company plans to launch...

Underground Railway In Dhaka

Ministry asked to study feasibility

The cabinet purchase committee yesterday directed the communications ministry to conduct a feasibility study for an underground railway in the capital to ease traffic congestion. The directive came at a meeting of the committee at the Cabinet Division, with Finance Minister AMA Muhith in the chair. The meeting approved appointment of two consultants for the Dhaka-Chittagong Expressway and Dhaka Mass Rapid Transit projects. The Asian Development Bank (ADB), Japan International Cooperation Agency (Jica) and China have expressed interest in financing the Dhaka-Chittagong...

It's shameful

A White Paper on various frauds in the banking sector, including BASIC Bank, would be published through parliament sometime in the middle of the next fiscal year, Finance Minister AMA Muhith said in parliament yesterday. “Scams in the financial sector are very shameful for us … for my ministry it is a matter of regret,” Muhith said before the supplementary budget for the fiscal year 2013-14 was passed in parliament yesterday. He said the White Paper would be presented in the...

BASIC Bank's loan defaults swelling to Tk 1,700cr

BASIC Bank's loan defaults swelling to Tk 1,700cr

BASIC Bank's default loans continue to escalate in the face of irregularities, despite Bangladesh Bank's efforts to keep it in check. By the end of June, it is forecast to hit Tk 1,700 crore, up 13 percent from March 30, according to a finance ministry report placed in parliament on Thursday. The figure is 13.45...

Muhith admits mistake in picking bank board directors

Muhith admits mistake in picking bank board directors

Finance Minister AMA Muhith today said there had been mistakes on the government part in selecting people for the boards of state-owned banks. “We had many mistakes in our choice…There was a weakness in monitoring the banks,” he said. Muhith was speaking to reporters after a function at the finance ministry on dividend cheque handover...

Dispel confusion over black money, TIB urges govt

The Transparency International Bangladesh (TIB) yesterday urged the government to clarify its stance on black money in the next fiscal year. TIB demanded the government erase any direct or indirect scope for whitening black money. TIB Executive Director Dr Iftekharuzzaman has appreciated Finance Minister AMA Muhith for not bowing to the “pressure of an influential quarter” for giving amnesty to black money.  “But the speech of the NBR chairman at the same press conference has created scope for confusion,” Iftekharuzzaman said....

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