Business of Babar unknown | The Daily Star
12:00 AM, December 26, 2008 / LAST MODIFIED: 12:00 AM, December 26, 2008

Business of Babar unknown

Lutfozzaman Babar, the most-talked-about figure of the BNP-led alliance government for many controversies, claims to be a businessman but says the major part of his earnings come from agriculture.
The wealth statement he submitted to the Election Commission (EC) reveals he earns Tk 12.5 lakh annually, Tk 3.9 lakh of which comes from agriculture, while Tk 2.99 lakh from shares and savings.
The former state minister for home, who is contesting the ninth parliamentary election as an independent candidate from Netrakona-4 constituency, owns 701 decimal agricultural land worth Tk 1.43 crore in Madan, Netrakona.
Babar did not specifically describe the nature of his business and how much money he earns from it. He however gave a list of his investments and showed Tk 21.17 lakh as his business capital, the statement says.
Analysis of his wealth statement shows Babar and his wife are equally wealthy as both have shares, savings certificates, bonds and fixed deposit receipts (FDR) worth crores of taka.
He has given Tk 32.79 lakh in advance to buy an apartment and a plot, while his wife owns a house and an apartment worth Tk 1.4 crore. His other assets include a Lexus car worth Tk 46.74 lakh, 40 tolah of gold and three firearms worth Tk 1.12 lakh.
Babar has only Tk 4.85 lakh in cash but his total wealth amounts to Tk 2.14 crore with Tk 68.74 lakh deposited in different banks and financial institutions. The value of his shares and companies amounts to Tk 25.14 lakh, while postal and various savings certificates amount to Tk 9.7 lakh.
His wife has nearly Tk 1 crore deposited in banks and financial institutions besides shares and listed and unlisted companies worth 1.27 crore, adds the statement.
Babar says he owes nearly Tk 22 lakh to the City Bank and Prime Bank and has Tk 65.25 lakh loan without security deposit.
Being off-track of his family tradition, Babar studied up to Class X but succeeded in money-making allegedly through illicit means and established himself as a politician.
One of the youngest members in the cabinet of BNP-Jamaat government, Babar with his own style of spike-cut hair and a decent smile enjoyed blessings of Tarique Rahman and his Hawa Bhaban, which was considered as the alternative power house during BNP rule.
He was allegedly involved in tender manipulation, recruitment, promotion, land-grabbing and purchase procedures. A pioneer in forming Rapid Action Battalion (Rab), he was widely criticised due to extra-judicial killings by the elite force.
Though his role was to combat evil forces, taking Tk 21 crore bribe from Bashundhara Group in exchange for not implicating Shafiat Sobhan in a murder case made him infamous.
Babar had a Casio watch business in Uttara Bank building during HM Ershad regime and used to call Raushan Ershad "mother". He was even allegedly involved in international smuggling.
The army-led joint forces arrested Babar on May 28 last year and recovered four illegal firearms, two magazines, and 297 rounds of ammunition. He was later handed down 17 years' rigorous imprisonment for possessing illegal arms and ammunition.
He was also sued by the Anti-Corruption Commission (ACC) for hiding information about wealth worth about Tk 7.6 crore in the wealth statement.
Babar, whose poll symbol is pineapple, will have a tough contest with grand alliance candidate Rebeka Momin as local leaders of four-party alliance extends their support to him instead of alliance nominee Ataul Huq.
He is carrying out his campaign on an ambulance to portray himself as a sick person to woo the voters.

Stay updated on the go with The Daily Star Android & iOS News App. Click here to download it for your device.

Type START <space> BR and send SMS it to 22222

Type START <space> BR and send SMS it to 2222

Type START <space> BR and send SMS it to 2225

Leave your comments

Top News

Top News