The Financial Express

TIB hails Beximco contribution to nat’l economy

TIB hails Beximco contribution to nat’l economy

Transparency International Bangladesh (TIB) has commended Beximco Group, one of leading business conglomerates in the country, for its contribution to the national economy.

The Bangladesh chapter of the global anti-graft body also hoped that Beximco will maintain its continued progress and subsequently contribute to the sustainable development of the country.

“As a leading private sector entity, the contribution of Beximco Limited to the national economy is undoubtedly noteworthy. In particular, the active and multi-prong role of Beximco is plausibly commendable in local and international markets,” reads a letter addressed to Beximco Group Chairman ASF Rahman.

Sultana Kamal, chairperson, TIB Board of Trustees, wrote the letter to the Beximco Group Chairman in response to a protest note issued by the group following a news report published in The Daily Star based on a September 13 press release issued by TIB on the recent rescheduling of loans granted to Beximco Group, and the insinuation aimed at Beximco Group Vice Chairman Salman Fazlur Rahman MP.

In the letter dated September 16, Sultana Kamal clarified the objective of the TIB press statement and hoped that Beximco will maintain the path of its continued progress and subsequently keep contributing to the sustainable development of the country.

“Similarly, TIB hopes that the business model and the practice of Beximco as the leading private sector organization will set an example for other small or large entities in establishing national integrity strategy.” 

The objective of the TIB statement was to express concern over the ‘self-defeating role’ of Bangladesh Bank in dealing with the crisis in the country’s overall banking sector, and also to lay emphasis on the necessity of taking bold steps by the bank to overcome this crisis, reads the letter.

“Under the circumstances, it’s beyond question that the TIB executive director or the TIB itself had no intention to make any negative remark on the Beximco as an institution or at individual level on its respected vice-chairman, who is also a member of parliament,” Sultana Kamal said. 

About the news reports published in media involving the probable decision on Beximco Limited’s loan restructuring by the Bangladesh Bank, the anti-graft body, however, said, “TIB for obvious reasons believe that it’s suicidal for Bangladesh Bank to extend this facility by ‘going against its own guidelines’ and regulations.”

“Moreover, it will heighten the risk of further intensifying the acute liquidity crisis and the burden of over 1 lakh crore taka defaulted loan. And that the main objective of TIB was to express this concern over the issue.”

“When Bangladesh Bank, like all other organisations involved in people’s welfare, is on the verge of 'failure' in properly delivering its role as a regulator, TIB thinks it as a moral obligation to criticize and make pleas for effective steps.”

Amid the 'institutionalisation' of defaulted loans and the grounds created over the 'failure' of Bangladesh Bank in discharging the responsibilities bestowed on it, TIB has made a call to form an independent commission to overcome such crucial situation, Sultana Kamal said.

Also, it has become inevitable to undertake short, medium and long term reforms initiative to address the crisis, she added.

“And, we believe that, for all private sector organisations like Beximco and other concerned, these steps will pave the way for overcoming the present state of no-confidence in the banking sector,” reads the letter.

“In brief, it’s for your information that TIB activities are in no way influenced by the identity or status of anyone or any authorities in the government.

Mentionable that even during the rule of army-backed caretaker government, the TIB had never backtracked from criticizing any move to abuse power in the name of curbing corruption, and for that TIB had to face the then government's wrath. Moreover, the TIB has published a complete research on different controversial activities of the then government including the corruption committed by a section of the army personnel, Sultana Kamal said in her letter to the Beximco Group chairman.

“(I) hope, all these make it clear that pointing finger to anyone on personal ground is not the objective of TIB. Also, (I) want to assure you that TIB always evaluates with due importance any positive contribution of Beximco to the national economy, like other reputed organisations,” she concluded.



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