Staff Reporter :
Chief Adviser Professor Dr. Muhammad Yunus has instructed the relevant authorities to establish a dedicated fund to manage recovered looted assets and money.
At a press briefing at the Foreign Service Academy on Monday following a meeting on the progress of recovering laundered funds, Chief Adviser’s Press Secretary Shafiqul Alam stated, “The Chief Adviser has given directions to set up a looted money management fund, which will be used for public welfare.”
He added that the meeting decided the fund would be utilized specifically for
initiatives benefiting the poor. The meeting, chaired by the Chief Adviser, Muhammad Yunus, took place at the State Guest House Jamuna.
During the press briefing, Bangladesh Bank Governor Ahsan H Mansur said that the fund would be established in accordance with existing legal provisions. “If needed, the necessary laws will be amended to facilitate the creation of the fund,” he said.
He expressed hope that the interim government would be able to initiate the fund within its tenure, but emphasized that the elected government must continue and maintain it.
According to the Bangladesh Bank Governor, the fund will be constituted using money and assets seized from individuals accused of misappropriation.
He clarified that any looted funds recovered from banks will be returned to the respective institutions to ensure depositor compensation.
For ill-gotten gains acquired through non-banking corruption, the recovered resources will be allocated toward poverty alleviation through this new fund.
Regarding frozen shares in companies burdened with bank loans, Mansur mentioned that these will be transferred to strategic investors. However, to regularize this process, the government will first assume temporary ownership of the shares.
“This legal measure is necessary to ensure proper transfer. The proceeds from new investors will be channeled to the affected banks through the newly formed fund,” he explained.
