Investments by emigrants need more care

Mohd Siddiqur Rahman :
The news under the headline “Deshe Biniog-e Kal Holo 120 Probasir” published in The Weekly Bangla in New York on 1st June, 2014, obviously overwhelmed the emigrants and immigrants living in different countries. In accordance with the report, 120 emigrants, after having made investment into Dhaka Regency Hotel and Resort, got entangled with Litigations Scuffles, Imprisonments including various harassments. Their investment has ultimately turned into a long sad history that may be briefly discoursed for kind information, lessons, awareness to the potential investors as well as to the concerned authorities for necessary steps needed to be taken to address the issue in near future.
As reported, in 2005, three directors of British Bangladesh Investment Group (BGIG) called upon the emigrants to make investment in home country.
They inspired the Bangladeshi origin British immigrants to invest money into a five star hotel named Dhaka Regency Hotel and Resort alluring them huge profit and facilities in it Convinced initially 150 emigrants came up, invested amount between the range of f25000.00 to f75000.00 according to their respective abilities.
They signed up agreement keeping provisions that every investor shall be selected as director of the company, entitled to dividend and shall enjoy all usual facilities of a director. Accordingly all were informed in formal letters offering ID card with unique code.
But later, it was revealed that the company was formed inducting into three pioneers, their mothers and wives totaling seven directors in deviation of the contract. Besides, dividend was distributed to a few directors and that was also prolonging over two years.
Conflicts began as all these gave rise to suspicion, having suspected evil motive behind, investors contacted Ministry of Commerce and Industries, Joint Stock Company wherein came to know about many other irregularities and deceitful acts. Now they started pressurising the directors to pay them dividend and make them directors as per agreement but all efforts ended in futile .
Once the directors in full authority proposed to settle the case returning the initial capital paid by them and nothing else as dividend and wealth. This proposal was turned down.
The investors continued to be in touch with the different government’s departments in order to take appropriate action against the directors, but to no effect. Then they sent legal notice through Dr. Kamal Hossain Associates inviting them to settle the case refunding the capital invested including some dividend but directors disagreed to it .
Then litigations began. Sixteen cases of forgery, subscriptions tricks ,hijacking, abduction etc were filed with different police stations in different districts of Bangladesh against the investors, as a result they had, by this time, suffered imprisonment In many police stations located in Dhaka, Sylhet, Jessore and even in Jikorgacha. The cases filed from different areas may be noted as follows : CR case no 73/2013, under section , 323/ 341/ 393 /379 /506. CR case no 83 /2013 under section 420 /463 /537/ 468 471/ 506. CR case no 155/ 14 under section 143/ 506 /380 /406 /427 /34 . CR case no 156/ 14 under section 323 /147/ 447/324/325/380/427/506/34. GR case no 04 /147 dated 11/9/12,under section 385/506. Paltan thana case no case 28/161,dated 27/4/14 under section 323/379/506/34. Paltan thana case n0 27/160 dated 26/4/14 under section 323/379/506/34. Jatrabari Thana case no 55/231 under section 323 /341/385/379/506/34. Sylhet Mugla Bazar Thana case no 1/55 dated 1/5/14 under section 406/342/323/379/34. Jessore Kotwali Thana case no 40/516 dated 8/5/14 under 420/406.
Here is not the end, investors said they got the hints of more cases in process to be filed against them in future. Sufferings, sorrows and afflictions over the cases have already reached beyond description.
 In the meantime, this case was reached out to the level of honourable Prime Minister, courts, Anti Corruption Commission and many other important channels.
Since the conflicts still in continuation, hopefully Government would come forward to set up a separate judicial inquiry to find immediate solution to this outstanding problem.
One episode has been dealt with in this write up, there are many more episodes of extortions, assault and harassment alike, the accurate account of which could be manifested by the Home Ministry only.
Once people have left the native country, settled down in foreign countries for better lives and good luck but amazingly natural instinct has kept them connected with their countries of origin.
They remain always concerned about the welfare of the native country and sharing with sorrows and happiness of their country’s people. It is emigrants as well as our overseas manpower get the foreign exchange reserve replenished every month and keep the wheel of economy in motion. Some are investing money in different business here.
As they can benefit the country, our government called upon them over and over to invest their money into home country and inclined to offer them special facilities for encouragements to be stakeholder in different projects. Having realised the most important contributor to country’s economy, the concerned ministries might have been engaged to working with the current strategies, working out new ways and means to develop the sector and to making investment friendly atmosphere.
So it look like more focus on emigrants and overseas work force could never be ignored .
In view of the ongoing phenomena, it appears lot more works remains to be done. Sincere efforts are needed to be applied to bring sufferings and afflictions so far experienced by them at home and abroad to minimum. Hopefully, experts and intellectuals would come forward to look into such a vital sector of the country .
Lastly, as general public, I would like to congratulate emigrants and overseas workers on their invaluable contributions made to Bangladesh and expect them to sustain similar spirit all the years to come.
In addition it is my great pleasure expressing thanks and gratitude to all emigrants including the overseas Bangladeshi writers and columnists inclined to delivering spontaneous services through expressing their valuable suggestions, opinions towards improving the conditions of our people. May Allah bestow on us ability and help us all achieve overall development of the country. May Allah bless us all.

(Mohd Siddiqur Rahman, ex Country Manager of Biman, Bangladesh Airlines, Frankfurt, Germany.)