‘ACC, BB, BSEC must take combined actions to deal FIs’

Gulam Rabbani :
The High Court in an order has opined that there should be combined and coordinated actions of the Anti-Corruption Commission (ACC), Bangladesh Bank and Bangladesh Security and Exchange Commission (BSEC) in dealing with the activities of the listed financial companies Fls.
The HC Bench of Justice Muhammad Khurshid Alam Sarkar came up with the opinion in a written order passed for recovery of assets and money the People’s Leasing and Financial Services Limited (PLFSL), a non-bank financial institution which is on the process of winding up.
The court passed the order on February 23 this year verbally, while the written order was released on Thursday.
In that point of view, the court has invited BB governor, ACC chairman and BSEC chairman to get opinions on how to work in an integrated manner to prevent irregularities and corruption in various financial institutions.
They have been asked to give their opinion on March 9 at 2.30 to 3.30 by virtually joining the court.
The court said without the aid of the BB governor and chairmen of the ACC and BSEC proper handling of the issues of the defaulted borrowers and other suspected wrong doers of the PLFSL,
and Bangladesh Industrial Finance Corporation Limited (BIFCL) may not be possible for this court.
Given the exigencies of the issues involved in these cases, this court considers it appropriate to directly share the court’s view with them through any virtual platform, also read the order.
In the order, the HC observed that some scoundrels in the guise of businessmen also conspiring with the rogues of the financial sector of the country have looted the money of the general people.
It also observed that the looting has triggered filing of a few hundred applications by the depositors or creditors before the HC for winding up of a number of financial institutions.
In the order the court also said, “When the country is receiving recognition of acquiring financial solvency at the cost of hard work with unquestionable integrity of the head of the government from foreign countries and international bodies, it is really alarming for the nation to notice that a vested group is hatching plots to destabilize the economic growth of the country.”
“Under this situation, every constitutional body, statutory body, division, department and directorate is expected to work speedily and transparently, so that the wicked people of the country and the foreign critics don’t find a clue to undermine our present economic status of solvency,” also read the order.