From: "Zillur Ahmed@yahoo.com" <Zillur Ahmed@yahoo.com>
To: mukto-mona@yahoogroups.com
Sent: Monday, October 22, 2007 9:40:06 PM
Subject: [mukto-mona] Re: SADHU SABDHAN : How General Moeen U Ahmed earned over 66 and a half lakh BD taka in a year (during 2006, when he is seving as Bangladesh army chief)?
http://sotacit. wordpress. com/2007/ 10/20/moeen- u-ahmed-his- brother-and-
his-bank-loan/
Questions for the Curious
Moeen U. Ahmed, his brother, and his bank loan
The more things change, the more they remain the same.
Ever heard that one before?
First, let's talk about nepotism. Iqbal U. Ahmed was appointed as
Managing Director of Trust Bank, a commercial bank owned and operated
by the Bangladesh Army, on August 3rd, 2003. On 15th June, 2005, his
brother, Moeen U. Ahmed became Chief of Army Staff. One of the many
perks of that position include assuming the chairmanship of the Board
of Directors of the Trust Bank.
Now, the prudent thing to do would have been to appoint a new
Managing Director for the Bank. I mean, when you head the Board of
Directors of a bank, and your brother runs the day-to-day operations
of the bank, chances are that you're breaking quite a few laws. Like
the Bangladesh Bank regulation stipulating that no two members of a
family, including siblings, can serve on the board of the same bank.
However, the prudent thing was not done in this instance. Iqbal Ahmed
did not resign citing his professional ethics, and Moeen Ahmed did
not enforce the law, as he should have. Indeed, in November 20, 2006,
Iqbal Ahmed was reappointed as Managing Director of the Trust Bank.
Now bicycle repair shops and lemonade stands make great family
business operations. Less so for banks. In fact, if you ever hear
that your bank has two brothers, or a father and a son, running its
operations, I suggest you immediately run to the nearest branch with
a wheelbarrow, and withdraw all your money. That's because banks sit
on incredible amounts of money, and their senior officials decide
whom that money should be paid out to, and in what terms. So, if a
bank's Board of Directors meeting looks like a family reunion,
chances are some loans are being made to people who shouldn't be
getting them.
Unfortunately, that seems to have happened in the case of Trust Bank.
Here is a prospectus of the Trust Bank. In page 29, it says that in
31 December 2005, Moeen owed BD Taka 9, 969, 215 to the Trust Bank.
In 31 December 2006, this amount had reduced to BD Taka 3,315, 323.
It does not say the exact amount of loan that Moeen took out in the
first place. In page 54, it says that the bank loaned out BD Taka
53,190,000 in the financial year 2005 to people who were associated
with the bank, including Moeen. Now, I'd guess that Moeen arranged
the loan for himself after he became the Army Chief and got to take
over control of the Trust Bank in 2005. Which would mean that almost
one-fifth of all the money given by Prime Bank to its workers as
loans went to just one man: General Moeen. And he has paid back Taka
6,653,892 of that money in the calendar year 2006.
Now, I don't know where Moeen got that kind of money. He certainly
did not get it on his army salary. Sensing the outrage in the
horizon, Moeen has said that he has foreign currency that he got
while posted abroad on various Army duties. However, that excuse also
does not hold water, since I believe it is the law for all
Bangladeshi government officials, like Moeen, to surrender their
foreign currency holdings within about nine months of entering
Bangladesh. There are cases currently on-going against various people
for having foreign currency at their residence. And Taka 6,653,892 is
equivalent to roughly around USD 95,500. The Bangladesh Government
does not hand out that sort of money to its officials, even when they
are posted abroad.
Say it softly: corruption.
This story will not die down any time soon, given that this is the
same man who has sent countless people to jail, held them without
bail, and tortured them, all in the name of ridding our country of
nepotism and corruption. Hopefully, this information will give pause
to everyone who would like to take him at his word and believe that
he has Bangladesh's best interests at heart. Before, he was limited
to plundering just one bank. Any guesses as to how much money he has
stolen in the last eight months?
__________________________________________________
Do You Yahoo!?
Tired of spam? Yahoo! Mail has the best spam protection around
http://mail.yahoo.com __._,_.___
[* Moderator�s Note - CHOTTALA is a non-profit, non-religious, non-political and non-discriminatory organization.
* Disclaimer: Any posting to the CHOTTALA are the opinion of the author. Authors of the messages to the CHOTTALA are responsible for the accuracy of their information and the conformance of their material with applicable copyright and other laws. Many people will read your post, and it will be archived for a very long time. The act of posting to the CHOTTALA indicates the subscriber's agreement to accept the adjudications of the moderator]
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
