Wednesday, September 19, 2012

Dark Black clouds are moving around the Financial and Banking horizon of Bangladesh

The modern banking is called the blood line of a national economy. The bank officials are entrusted with that heroic task since its inception. So the heroes were being chosen very carefully, to speak the truth after a thorough surgery of themselves and their forefathers. That venture has ended up roughly over two or so decades ago. 

Actually regulations still are there but not following appropriately. As there is no existence of accountability in any sector of Bangladesh any more. So the word responsibility has taken a bay in the pages of dictionary for decades together. As a result asking for honest jobs and forbiddance for the dishonest jobs has been disappeared from the society of Bangladesh. Even generally no appraisal or appreciations for the noble jobs are being attributed to the due achievers. 

Everybody here is after money, luxury cars and houses. No matter how that was earned! Whoever could achieve those has become a member of the so-called cream of the society. Nomination, bank loans and even the girls are ready for them. So why anybody should be aloof from that when the finance Minister gives open license saying forty billion BTK (four thousand crore) is nothing where total investments are around 4400 billion BTK (four lac forty thousand crore). What a shame! It’s a great shame for whole of the nation. We could ignore it, if the explanation of saying so were okay. Oh salucus! 

The recent Treasury bank scam appears to be the largest and unprecedented banking scams happened on the holy soil of Bangladesh. We all know that Sonali bank of Bangladesh is called the treasury bank of Bangladesh. Who are the makers of these scams, definitely the members of the top-level management of the bank in collaboration with the dealing officers (mere writers)? What are the accelerating agents? Bribery (original beneficiary’s interest), Board of Director’s interest, Primer’s adviser’s interest, Bank Management’s interest and Central bank monitoring team’s interest etc. If the makers did repel on it then it was quite impossible to go ahead with this huge scam. Because it is the bank Management who deals with the documents, (both export and import bills) knew the by-laws still were very much reluctant to act upon appropriately as honesty, responsibility and accountability are absent amongst them. 

We the people fought against the Pakistani tyrant in the year 1971, why and what for? Was it to empower some political thugs in all the public sectors to loot out all our assets, leaving behind bottomless baskets again in the name of Swadhinotar Ghosok/Announcer or Swadhinotar Poshok/Upholder. What a funny! These are verily the scroungers of the society. Independence, sovereignty nothing is safe in their hands. What are they think about it? Do they think people will remain silent generation after generations? Bear in mind this is the time of 21st century! Now people has got a very powerful tool called Media what they did not have even in the near pasts. 

Peoples are looking for solid leadership who can really defend our independence, our sovereignty and cater for peace to all irrespective of castes, creed and sex. Furthermore who can secure our hard earned assets, grooming through the vast manpower properly. 

With full honour and dignity to ex-caretaker Govt. adviser, Mr. Akbar Ali Khan, I would like to very categorically say “Big No” to his recent advice about the resolution of these scams. He said, “Privatization can save the government banks, no govt. could run these banks appropriately in the last 40 years”. Why I repel to his this statement are as follows: 

1. The whole nation did not fight for independence to create new, new giant scroungers. 

2. Since less than two percent holding the 90% of our wealth depriving 98% common people so if everything goes to their hands then 98% people will lose the last resort i.e. breathing place even. 

3. If so, they will have a monopoly type of banking where mass people will be undermined. 

4. Still there are facilities like agri-loans for the poor/day labourers in the nationalized banks. Moreover charges are within the reach of common peoples. Now-a-days banking service has been essential for even the low income groups due to gross structural change of the market economy. 

5. People want to see good governance that value majority people’s expectation and produce dynamic leadership who upholds honesty, sincerity, patriotism and accountability. 

6. During the last 40 years except only a few intermittent, newest tyrants and their evil-souls were in power so the government ventures were not running well. Since we could get free from Pakistani tyrant, inshAllah will be able to overcome this tyranny, motivating our huge manpower to pro-nation and provide them a new life with honesty, sincerity and patriotism by holding firm determination like 1971 again. 

Since I am a banking researcher, so I believe there could be much more small scale ‘Hallmarks.’ To find those out thorough auditing both external and internal is a must. Actually the banking sector has taken local bill purchasing as an alternative way of creating temporary over draft. In most cases, virtually transactions are not taking place. 

The potential banker and the genuine businessman are used to do it for obvious banking reasons. The scrupulous and honest banker will always monitor the total amount of local letter of credit (L/C) against a mother L/C and also verify the validity and originality of the L/C. But unfortunately so far I heard that the Sonali bank in their recently concerned cases did not take any cautionary measures rather allowed opening local L/Cs, even beyond the mother L/C values. What is a gross and planned mistake in collaboration with the unscrupulous directors! How 35.47 billion taka (3547 crore) could be loaned to a filthy company like ‘Hallmark’. Bankers’ duty is not only to scrutinize the documents only but also the net-worth position and back ground of the entrepreneur even their personal life. If any of the concern officials would pay attention to any of the above issues, these could not happen there. So the concerned bankers, directors and entrepreneurs should be taken to task with immediate effect forfeiting their stable and unstable properties. 

On the top of it very soon careful and potential audit team should engage with random auditing to detect other scams that we afraid of coming to light in near future. It is because the banks are the custody of people’s money and dependant on people’s money for their existence. 

On the contrary the Ministry of Finance, Banking Division should take careful steps in allowing recruitments for the banks at the top-level management, with special attention to committed and dynamic leadership qualities, in depth understanding in all area of banking, relevant educational background with analytical skills and potential record of integrity, sincerity and loyalty to people’s money. 

Now I would like to request the honourable civil society members to please get into producing a new generation who will uphold basic human values like honesty, sincerity, patriotism and accountability to the nation. Again obviously will not surrender to the conspirators of our independence and jeopardise our economy and let down our glories from our already proven sectors. 

People now would like to believe that some vested interested groups are working amongst ourselves who would like to blunt our economy (destroying our garments sector, share-market sector, banking sector, other productive industrial sectors and also removing money to secret foreign countries), massacre our glorified Universities, Medical and Engineering Institutes e.g. Dhaka University, Bango-bandhu Medical University and BUET etc. 

In view of the above facts, we would like to urge our various government authorities please look into the country’s interest first and strongly handle all the scams wherever be stumble upon and take them into tasks without any biasness for the sake of our country to bring forth a healthy nation. Peoples are with you. They will not hesitate to jump over the perverted leaders for the safeguard of our country and its long glorified heritage. Oh! Allah, help us and save the country. 

BY :  Borhan Ahmed, UK.