Impose travel ban on directors who looted banks, business leaders tell CPD dialogue

Business leaders have called for a travel ban on directors involved in banking sector looting to prevent them from fleeing the country.

"Those involved in bank looting should not be allowed to leave the country. Their travel should be embargoed," said Shams Mahmud, managing director of Shasha Denims Ltd and director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at a dialogue organised by the Centre for Policy Dialogue (CPD) in Dhaka on Wednesday (14 August).  

"All their credit cards should be halted, and all bank directors' accounts should be frozen. They should only be allowed to leave the country after their accounts are reviewed one by one. Otherwise, the situation will revert to how it was in two days, with the risk of banks being taken over. We are afraid," he said.

Speaking at the dialogue titled "Challenges and Recommendations for Interim Government: Civic thinking" at a hotel in the capital's Gulshan, the former DCCI president also said, a white paper needs to be published on what are economic fundamentals. Based on this, we have to decide whether to do LDC graduation or not.

"What has been shown of the banking sector is false. The NPLs, debt provisioning, and capital figures we show – everything is false. The real situation is very dire"

Selim RF Hussain, managing director, BRAC Bank

He also said, "Commodity trade is controlled by three or four big companies. The bigger a company, the more influence they had on the bank. Now that they are gone, there will be an impact on commodities that were import-dependent in the coming days, which could destabilise the market."

Selim RF Hussain, managing director of BRAC Bank and president of the Association of Bankers Bangladesh, said, "The banking sector is the second most prioritised agenda for the current government and is in a far more fragile condition than you may realise, with many individuals involved in corruption yet to be revealed."

He said, "What has been shown of the banking sector is false. The NPLs, debt provisioning, and capital figures we show – everything is false. The real situation is very dire. If we do not work together and move forward progressively, it will be very difficult for this country to improve. Adhering to international standards in our banking sector must be done urgently."

"What the banking sector has done over the last decade and a half will take a long time to fully explain," Selim RF Hussain added.

He also said, "For more than 14 years, we have lived in a police state. A lot could have happened if we spoke out. We know what it's like to receive a phone call from 'somewhere' or a knock on the door at night." "Revamp the central bank," he added.

Referring to the need for a clear message about the government's duration, Shams Mahmud said, "Now the new garment Jhut (waste) collectors have started calling, and they will take it. Half of the calls I received on my phone on Wednesday were from them. If things revert to how they were before, it will be very disappointing."

AKM Fahim Mashroor, chief executive officer of Bdjobs.com Limited, said, "In an independent country, why am I not able to use technology freely? National Telecommunications Monitoring Centre (NTMC) type organisation needs to be dismantled. How they spied in the last 10 years – white paper on these needs to be published."

CPD Executive Director Fahmida Khatun presided over the event, which also included representatives from civil society, economists, and students.

Also present at the event, Badiul Alam Majumdar, country director of The Hunger Project-Bangladesh, called for legal and constitutional reforms to prevent the return of injustice, corruption, and authoritarianism. He recommended that political settlement is necessary to implement these reforms.

At the event, the question whether there is a constitution at all, comes up in the speech of the speakers.

The government should clarify whether there is a constitution or not. It cannot be delayed. He also urged to arrest those who are in the custody of law-and-order forces, said Badiul.

Nusrat Tabassum, one of the coordinators of the quota movement, said, "The last government has made a statement in recent events to systematically reduce the country's economic reputation."

Prof Mustafizur Rahman, distinguished fellow of CPD, said, "Many are urging students to return to class, but they must remain vigilant. Otherwise, we cannot achieve an inclusive country. While some reforms may occur, without their involvement, we cannot move forward sustainably."