Govt to form fund with seized assets to repay depositors, aid poor
The interim government has decided to create a special fund using recovered money and assets from individuals accused of embezzlement and money laundering, aiming to compensate affected bank depositors and assist low-income communities.
Bangladesh Bank governor Ahsan H Mansur confirmed the initiative during a press briefing at the Foreign Service Academy in Dhaka on Monday.
‘We have already brought significant amounts under state custody, including funds held in banks and shares owned by individuals either facing trial or on the run,’ he said.
The central bank has been working closely with international agencies under mutual legal assistance treaties to recover assets laundered abroad, he said.
Mansur said that the initiative had been presented to the chief adviser, who was briefed on the current status of asset recovery, ongoing legal obstacles, and the government’s planned course of action.
He stressed that the recovered funds will be used strictly in the public interest.
Money stolen from banks will be returned to those banks. Depositors who have suffered due to financial misconduct will be compensated.
In addition, a portion of the fund earned through other illegal means including corruption would go toward poverty reduction, he said.
He also emphasised that all these activities will be done complying rules and regulations of the country.
Since the government has already taken control of these assets, the process of activating the fund is expected to begin swiftly.
One of the most notable cases involves Islami Bank, where Tk 12,000 to Tk 15,000 crore worth of shares owned by the S Alam Group have been frozen. These shares, according to Mansur, will be handed over to a strategic investor, and the proceeds will be used to repay affected depositors.
Shafiqul Alam, press secretary to the chief adviser, and AFM Shahinul Islam, head of the Bangladesh Financial Intelligence Unit, were also present at the briefing.
Shafiqul Alam reported that the authorities have attached Tk 1.30 lakh crore in domestic assets, $164 million in foreign funds, and frozen movable domestic assets of Tk 42,614 crore and $20.78 million of foreign moveable assets tied to 10 groups and ousted prime minister Sheikh Hasina and her family members.
The central bank is now finalising procedures to channel these assets into the fund transparently and efficiently.
Mansur added that the chief adviser is expected to visit London soon, where he may engage in discussions or take steps related to the recovery of assets held overseas.
New Age
