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Wednesday, December 19, 2012
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Cost of being a minister

Rules bar Home boss from holding top post in new bank

MK Alamgir

Home Minister Muhiuddin Khan Alamgir may lose the chairmanship of the proposed Farmers' Bank, as rules do not permit a minister to hold a position in a profit-making venture.

Present and former officials of the central bank gave examples of past incidents when two ministers had to resign from the posts of chairman and adviser of banks before taking the charges as ministers.

However, the central bank will make a final decision in this regard when the proposed bank will get its licence, said a Bangladesh Bank official.

Former central bank deputy governor and the incumbent chairman of Bangladesh Krishi Bank, Khondker Ibrahim Khaled, said nobody could become the chairman of a commercial bank while continuing as a minister.

Khaled added when the Awami League was in power during 1996-2001, Md Abdul Jalil was the chairman of Mercantile Bank Ltd, but he resigned from the chairmanship when he was made commerce minister.

Also, during the last BNP rule, the then housing minister Mirza Abbas resigned from the post of an adviser to Dhaka Bank Ltd after taking charge of the ministry, said the BB official.

Khaled said the Banking Companies Act does not specifically say anything in this regard, but as per general norms of the central bank, a minister cannot be the chairman of a commercial bank.

Also, under the constitution, a minister cannot hold any position in a profit-making venture, said the former BB official.

If a minister becomes the chairman of a bank, he may favour the bank through using his powers as a minister, causing injustice to other banks, he added.

The central bank in April gave approval to nine new banks, including The Farmers' Bank. The proposed chairman of the bank is Muhiuddin Khan Alamgir who became minister in September.

The proposed banks have already applied for licences and their eligibility is being scrutinised.

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The country is essentially running with a set of two distinct law system. One is applicable to the ruling party and the other is for the rest. Remember, what happened to Dr. Yunus? How many statements were issued by top to bottom of the administration against his holding a position just because he crossed the retirement age. Shame on you MKA, shame on you Bangladesh bank for making our country to that of the Bantustan.

: Jumana Sarwar

Bangladesh is becoming a rich country. This man became a banker from bureaucrat. Does the law of Bangladesh permits to disclose how much share of the bank does him own, control or beneficial owner?

: Dr. Nazmul Haq

Comments

  • Danny Adam
    Wednesday, December 19, 2012 02:11 AM GMT+06:00 (70 weeks ago)

    This home minister does not have very good or clean past. Why Bangladesh Bank did even approved a bank for him?

  • Barkat
    Wednesday, December 19, 2012 02:57 AM GMT+06:00 (70 weeks ago)

    What an irony in Bangladesh. To be a top business man one have to be a politician or belong to high ranks in political party. Equally to do politics one needs to be extra rich. This nexus of politics and business is a big obstruction for the true honest growth of nation and its people.

  • Iftikharul Karim
    Wednesday, December 19, 2012 04:45 AM GMT+06:00 (70 weeks ago)

    Rules are for the obedience of fools and for the guidance of wise men. MKA is no fool but he does sees himself as a wise man.

  • Syed Neaz Ahmad
    Wednesday, December 19, 2012 06:03 AM GMT+06:00 (70 weeks ago)

    Because being a minister is in itself a profitable business. Why bother to head a bank when ordinary & blessed people can rob a bank and getting away with it.

  • deep purple blue
    Wednesday, December 19, 2012 12:13 PM GMT+06:00 (70 weeks ago)

    If the Banking companies act does not say anything specifically than why should our beloved MKA resign from his bank's chairmanship? He is perfectly within the framework of law. And so far as favouring the bank is concerned he will do it anyway. So let MKA remain above the law!

  • Reaz Hassan
    Wednesday, December 19, 2012 12:49 AM GMT+06:00 (70 weeks ago)

    So what? The law of the land can be molded many times, if need be. Why do we forget that he is after all a Minister, and for a Minister of this regime, AL government can do everything as exemplified in Padma Bridge case and in the case of Babu Suranjit Sengupta.

  • Vampire knight
    Wednesday, December 19, 2012 01:03 AM GMT+06:00 (70 weeks ago)

    May be, he has to give up the position of chairman of the bank as the law will not permit. But he got the permission of the bank using his political power and position-like many others-which is ethically corruption. Politics is the most profitable business in our country.

  • rch
    Wednesday, December 19, 2012 01:10 AM GMT+06:00 (70 weeks ago)

    Change the rule for MKA


 

 


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