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Finance Minister AMA Muhith has held flaws in bank's management system responsible for the Hall-Mark scam.

"Hall-Mark loan scam was caused due to the loopholes in the bank's management system.

"But, it is not unnatural that political influence was also there," he said while inaugurating the 57th branch of Basic Bank Ltd at Sylhet's Sonarpara yesterday.

"Fraudulent incidents are taking place in banks and other financial institutions all over the world," he said adding that many banks in the US were shut down due to crooked financial practices.

Only 40 percent of our population are now getting banking service while the rest of the people are out of the purview of banking coverage, he told his audience.

There were 48 commercial banks operating all over the country, he said adding that more banks were being established to improve banking services.

The minister observed that online banking facilities should be reached to every people at the grassroots level as soon as possible.

Basic Bank Chairman Sheikh Abdul Hai Bachchu, Sylhet city Mayor Badar Uddin Ahmed Kamran, lawmaker Shofiqur Rahman Chowdhury, among others, addressed the function.

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One of the unwritten objective of keeping the banks in Government control is to help the politically connected individuals to get loans with economically un-viable and quasi viable projects and to write off the loans and accrued interest. In the case Hall-Mark the depth, and the scope of the loan was huge, and that has created the problem. The Government should mange things at which they are good at. The government should monitor and enforce the rules, regulations and laws pertaining to financial institutions. The government should denationalise these banks.

: Dr. Nazmul Haq

The finance minister often says his political opinion instead of giving any facts or arrange any creditable investigation followed by the report with transparency.

The finance minister played a successful political game to protect the DSE bosses belonging to his party, and crticised the report writer for mentioning the names. He is searching in darkness to run his portfolio.We are happy that he has stopped talking about the Padma bridge provoking the donors to take harder line and raising more question than giving any indication that loan money might be available under the current regime, perhaps not.

: neutral


  • FA Haque
    Saturday, December 1, 2012 01:49 AM GMT+06:00 (281 weeks ago)

    Basic bank should be investigated by The Anti-Corruption Commission.

  • rch
    Saturday, December 1, 2012 01:02 AM GMT+06:00 (281 weeks ago)

    Hint? Really? Oh as if Muhith just figured it out what the whole country know from the beginning..look slike he is out of touch of reality since he took this job.

  • Anonymous
    Saturday, December 1, 2012 07:23 AM GMT+06:00 (281 weeks ago)

    Everything in Bangladesh has political influence. Politics is the prime mover. There political influence in all corruptions.

  • A Patwary
    Saturday, December 1, 2012 10:47 AM GMT+06:00 (281 weeks ago)

    Muhith's admission of political influence is like saying that 'it does not bother the government that such large sums of money has been stolen as these have gone to their cronies.'

  • Anonymous
    Saturday, December 1, 2012 04:52 AM GMT+06:00 (281 weeks ago)

    What about the Padma bridge loan from the World Bank ? When are you getting them ?





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