A senior Treasury Bench MP said on Wednesday that he believed "a syndicate of officials of the central bank, Finance Ministry and Sonali Bank" had been behind the Hallmark scam and that its target was to taint the government's image.
Sheikh Fazlul Karim Selim, speaking in Parliament, said those responsible must be given exemplary punishment.
The Awami League Presidium member said the Finance Minister's attempts to shrug off the scale of the scam had "shocked the public".
"It cannot be the work of one individual," Selim asserted, "officials of the Bangladesh Bank, the (finance) ministry and Sonali Bank were all involved."
"The problem is, the Sheikh Hasina government pays the price," Selim, a frontbench MP who was health minister in 1996-2001, said.
Fellow frontbencher MP Tofail Ahmed who also failed to make it to the Cabinet this time lent support to Selim.
"The only way to stop such scam in future is to give them exemplary punishment," said Tofail, industries and commerce minister in 1996-2001 Hasina administration.
Tofail was also critical of "the tradition of forming bank boards with political appointees with no experience in banking". The MP had on Tuesday raised questions about appointment of Supreme Court judges "on political considerations".
Selim said he was surprised that no charges were filed against "those involved" in the Tk 26.68 billion loan given allegedly against forged documents.
AMA Muhith said on Tuesday that given Bangladesh's Tk 400-billion portfolio of commercial bank loans, the Hallmark sum was tiny and that it would in no way affect the entire banking system.
Just two days earlier, the septuagenarian minister had come under fire from Jute and Textiles Minister Abdul Latif Siddiqui for failing to deal with Padma loan and Grameen Bank crises.
The state-owned Sonali Bank's branch at Ruposhi Bangla Hotel had given out about Tk 36 billion � just below 2 percent of the national budget � to textile firm Hallmark Group and other dubious organisations with no notable collateral.
Recent audits � one internal and another by the central bank � found that there were significant irregularities in the entire process.
Sheikh Selim, a policymaker of the ruling party and a cousin of the Prime Minister, rose on a point of order after the scheduled question-answer period had concluded.
Selim wondered what was behind the long silence since the central bank had detected the irregularities in 2010. "What is the reason behind their silence for over two years?" the MP asked.
He said the ministry was well aware which officials were behind the scam. "But there had been no action."
He said the government's image was being tarnished and alleged that 'a certain quarter' was plotting against the government.
Pointing out that the bank had only Tk 9 billion worth of paid-up capital, the Awami League Presidium member said the bank did not even have the authority to disburse such a large loan to one person.
"But there has been no criminal case for such an instance of loot and plunder."
Dissatisfied with the investigations so far, Selim said, "Anti-Corruption Commission is merely interviewing them. They should be remanded into police custody for interrogation and asked whether the money is still in the country or has been laundered abroad."
An Awami League advisor, MP Tofail began by thanking Selim and said, "I fully agree with him."
He said compared to the worldwide slowdown, Bangladesh's economy is rather steady. "Bangladesh's development would be badly affected without strict discipline in the banking and financial sectors."
He said 'one bank' had given out loans to a businessman without collateral. "The board of directors, central bank and the finance ministry cannot shirk their responsibility in this regard," said Tofail.
He mentioned that certain prime ministerial advisor had already been named as being involved with the scam and demanded proper steps. He warned that if there was not enough action or measures then the blame would have to be shouldered by the government.
This is not just because of a single manager, he said. "Let him be arrested and exemplary punishment meted out."
'The less Muhith speaks the better'
Sheikh Selim said during his brief deliberation that the Finance Minister had surprisingly said the other day there was no need for such hullabaloo over the Hallmark matter.
"What kind of a statement is that?" he asked and continued to say, "Tk 40 billion may not be a large sum to him, but it is big deal for the people of Bangladesh."
Even if there has been an irregularity over Tk 1 or Tk 10, it should not be taken lightly, he said.
"I realise that he has become old," said Selim of the 79-year old Muhith who dismissed the Hallmark scam as nothing significant for the government.
"I request that he does not make such statements. The less he speaks the better."
Tofail also derided Muhith for blaming the media for the hype. "But there is no reason to do so. The media is only doing its job."
Sheikh Fazlul Karim Selim, speaking in Parliament, said those responsible must be given exemplary punishment.
The Awami League Presidium member said the Finance Minister's attempts to shrug off the scale of the scam had "shocked the public".
"It cannot be the work of one individual," Selim asserted, "officials of the Bangladesh Bank, the (finance) ministry and Sonali Bank were all involved."
"The problem is, the Sheikh Hasina government pays the price," Selim, a frontbench MP who was health minister in 1996-2001, said.
Fellow frontbencher MP Tofail Ahmed who also failed to make it to the Cabinet this time lent support to Selim.
"The only way to stop such scam in future is to give them exemplary punishment," said Tofail, industries and commerce minister in 1996-2001 Hasina administration.
Tofail was also critical of "the tradition of forming bank boards with political appointees with no experience in banking". The MP had on Tuesday raised questions about appointment of Supreme Court judges "on political considerations".
Selim said he was surprised that no charges were filed against "those involved" in the Tk 26.68 billion loan given allegedly against forged documents.
AMA Muhith said on Tuesday that given Bangladesh's Tk 400-billion portfolio of commercial bank loans, the Hallmark sum was tiny and that it would in no way affect the entire banking system.
Just two days earlier, the septuagenarian minister had come under fire from Jute and Textiles Minister Abdul Latif Siddiqui for failing to deal with Padma loan and Grameen Bank crises.
The state-owned Sonali Bank's branch at Ruposhi Bangla Hotel had given out about Tk 36 billion � just below 2 percent of the national budget � to textile firm Hallmark Group and other dubious organisations with no notable collateral.
Recent audits � one internal and another by the central bank � found that there were significant irregularities in the entire process.
Sheikh Selim, a policymaker of the ruling party and a cousin of the Prime Minister, rose on a point of order after the scheduled question-answer period had concluded.
Selim wondered what was behind the long silence since the central bank had detected the irregularities in 2010. "What is the reason behind their silence for over two years?" the MP asked.
He said the ministry was well aware which officials were behind the scam. "But there had been no action."
He said the government's image was being tarnished and alleged that 'a certain quarter' was plotting against the government.
Pointing out that the bank had only Tk 9 billion worth of paid-up capital, the Awami League Presidium member said the bank did not even have the authority to disburse such a large loan to one person.
"But there has been no criminal case for such an instance of loot and plunder."
Dissatisfied with the investigations so far, Selim said, "Anti-Corruption Commission is merely interviewing them. They should be remanded into police custody for interrogation and asked whether the money is still in the country or has been laundered abroad."
An Awami League advisor, MP Tofail began by thanking Selim and said, "I fully agree with him."
He said compared to the worldwide slowdown, Bangladesh's economy is rather steady. "Bangladesh's development would be badly affected without strict discipline in the banking and financial sectors."
He said 'one bank' had given out loans to a businessman without collateral. "The board of directors, central bank and the finance ministry cannot shirk their responsibility in this regard," said Tofail.
He mentioned that certain prime ministerial advisor had already been named as being involved with the scam and demanded proper steps. He warned that if there was not enough action or measures then the blame would have to be shouldered by the government.
This is not just because of a single manager, he said. "Let him be arrested and exemplary punishment meted out."
'The less Muhith speaks the better'
Sheikh Selim said during his brief deliberation that the Finance Minister had surprisingly said the other day there was no need for such hullabaloo over the Hallmark matter.
"What kind of a statement is that?" he asked and continued to say, "Tk 40 billion may not be a large sum to him, but it is big deal for the people of Bangladesh."
Even if there has been an irregularity over Tk 1 or Tk 10, it should not be taken lightly, he said.
"I realise that he has become old," said Selim of the 79-year old Muhith who dismissed the Hallmark scam as nothing significant for the government.
"I request that he does not make such statements. The less he speaks the better."
Tofail also derided Muhith for blaming the media for the hype. "But there is no reason to do so. The media is only doing its job."
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