22 April, 2016

Page 1

SECOND EDITION

FRIDAY, APRIL 22, 2016 | Boishakh 9, 1423, Rajab 13, 1437 | Regd No DA 6238, Vol 4, No 1 | www.dhakatribune.com | 32 pages plus 24-page Weekend supplement | Price: Tk10

BB officials guilty of gross negligence Probe body suggests massive reform at Bangladesh Bank n Asif Shawkat Kollol In an interim report, the probe body on the Bangladesh Bank reserve heist has found gross negligence and lack of knowledge at the central bank that led to the theft of $101 million. The committee has recommended that the government undertake massive reform at the central bank, suggesting massive restructuring in terms of administrative, institutional, and technological upgrades. Former Bangladesh Bank governor Mohammed Farashuddin, who led the probe body, handed over the report to Finance Minister AMA Muhith on Wednesday evening. Both the minister and the committee have refused to comment on the findings. However, sources said the probe team held senior officials of the Forex Reserve and Treasury Management Department to be responsible for gross negligence in their duties, leading to the heist. It suggested action against the central bank officials as they did nothing when abnormalities emerged in parts of the bank’s network linked to the SWIFT system.

RAJIB DHAR

 PAGE 2 COLUMN 1

Philippines court starts process to return BB heist fund

Govt to get lawyer to recover heist money

n Tribune Desk

n Asif Shawkat Kollol

INSIDE

Bangladesh Bank may have to wait longer before it gets the amount turned over by casino junket operator Kim Wong to the Anti-Money Laundering Council (AMLC) for safekeeping, although the court has already asked authorities to preserve the money, reports Inquirer.net. It will take several more procedures before the money is turned over to Bangladeshi authorities, as executive Judge Reynaldo A. Al-

hambra of the Manila Regional Trial Court set on May 2 at 8:30am. a summary hearing on the asset preservation. Holding a hearing meant this is an important case, as it has diplomatic repercussions. The AMLC filed on April 18 a petition for civil forfeiture (with an urgent prayer for the issuance of a provisional asset preservation order and/or asset preservation order through the Office of the Solicitor General) against Kam Sin Wong, East Hawaii Leisure Co., Centu-

TIB lauds revolutionary changes in RMG sector Transparency International Bangladesh (TIB) has termed the safety improvements in the RMG sector in terms of fire, electrical and structural safety as “revolutionary”.  PAGE 5

STATUS OF INITIATIVES TAKEN TO IMPROVE SAFETY STANDARDS AND WORKERS RIGHTS 45 40 35

41% 36%

30 25 20 15 10

10%

5 0

Completed

Satisfactory

Slow progress

13% No progress

rytext Trading, Rizal Commercial Banking Corp. (RCBC) and Philippine National Bank (PNB). In an order issued also on April 18, Alhambra said the AMLC alleged that the “subject money instruments and proceeds in the name of Kam Sin Wong or Kim Wong, Eastern Hawaii Leisure Co. Ltd. and Centurytex Trading with the respondent banks are related to an unlawful activity of “hacking or cracking” under the E-Commerce Act, a predicate offence under  PAGE 2 COLUMN 1

Uniform tax rate on tobacco products likely The government may introduce a uniform tax rate on tobacco products from the next FY making the current basis – the higher the price, the larger the amount of tax paid – obsolete.  PAGE 15

The inter-departmental task force to recover Bangladesh Bank's $81 million stolen money has decided to appoint an international attorney to expedite the process of getting the funds back from the Philippines. The decision to appoint an attorney was taken at the first meeting of the task force yesterday at the Finance Division auditorium, presided over by Bank and Financial Institutions Division (BFID) Secretary Md Eunusur Rahman.

Ancient Buddhist monasteries discovered in Naogaon A nearly 1,500 years old Buddhist site has been unearthed in Naogaon, home to a number of other historical sites.  PAGE 32

After the meeting the BFID secretary told reporters that the central bank and the attorney general's office would give their views on the matter at the next meeting. He also said an attorney will be appointed according to the recommendations of the heist investigation committee, which is led by former central bank governor Md Farashuddin. Sources present at the meeting said three IT experts and professors of BUET had been appointed to find the loopholes in Bangladesh  PAGE 2 COLUMN 5


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