The New Nation - Internet Edition

Coalmine graft case: Quashment petition for Khaleda filed

Khaleda Zia

Staff Reporter

Former prime minister and BNP Chairperson Begum Khaleda Zia yesterday filed a petition before the High Court to quash the charges brought against her in the Barapukuria Coalmine Graft Case.

The quashment petition was filed to the HC bench of comprising Justice Syed AB Mahmudul Haque and Justice Moinul Islam Chowdhury.

The hearing on the petition is likely to be held today or tomorrow. Khaleda Zia's chief counsel Barrister Rafique-ul-Huq is expected to take part in the hearing, according to her lawyers.

Meanwhile, the trial court yesterday refixed October 16 as the next date for appearance in the Barapukuria coalmine graft case as its principal accused Khaleda Zia did not turn up yesterday on health grounds.

Metropolitan Sessions Judge Azizul Huq set the new date following the time petitions moved for Begum Zia, former minister Abdul Mannan Bhuiyan and Jamaat Ameer Maulana Motiur Rahman Nizami, who also refrained from appearing in the court on the same grounds.

Two other accused in the high-profile graft case former ministers MK Anwar and M Shamsul Islam appeared before the court in the morning.

Seven other accused, including Jamaat secretary general and former -minister Ali Ahsan Mohammad Mojaheed, remained 'absconding'.

The report of arrest warrants against those bigwig accused submitted to the court said that the accused were not available in their respective residences.

The court ordered publishing notification through newspapers immediately subpoenaing them to surrender before the court by the time.

The court also ordered submitting report of the arrest warrant against another accused, former minister Barrister Aminul Haque of BNP, to the court on the next date.

The Anti Corruption Commission filed the case on February 26 this year with Shahbagh police station in the city on charge of taking kickbacks amounting to about Tk 159 crore in awarding the Barapukuria coalmine deal to the highest bidder instead of the lowest.

Begum Zia, and 10 former ministers and five others were charge-sheeted in the Barapukuria Coalmine graft case on October 5.

Yunus terms US monetary system crash 'financial tsunami’: Preparation for facing wave of adverse impact urged

Prof Rehman Sobhan speaking at a seminar on 'Poverty
Alleviation in South Asia' organised by CPD at BRAC Centre
in the city on Sunday. Nobel Laureate Dr Muhammad Yunus,
Chairperson Kathmandu-based Institute of Integrated
Development Studies, Dr Mohaman S

Staff Reporter

The Nobel-laureate and micro-finance pioneer Prof Muhammad Yunus yesterday termed the American monetary system crash 'financial tsunami in Wall Street casino' and advised preparing for facing the waves of adverse impacts globally.

He made the remark at the inaugural session of a two-days long seminar on 'Rethinking Poverty Eradication in South Asia: An Agenda for Inclusive Development'.

Center for Policy Dialogue (CPD) organised the seminar to discuss the first draft of the study 'Rethinking Poverty Eradication in South Asia: An Agenda for Inclusive Development' prepared by the CPD as part of its joint-work programme with the South Asia Centre for Policy Studies (SACEPS) at BRAC Center Inn.

Commerce Adviser Hossain Zillur Rahman and Prof Yunus attended the seminar as special guests.

Chairperson of the Institute of Integrated Development Studies (IIDS), Kathmandu, and SACEPS board-member Dr Mohanman Sainju chaired the inaugural session where Prof Rehman Sobhan made his power-point presentation.

Prof Yunus noted that the world economy is in a crisis now, which generated in the US financial system crash but engulfed the world economy.

"The financial crisis will knock us soon and the poorest people will suffer the most. I hope we are prepared to face the heat," the Nobel peace prizewinner Yunus said.

He mentioned that the export-oriented apparel sector and remittance would be the prime affected sectors due to this worldwide financial flu.

But, the Grameen Bank Managing Director also saw an opportunity to restructure the world financial structure and bring the world financial structure in favor of Bangladesh.

For eradicating the most poverty-intensive area of the world, South Asia, Prof Yunus emphasised collaboration of the South Asian Association for Regional Cooperation (SAARC) countries and network of highways through its member-countries.

He also said that the government should look into the progress in achievement of the eight Millennium Development Goals (MDGs) as these could be achieved in due time.

Hossain Zillur Rahman said the progress on three MDGs out of eight is in critical position. These are maternal mortality, child malnutrition, and completion of primary education.

"The number of primary enrolment advanced a lot in the country, but the rate of completion of primary education is not up to the mark for achieving MDG level in 2015," he told the function of the policy think tank.

He also said to strengthen the mid-economy of the country for taking decisions the upazila election should be held quickly.

"By this, the mid-economy of the country will be geared up," he said, against the backdrop of controversies concerning the local-body election now planned in close succession to the parliament elections set for December 18.

Prof Wahiduddin Mahmud called upon the government to introduce the 'Risk-Insurance' for mitigating the risk of the poor people.

The former adviser of the Caretaker government said that the disparity of resources sharing is the main object for poverty in the South Asia.

"There is weakness of education system, health care and local government stricture in the South Asian countries," he said.

He called upon the South Asian nations to work for developing their human resources for eradicating poverty from the countries.

Prof Rehman Sobhan said that the general people have no access for electing democratic party representative in the South Asian political culture.

He mentioned that the huge disparity between the rich and poor is the main hindrance for mitigating poverty in the South Asian countries.

He said that the countries didn't take any step for reducing the disparity between the rich and poor.

He recommended ensuring the share of the national resources of the poor to eradicate poverty from the South Asia.

Prof Dr Anisuzzaman, CPD Executive Director Prof Mostafizur Rahman, BRAC Executive Director Prof Dr Mahbub Hossain, Prof MM Akash were present at the seminar.

BNP, Jamaat request to EC: Extend registration time by a week

BNP Joint Secretary General Nazrul Islam Khan
handing over an application to the Chief Election
Commissioner Dr ATM Shamsul Huda on Sunday at his office for
extension of time for party registration
FocusBangla

Staff Reporter

Bangladesh Nationalist Party (BNP) and Jamaat-e- Islami Bangladesh yesterday requested the Election Commission (EC) to extend the deadline for party registration by a week. The deadline for registration expires on October 15.

The leaders of the two parties yesterday conveyed their requests to the Chief Election Commissioner (CEC) Dr ATM Shamsul Huda at the EC separately through letters.

Both the leaders of BNP and Jamaat said as they were going to hold pre-election dialogue with the government on October 14, so they need at least one week time for registration.

A BNP delegation led by Nazrul Islam Khan, Joint Secretary Geneal, Rezvi Ahmed, Office Secretary, Nurul Kabir Shahin and Zainal Abedin handed over the party letter to the CEC at 11:45am.

After meeting with the CEC Nazrul Islam Khan told the media that BNP and Jamaat are scheduled to sit in dialogue with the caretaker government on October 14 for discussing some important issues including the revised Representation of People Order (RPO) and the party-registration rules. So it would be hard for them to apply by October 15, he added. "We've requested the EC to extend the time by a week for registration," he said. The Joint Secretary General of BNP said, a provision of RPO about the front organisation is not rational.

A two-member Jamaat delegation comprising its leaders Jasim Uddin Sarker and Barrister Abdur Razzak handed over their party letter to the Election Commission at 11:30am.

After handing over the letter, Jasim Uddin told reporters that his party would sit in dialogue with the government on October 14 and it would be difficult apply on or before October 15 as amendment to the party constitution might take for them to time.

About the request of BNP and Jamaat for extending registration timeframe, Dr ATM Shamsul Huda told reporters that the EC has not yet taken any decision to extend the timeline for registration.

" The EC would inform its position on October 15," he said.

Replying to a question on Awami League's demand on its front organizations, the CEC said the commission would have to wait for submission of their registration application.

"Let them first submit their application after filling it (form) up and then we'll see," he noted.

About the new voter list, he said the final voter list for the entire country would be finally handed over to him on October 14.

Central bank officials as tutors: Where their loyalty lie

Staff Reporter

A section of senior officials of Bangladesh Bank are involved in earning extra two-paise from the commercial banks by influencing those to arrange training programmes for their junior bankers, it is alleged.

Many central bank officials are earning more money from commercial banks and financial institutions through 'tutorship' than their official monthly salary, sources said.

The schedule banks organise various types of training programmes for their employees to appease the officials of their regulator, they said.

Central bank officials, engaged in oversight functioning of the commercial banks, easily detect loopholes and malpractices rampant in the banking arena in Bangladesh.

Many of these officials do not accept bribe but goad the concerned commercial banks and financial institutions to organise training programmes for their officials to mend the gaps.

The banks readily arrange training for their officials and invite the central bank officials to conduct the training sessions in exchange of lucrative remunerations, it is alleged.

This practice is going on for a long time, an official of a commercial bank told The New Nation yesterday. He alleged that the central bank officials are abusing their authority and forcing the subservient banks to pay them bribe in a different way.

Training for bankers is important. But when a central bank official gets paid from multiple employers-schedule banks, financial institutions and the central bank-his loyalty comes into question, said a deputy managing director of a commercial bank on condition of anonymity.

He said the regulator's control over the banking system is getting loose due to personal interests of some of the unscrupulous officials.

The central bank often fails to be tough on irregularities or malpractices of schedule commercial banks, as the officials involved in the oversight functioning hope to enjoy financial benefit from those.

Sometimes the banks enjoy undue privileges or their misdeeds are altogether overlooked, at the behest of these Bangladesh Bank officials.

On retirement from the central bank, some high-ranking officials join private banks and finance companies as chairmen, advisers, or members of the board of directors.

A number of institutions, the Bangladesh Bank oversees, is run by or staffed by family members of the central bank officials, sources said.

The training institutes of many of the private commercial banks are staffed by retired central bank officials, who have allegedly been rewarded for past favour.

These factors are weakening the central bank's regulatory authority over the banking system, an official, unwilling to be named, said.

The mechanisms of checks-and-balances are becoming weak, as these kinds of practices are creating scopes for corruption, he added.

Developing countries feeling fallout from meltdown

AP, Washington

Searching for ways to tackle the unfolding economic crisis, global finance ministers are turning attention to the fallout in developing countries and poor nations.

President Bush and world financial leaders sought to display unity Saturday as a way to calm investors whose panic has spread despite stepped up government action.

The crisis dominated discussions at the meeting of the Group of Seven industrialized nations and the annual sessions of the International Monetary Fund and World Bank. Many participants spoke in unusually somber tones of the need for action.

The talks shifted Sunday to the World Bank and its policy-setting committee, led by Mexican Finance Minister Agustin Carstens and the bank's president, Robert Zoellick, a former U.S. diplomat and trade negotiator.

As a result of the downturn, developed countries are not expected to help 28 countries facing twin shocks of rising food and fuel prices, Zoellick said. "For the poor, the costs of the crisis could be lifelong," he said.

Bush said his administration was doing everything possible to halt the biggest market disruption since the Great Depression. Accompanied by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, he participated for about 25 minutes in a discussion late Saturday with the Group of 20 nations, which includes wealthy countries as well as major developing countries such as China, Brazil and India.

White House spokesman Tony Fratto said Bush acknowledged the problem began in the United States, but told participants that "we're all in this together."

"We take this seriously and we want to work with you," Bush assured the ministers, according to Fratto.

In a joint statement the G-20 finance officials pledged to work together "to overcome the financial turmoil, and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world's financial markets."

Other speakers at a policy meeting of the IMF echoed Bush in emphasizing the need for countries to work together to address the crisis, avoiding the go-it-alone projectionist trade strategies that worsened conditions during the Great Depression of the 1930s.

"There is a resolve in the international community that this crisis will be resolved, that no tools will be spared to address its ramifications," said Youssef Boutros Ghali, Egypt's finance minister and the new chairman of the policy panel.

European leaders were meeting Sunday in Paris in search of a common response to the crisis. It could be a complex exercise for the 15 heads of state or government of the euro-zone, where the euro currency is used, because of the varied financial landscapes in each country.

'Local stock market won’t be affected by global recession’

Staff Reporter

The ongoing global economic recession in no way will affect Bangladesh's stock market as it has no link with the international capital markets, bourse operators said yesterday.

"We've got only 2.5 per cent foreign portfolio investment which does not matter in any case. So, our investors should not have any reason to get panicked or worried," Dhaka Stock Exchange (DSE) Chief operating officer (CEO) Salahuddin Ahmed Khan told newsmen at a press conference at his office.

He said DSE does not have any significant foreign portfolio investment and historically it has no link with the big-venture international market of the capitalist world.

His observations came amid a sharp fall in the DSE benchmark index, which he said "might be an outcome of the panic" in view of the American financial market crash.

Khan said the current fallout of the nosedived US and European economies in particular is the result of the credit-based banking system, where banks were given unrestricted livery to do credit business.

But in Bangladesh, banking business is well-regulated and its mortgage system is also very strong, he observed.

Rather, Khan said, after the crisis in the US and European economies, there is a scope for Bangladesh garment sector to be benefited more.

He said Bangladesh exports very low-end garments to the USA and European markets, which account for only 20 per cent of the total demand for apparels.

"Because, most of the people use fashion wears, which Bangladesh does not export. So, our scope is very few to be affected," he noted.

Executive Director of the Securities and Exchange Commission (SEC) Farhad Ahmed also echoed the DSE chief's words of solace at the press conference. He said the Bangladesh capital market is fully based on local investors, and so it is immune.

4-party to resist any blueprint polls : Delwar

Staff Reporter

BNP Secretary General Khondoker Delwar Hossain yesterday warned the government that it would be responsible if the parliamentary elections were impeded.

"BNP as well as the four party alliance would not only boycott the controlled or blueprint elections but also resist it," he said while addressing a protest meeting against non-implementation of the five-point of demand of the four party alliance at the Engineers Institute Auditorium.

It was also attended, among others, by Chowdhury Tanvir Ahmed Siddiqui, M Shamsul Islam, Standing Committee Members, Selima Rahman, Prof Abdul Mannan of BNP, Ali Ahsan Mohammad Mujaheed, Secretary General, Mualana Abdus Sobhan, Mohammad Qumaruzzaman and ATM Azharul Islam of Jamaat-e- Islami Bangladesh and Barrister Andaleeve Rahman, Chairman and Shamim Al Mamun, Secretary General of Bangladesh Jatiya Party (BJP), Abdul Latif Nezami, Secretary General of Islami Oikkya Jote (IOJ) and Maulana Mohammad Ishaque, Chairman of Khelafat Majlish.

Khondoker Delwar said people of the country were in doubt whether the elections will be held on December 18.

" We urge the government to create congenial atmosphere for holding elections on the announced date," he said adding that the four party alliance wants to participate in the election and ready to cooperate with the government in this regard.

He demanded of the Election Commission (EC) to remain focused on the holding of the elections within the framework of the constitution.

He also called upon the EC for ensuring an atmosphere where people can cast their vote without any fear and intimidation.

On the issue of state of emergency the BNP Secretary General said " a fair election cannot be held under the sate of emergency,".

He said the alliance would continue its movement until their five-point demand is met.

Ali Ahsan Mohammad Mujaheed demanded of the government to withdraw the Barapukuria Coalmine case and defer the date of Upazila polls.

SC hearing on Hasina’s bail petition deferred

UNB, Dhaka

Regular interim release of former Prime Minister Sheikh Hasina, now abroad on parole, faced another setback as the Supreme Court also held back for two weeks the hearing on her pending bail petition in an extortion case.

A four-member regular bench of the Appellate Division, headed by Chief Justice MM Ruhul Amin, passed the deferment order Sunday.

The court order came as the counsel for Hasina moved a time petition on grounds of non-receipt of the certified copy of the High Court bail-denial order against his client.

The SC also asked the Hasina counsel to file a regular leave-to-appeal petition in the meantime against the HC order.

On October 6, vacation SC chamber court, following a move, set Sunday for hearing

Hasina's plea in the regular bench of the Appellate Division for staying operation of the September 29 High Court order denying her bail.

The denial of bail stalled the legal process of her regular release in the wake of some latest developments in the troubled political arena towards the direction of next elections.

The Awami League president, Hasina, filed the stay petition as she prefers leave to appeal against the HC order in this extortion case, filed by businessman Noor Ali, an AL nomination-seeker for the previously scheduled January 22, 2007 general election that had been stalled following the 1/11 changeover.

Ali, managing director of Unique Group, sued the AL chief in the wake of the turmoil in the political arena over the election issues.

On July 30 last year, Hasina was shown arrested in the Tk 5-crore extortion case filed on June 13 over a decade-old power-plant deal.

The complainant accused the ex-PM and her cousin and former Awami League MP Sheikh Helal and his wife Rupa Chowdhury, now absconding, of taking Tk 5 crore in bribes for allowing his company to set up the power plant.

Barristers Rafique-ul Huq, Shafique Ahmed and Sheikh Fazle Noor Tapash appeared for Hasina while additional attorney-general Mansur Habib for government.

FICCI fears global crisis to affect Bangladesh

Staff Reporter

British High Commissioner to Bangladesh Stephen Evans yesterday stressed on political solution to deadlocks and restoration of democracy to face the global financial crisis.

Bangladesh has to be managed politically towards a political stability to achieve its full potential in the wake of the global financial crisis, he said while addressing the foreign investors in Bangladesh in a meeting at a city hotel yesterday.

"I don't think this country can achieve the potential that it has unless managed politically," he opined.

The British envoy called for a true democratic practice in the country for its forward march by overcoming the bottlenecks both at home and abroad.

His views emerged in response to Foreign Investors Chamber of Commerce and Industry (FICCI) president Wali Bhuiyan's concern over a possible shock of global financial crisis on Bangladesh sooner or later despite the most-protected financial sector.

However, FICCI vice president Steve Wilson while giving vote of thanks appreciated what he said fundamentally about good practices by local banks to avert the shock of global financial crisis.

"Bangladesh has an economy of survival ability," said Stephen Evans, appreciating the country's working in a real economic condition.

"Bangladesh will survive in any situation when many countries would not," he noted.

He said the consumers of countries like USA and UK would buy low-cost items to the benefit of Bangladesh exports, although it still remained a big question whether remittance would be affected - it depends on the gulf economy.

The Chittagong port has been transformed a lot in last 10 years and there is still room for transformation while the energy sector needs huge investment. "But, there are big buts," the high commissioner said, stressing the need for political leaders, civil society and bureaucrats to work together for political stability.

"Thanks to a remarkable piece of work by the caretaker government that provides the fundamental conditions to hold an election," he said adding, "The December 18 election reflected the real expression for democracy."

Evans, who attended the London conference on climate change on September 10 focusing Bangladesh, said the conference was an eye opener for Bangladesh in adapting to climate change.

"It's a great opportunity for the private sector to look at climate change adaptation projects to avail of this opportunity," he said. Cooperation between the private sectors of Bangladesh and other countries could also work in this regard, he added.

FICCI president Wali Bhuiyan said the financial crisis in the world in general and the USA in particular is likely to affect Bangladesh sooner or later to "what extent I don't know."

The exports, including readymade garments, would be affected while non-resident Bangladeshis (NRBs) could be thrown out of jobs to affect remittance, he said. "If the NRBs don't lose jobs, their savings would come down."

He, however, said Bangladesh is now in a safer zone as a country with little foreign currency exposure, while commercial banks and financial institutions are tightly regulated, which is a good thing in the context of bank collapse in USA. "This is a blessing in disguise for this time."

He, however, foresees a bleak investment outlook for next couple of years considering the global financial crisis, in addition to the "little hope" for the prospect of the two leaders (Khaleda and Hasina) sitting together. "So, the economy will suffer as before," he said.

The FICCI chief said there is no development in sight to resolving the problem of energy and power to run the industrial units. Many industrial units remained idle for want of energy and power.

"There'll be a huge challenge for the next government to fix the economy in the context of global economic crisis," he added.

Zillur-Khaleda parley focussed on BNP participation in polls

UNB, Dhaka

Commerce and Education Adviser Dr Hossain Zillur Sunday said his recent meeting with BNP chairperson Khaleda Zia focused on participation of the former premier's party in the forthcoming parliamentary elections and pre-election atmosphere about which some continue to air apprehension.

The adviser of the caretaker government, long engaged in doing the spadework like comprehensive reforms for holding the stalled elections, had a quiet parley with Begum Zia at her cantonment house last Friday, as her party still looked in two minds as to whether or not to go to the polls and raised various demands for creating the congenial situation.

"It was basically part of our continued contact to maintain an atmosphere of trust among ourselves. We must all be confident," he told reporters at his secretariat office.

He described the beginning of political parties' registration as a big step toward towards participation in the elections, now slated for December 18.

"Doubt and uncertainty is our all-time companion. We're gradually overcoming this. We don't want to involve ourselves in unnecessary debates," said the adviser, who works as spokesman for the government in negotiations with the political parties in the current process of transition from the post-1/11 period of purge in the politico-electoral arena.

He hoped that there would be reflection of everybody's good thinking in the future and "our formal or informal contacts will be maintained".

The party of Begum Zia, the immediate-past PM who has recently been released on bail from prison, is yet to finally decide on their participation in the general election and wants to settle the score before saying yes.

They will sit with the caretaker government led by Chief Adviser Dr Fakhruddin Ahmed on October 14 (Tuesday) to resolve the issues they have raised, including the revised RPO and graft cases against party leaders.