The Basic Bank scam

Before Awami League came to power, Basic Bank was doing satisfactorily well as a state-sector bank. Yet within a couple of years, the bank is steeped in scandal, involving the misappropriation of Tk 45 billion. Worse still, the government is not bothered about trying the accused persons. This has reduced the rule of law as a mere farce.

The media exposed the Basic Bank scandal four years ago and Bangladesh Bank proffered certain recommendations in this regard, albeit delayed. Even so, nothing has been done. At a recent meeting of the parliamentary standing committee on finance ministry affairs, the Bangladesh Bank governor himself expressed regret that the accused persons hadn't been arrested.

Chairman of the Anti-Corruption Bureau tried to clear himself of responsibility, saying that the matter was being looked into and the persons would be arrested once the charges were made. This explanation of the Anti-Corruption Commission (ACC) is simply not acceptable. They have taken sufficient time, but have failed to investigate the financial corruption which is proven on paper. Yet they are not accountable. ACC has not yet made any statement that the pilfered amount was Tk 45 billion and that this was a sensitive issue of looting the a state-owned bank.

When ACC investigated the reported corruption of Padma Bridge, there too they were more concerned about the sensitivities of the ruling party. Like the government, ACC is also hesitant to take action regarding Basic Bank. It took the government three years to dissolve the Basic Bank board, after the media reported on its corruption in 2011. After the shady managing director of the bank was removed, his reportedly has left the country.

ACC must accept the fact that this is a sort of impunity, a threat to the financial sector. Let this be resolved soon.