Bangladesh Bank (BB) has received a loan proposal totaling $2.5 billion from the World Bank (WB) and the Asian Development Bank (ADB) in several packages, aimed at supporting structural reforms, policy implementation, and investment projects.

The proposal was presented today during a meeting between Bangladesh Bank Governor Ahsan H Mansur, senior officials, and delegations from both the WB and ADB at the BB headquarters. The information was confirmed by BB spokesperson and Executive Director Husne Ara Shikha.

“The World Bank has proposed a $1 billion loan, which includes a $750 million policy-based loan requiring the central bank to implement specific policies. Additionally, a $250 million investment loan is currently in process,” said the BB spokesperson.

Similarly, the ADB has proposed a $1.5 billion policy-based loan, which will be disbursed in three phases, including a $200 million investment loan. According to the central bank spokesperson, $500 million of the loan could be received by 2025.

Additionally, a visiting US delegation, led by Brent Nieman, Assistant Secretary of the US Treasury Department, met with the central bank governor today. During the meeting, the delegation was briefed on the country’s macroeconomic conditions, though no specific loan amount was discussed by the US treasury team.

Parvez Tamal, Chairman of NRBC Bank, once known as a close ally of former Prime Minister Sheikh Hasina, has reportedly shifted his stance following the resignation of the Awami government on August 5. Tamal, who had been accused of exploiting political power for financial misdeeds during the Awami regime, is now aligning himself with student activists in a bid to protect his position.

Previously, Tamal had threatened NRBC Bank employees with termination if they supported or joined the quota reform movement. He also warned of administrative harassment for any Facebook posts or comments related to the movement. However, after the fall of the Awami government, Tamal has been providing financial support to the very student protesters he once opposed, in an attempt to distance himself from his controversial past.

An investigation by Orthosongbad revealed that during the anti-quota movement, Tamal worked on behalf of Sheikh Hasina, even monitoring NRBC Bank staff to ensure they did not participate in the protests. On July 17, under his directive, a warning was sent to all branch managers of the bank, cautioning them about the movement. Documents related to this have surfaced during the investigation.

A directive from NRBC Bank instructed all its officers and employees to refrain from joining any assembly related to the quota reform movement or sharing any comments, posts, or information about it on social media. The email from the bank’s HR department, titled ‘C,’ warned that any violation of this order would result in administrative action in accordance with HR policies. The directive also emphasized ensuring maximum security in and around the bank and required employees to be punctual in reporting to work.

Sources suggest that NRBC Bank Chairman Parvez Tamal, in an attempt to secure his position, has been trying to win over the coordinators of the anti-discrimination student movement. This speculation gained traction after a recent event where Tamal handed over a cheque for 5 million BDT from the bank’s Corporate Social Responsibility (CSR) fund to Hasanat Abdullah, one of the coordinators of the student protests. The donation, aimed at providing treatment and rehabilitation for injured protesters, has sparked widespread criticism on social media. Many are questioning Tamal’s sudden shift, given his previous ties to former Prime Minister Sheikh Hasina and his outspoken opposition to the student movement.

At the donation event, Parvez Tamal remarked that NRBC Bank would support the dreams of those building a “new Bangladesh.” In addition to providing medical assistance to the injured, he pledged future employment opportunities and scholarships for injured students. NRBC Bank also committed to offering jobs to able-bodied members of families affected by the protests. These promises mark a stark contrast to Tamal’s previous stance, where he had vocally supported Sheikh Hasina and opposed the student protests.

Attempts to reach Hasanat Abdullah, one of the coordinators of the anti-discrimination student movement, for a comment were unsuccessful. Despite multiple calls from Orthosongbad office to his mobile phone, there was no response. Similarly, efforts to contact another coordinator, Sarjis Alam, also failed to yield any comments.

However, former law student of Dhaka University and social media figure Syed Abdullah shared his thoughts on Facebook, stating that NRBC Bank Chairman Parvez Tamal is on a mission to secure his position by ingratiating himself with the students, thereby improving his image. Abdullah urged immediate investigations by the Anti-Corruption Commission (ACC) and journalists into the activities of Tamal and his associates.

Orthosongbad  made several attempts to contact NRBC Bank Chairman Parvez Tamal for comments, but no response was received.

Sources claim that Parvez Tamal, in his efforts to support the Hasina government, has distributed various donations through the bank, both publicly and covertly. Among these are scholarships in the name of Bangabandhu, a special issue of “Planet” magazine focused on Sheikh Mujibur Rahman’s life and legacy, donations to the Bangabandhu Memorial Trust, contributions to the Bangabandhu Youth Fair, and charity books and iftar events around Bangabandhu’s birthday. Additionally, the bank had provided significant funds for Sheikh Hasina’s Ashrayan Project.

Parvez Tamal, who claims to be a Russian oligarch and served as the president of the Russia Bangabandhu Parishad, has been implicated in various financial irregularities, including loan fraud, commission schemes, recruitment corruption, stock manipulation, money laundering, and the embezzlement of funds. During the tenure of former Prime Minister Sheikh Hasina, Tamal reportedly leveraged his connections with senior leaders of the Awami League to engage in these activities.

The Anti-Corruption Commission (ACC) had previously launched an investigation into Parvez Tamal, chairman of NRBC Bank, following allegations of irregular salary increases for select officials. The investigation stemmed from a complaint by a sponsor shareholder of the bank. Tamal reportedly bypassed the banking regulations, awarding significant salary increments to 27 officials while ignoring over 3,800 employees. Additionally, Tamal and his personal secretary, Asif Iqbal, allegedly pocketed excessive fees from board meetings, violating the country’s banking laws. Furthermore, the investigation revealed that Tamal had set up an unauthorized entity, NRBC Management, without approval from Bangladesh Bank. However, the investigation was abruptly halted, allegedly due to Tamal’s political influence.

In a separate case filed on July 11, 2023, the ACC accused 14 individuals, including 11 NRBC Bank officials, of money laundering and providing unlawful loans. The lawsuit alleges that the accused embezzled approximately 78 crore BDT (including interest) by issuing loans without proper collateral. Additionally, 5.97 crore BDT worth of export proceeds were reportedly laundered without being repatriated to Bangladesh. Tamal was implicated in this fraudulent activity but reportedly used his political connections to suppress the investigation.

Further details of this ongoing investigation will be disclosed in subsequent reports by Orthosongbad.

A total of 22 companies received awards in 13 categories for best presented annual reports, integrated reporting, and corporate governance at the 24th ICAB National Awards. The event, organized by the Institute of Chartered Accountants of Bangladesh (ICAB), took place on Tuesday, September 10, at the Sonargaon Hotel in Dhaka.

Dr. Saleh Uddin Ahmed, Adviser to the Ministry of Finance, Ministry of Commerce, and Ministry of Science and Technology, attended the event as the chief guest and handed over the awards to the winners. Special guests included Dr. Md. Khairuzzaman Mozumder, Secretary of the Ministry of Finance, Md. Selim Uddin, Secretary of the Ministry of Commerce, and Md. Abdur Rahman Khan, Chairman of the National Board of Revenue.

ICAB President Mohammad Forkan Uddin delivered the welcome address, while Md. Humayun Kabir FCA, Chairman of ICAB’s Review Committee for Published Accounts and Reports (RCPAR), and Co-Chairman Md. Moniruzzaman spoke on the selection process for the best reports.

At this year’s competition, Bank Asia PLC was named the overall winner. A total of 22 companies were recognized for excellence in best presented annual reports, integrated reports, and corporate governance disclosures. Additionally, eight companies received ‘Merit’ awards.

A total of 76 companies submitted their financial reports for consideration in the competition. From the winners, three top reports in each category will be nominated for the South Asian Federation of Accountants (SAFA) competition, representing the SAARC region.

ICAB-BPA Award Winners:
Private Sector Banks:

• Gold: Bank Asia PLC and Shahjalal Islami Bank PLC (joint winners)
• Silver: The City Bank PLC
• Bronze: BRAC Bank PLC and United Commercial Bank PLC (joint winners)

Financial Services Sector:

• Gold: IPDC Finance Limited
• Bronze: IDLC Finance PLC

Manufacturing:

• Gold: British American Tobacco Bangladesh Company Limited
• Silver: Walton Hi-Tech Industries PLC
• Bronze: Reckitt Benckiser (Bangladesh) PLC

Power and Energy Sector:

• Silver: United Power Generation and Distribution Company Limited

Diversified Holdings:

• Bronze: Advanced Chemical Industries Limited (ACI Limited)

Insurance (General):

• Gold: Green Delta Insurance Company Limited
• Silver: Reliance Insurance Limited
• Bronze: City General Insurance Company Limited

Insurance (Life):

• Bronze: National Life Insurance Company Limited

NGO/NPO:

• Silver: Sajida Foundation
• Bronze: Shakti Foundation for Disadvantaged Women

Communication and Information Technology:

• Gold: Robi Axiata Limited
• Silver: Grameenphone Limited
• Bronze: Genex Infosys Limited

Service Sector:

Bronze: Unique Hotel & Resorts PLC

Corporate Governance Category:

• Gold: Bank Asia PLC
• Silver: Shahjalal Islami Bank PLC
• Bronze: BRAC Bank PLC

Integrated Reporting Category:

• Gold: Bank Asia PLC and Shahjalal Islami Bank PLC (joint winners)
• Silver: IDLC Finance PLC
• Bronze: BRAC Bank PLC

Notably, no awards were given this year in the Public Sector Banks, Infrastructure and Construction, or Agriculture sectors due to insufficient marks.