Probe to find BB's faults
The Bangladesh Bank has formed an inquiry committee to probe how approval was given from its end to a questionable proposal from AnonTex Group without the knowledge of the governor and the concerned deputy governor.
AnonTex has come under the scanner after a BB investigation in January found that it was given loans worth Tk 5,500 crore -- which is 13 times the ceiling set by the central bank -- by Janata Bank.
On October 3, BB Deputy General Manager Mizanur Rahman Akon had sent a letter, without the knowledge of deputy governor of the department and the governor, asking Janata to accept AnonTex's new plan.
The new plan involved allowing the group to: take fresh funds from other state-owned banks, reschedule its existing loans and revalue its assets afresh to make it look like a healthy company.
The green light from the BB came even though the Janata board did not consent to the garment manufacturer's proposal to reschedule its loans and revalue its assets.
On the same day, an additional director of the same department sent another letter to Janata asking it to take necessary steps to recover the previous loans from AnonTex.
A confused Janata Bank sent a letter to the BB requesting clarifications.
The committee, consisting of BB Executive Director Sheikh Abdullah and BB Deputy General Manager Husne Ara Shikha, will investigate how such an important decision was taken beyond the knowledge of the high authorities of the central bank and submit a report by Tuesday.
Rahman was transferred to another department on October 22.
