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BFIU finds evidence of Tk 40 billion capital flight

Businesses did it thru export and import, unit head says


FE Report | August 01, 2018 00:00:00


A group of businesses is reported to have been involved in capital flight amounting to Tk 40 billion in disguise of imports and exports.

Bangladesh Financial Intelligent Unit (BFIU) has discovered the evidence of such an involvement.

The BFIU has also sent this information to the National Board of Revenue (NBR) and other law-enforcement agencies requesting them to further investigate the cases before moving towards prosecution.

BFIU head and Bangladesh Bank (BB) deputy governor Abu Hena Mohd Razee Hassan disclosed this on Tuesday while responding to the reporters at the monetary policy unveiling programme.

BB governor Fazle Kabir released the monetary policy for the first quarter of the fiscal year (FY), 2018-2019, at the central bank headquarters in the city.

The central bank chief shifted the responsibility to Mr. Hassan for replying to the question over apathy of some businessmen to import products even after opening letters of credits (L/Cs) and repatriate money of their exports.

Mentioning Swiss Bank's recent report where the volume of capital flight from Bangladesh shown to be on the declining path, he said the BFIU has "seriously" been looking into this matter.

"It's not like we're letting the issue of capital flight go unchallenged. It's being monitored properly," the BFIU head-cum-BB deputy governor said without giving any further details.

About the central bank's weakening supervision, BB deputy governor S. M. Moniruzzaman said they have been taking necessary measures within their jurisdiction once they found any irregularities during the inspection.

BB change Management Advisor Allah Malik Kazemi said the businesses will not open new L/Cs without importing goods in accordance with their previous L/Cs while business will be difficult for those who haven't repatriated export proceeds.

"This micro-level regulation is still active here," he said.

About the capital market stability, BB governor Fazle Kabir said there is undoubtedly enough liquidity in the market and the level of mismatch has come down.

At the same time, inter-bank interest rates in the money market have also reduced. "Both are important. I think congenial climate is persisting in the share market," he added.

Regarding the reported gold scam in the BB vault, the central bank chief said it has ensured foolproof security arrangement for the vault.

"There is a six-tier security system with the installation of 32 close circuit cameras in operation from round the clock. There is no scope for gold mismatch," he said.

About the BB US$81 million reserve heist, he said the unrealised money is being contested at various courts in the Philippines and the money will be brought bank once it is settled.

"We're hopeful," he added.

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COMPANY YCP HIGH LOW CLOSE %CHG
NTLTUBES 110.0 121.0 111.6 119.8 8.9091%
FINEFOODS 35.5 39.0 34.8 38.4 8.169%
UPGDCL 304.9 331.5 305.0 324.4 6.3955%
REPUBLIC 28.4 30.4 29.0 30.0 5.6338%
STYLECRAFT 3512.7 3688.3 3570.9 3688.1 4.9933%
ICBAMCL2ND 6.6 7.0 6.5 6.9 4.5455%
ICBAGRANI1 6.9 7.2 7.2 7.2 4.3478%
NAHEEACP 80.6 85.9 80.8 83.8 3.9702%
ATLASBANG 127.0 133.0 127.0 131.0 3.1496%
PRAGATILIF 129.4 138.0 117.0 133.4 3.0912%
COMPANY YCP HIGH LOW CLOSE %CHG
FINEFOODS 38.8 39.0 34.8 36.0 7.7778%
NTLTUBES 119.0 121.0 111.6 112.5 5.7778%
UPGDCL 321.8 331.5 305.0 305.1 5.4736%
EBL1STMF 7.5 7.7 7.2 7.2 4.1667%
PREMIERCEM 77.7 77.7 75.1 75.1 3.4621%
ISLAMIINS 21.4 21.8 20.7 20.7 3.3816%
RELIANCE1 9.5 9.5 9.2 9.2 3.2609%
ATLASBANG 131.1 133.0 127.0 127.0 3.2283%
STYLECRAFT 3682.6 3688.3 3570.9 3571.0 3.1252%
ICBAMCL2ND 6.8 7.0 6.5 6.6 3.0303%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 15.0 13.0 9.9 10.4 -30.6667%
INTECH 66.8 67.0 60.2 60.5 -9.4311%
MLDYEING 22.8 23.5 20.8 20.9 -8.3333%
KPCL 130.9 131.6 118.0 121.0 -7.563%
VFSTDL 28.7 28.8 26.1 26.6 -7.3171%
PDL 18.1 18.0 16.5 16.8 -7.1823%
PRIMETEX 31.8 32.0 29.3 29.6 -6.9182%
POPULARLIF 119.4 120.0 110.0 111.3 -6.7839%
HRTEX 43.6 44.1 40.3 40.7 -6.6514%
SAFKOSPINN 21.1 21.6 19.5 19.7 -6.6351%
COMPANY YCP HIGH LOW CLOSE %CHG
ETL 10.5 13.0 9.9 13.0 -19.2308%
SHURWID 22.1 25.0 22.1 24.6 -10.1626%
INTECH 60.2 67.0 60.2 67.0 -10.1493%
CVOPRL 155.1 172.5 155.1 172.0 -9.8256%
KPCL 119.1 131.6 118.0 131.6 -9.4985%
MLDYEING 21.0 23.5 20.8 23.2 -9.4828%
SAFKOSPINN 19.7 21.6 19.5 21.5 -8.3721%
METROSPIN 8.3 9.0 8.3 9.0 -7.7778%
POPULARLIF 110.3 120.0 110.0 119.0 -7.3109%
VFSTDL 26.7 28.8 26.1 28.8 -7.2917%