BB identifies banks, business houses

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Shakhawat Hossain
A central bank probe Tuesday said four business houses and six local and foreign commercial banks were involved in 'under-invoicing' of refined edible oil exported during 2006 and 2007.
"The probe has identified the banks and business houses involved in the unethical practice," said Bangladesh Bank (BB) deputy governor Ziaul Hasan Siddique.
The central bank made the probe at the request of the commerce ministry as export at lower prices baffled many when edible oil price witnessed unusual hike in the local markets.
"The governor's council will review the report soon and suggest necessary action," Siddique said. The BB deputy governor whose department is responsible to look after the sensitive foreign currency-related issues said the report will also be sent to the country's new corruption watchdog - Anti-Corruption Commission (ACC).
"These business houses exported edible oil at prices lower than their import costs that went against the interest of the country," said the report.
"They took recourse to under-invoicing," added the report.
The central bank report said these companies exported edible oil through the Chittagong branches of two foreign and four local private banks.
"These banks did not take any step to stop the under-invoicing which is not acceptable," said the report.
The country consumes around 1.3 million tonnes of edible oil a year. A major part of the same is met through import.