Briefing 2024-03-17

Masterminds behind Ring Shine's IPO bait for money laundering get scot-free

Ring Shine Textiles' Indonesian owners had sketched out a plan to launder money before floating an IPO in 2019 and approached a local businessman to execute the plan. The businessman, Abdul Kader Faruk made a deal with the then managing director of Ring Shine Textiles (RSTL) Sung Wey Min that he would help the Tk 100-million enterprise collect a fund of Tk 1.5 billion in the process of stock market listing but in exchange for control over 40 per cent of the company's post-IPO shares. Page 9

Israel-Hamas truce talks expected to restart

Stalled talks aimed at securing a cease-fire in the war between Israel and Hamas are expected to restart in earnest in Qatar as soon as Sunday, according to Egyptian officials. The talks would mark the first time both Israeli officials and Hamas leaders joined the indirect negotiations since the start of the Muslim holy month of Ramadan. Page 15

Liton dropped from squad for 3rd ODI

Bangladesh dropped Liton Das for Monday's third and final one-day international against Sri Lanka after the veteran opener was humiliatingly dismissed for consecutive ducks in the first two matches. One-day debutant Jaker Ali will take Liton's place after a solid performance from the wicketkeeper-batsman in the T20 leg of Sri Lanka's tour, won by the visitors 2-1. Page 14