Finance Minister AMA Muhith said on Monday there had been mistakes on the part of the government in selecting people for the boards of state-owned banks, reports UNB.
"We had many mistakes in our choice…There was a weakness in monitoring the banks," he said.
The minister was talking to reporters after a function at the Finance Ministry on dividend cheque handover by UBICO, a UAE-Bangladesh joint venture company.
Responding to a question on state-owned banks' various scams, Muhith said some fraudulent incidents took place because of politically-appointed people in the boards of the banks.
He said the government is now paying attention towards strengthening bank monitoring activities.
At the function, Banking Division secretary and chairman of UAE-Bangladesh Investment Company (UBICO) Dr Aslam Alam handed over a cheque of Tk 7.26 million to the minister.
The UBICO was formed in 1987 with 60 per cent equity from United Arab Emirates (UAE) and 40 per cent from Bangladesh to promote investment in medium and small enterprise sector in Bangladesh.
The UBICO chairman informed the minister that the company has regularly been paying dividends to the government for the last seven years alongside financing the SME sector.
Appreciating the UBICO's performance in recent years, Dr Aslam said Saudi Arabia and the UAE came forward in the 70s to help Bangladesh in its development sector. SABINCO was such a company formed in joint venture with Saudi Arabia.
"Both SABINCO and UBICO have been playing a significant role in development of Bangladesh," he said.
He said when there are many scams in state-owned banks, the UBICO paying dividend is a good news. "This is a happy time for the government."
UBICO managing director Dr SM Akbar also spoke at the function.
