Saudi prince busy mourning wife, but keen to buy Rupali

FE Team | Published: March 12, 2008 00:00:00 | Updated: February 01, 2018 00:00:00

Shakhawat Hossain and Mushir Ahmed
Saudi Prince is busy mourning his beloved wife but still keen to take over Rupali Bank, as government admitted Tuesday it scrapped the sale deal after becoming 'fed-up and tired' with the 'mysterious' buyer.
"His Royal Highness Prince Bandar Bin Mohammad Bin Abdul Rahman Al-Saud is mourning the death of his dearly beloved wife and mother to his children," his top aide Sir Frank Peters told the FE in an emailed statement.
His wife Princess Al Bandari bint Abdul Aziz passed away in Saudi Arabia on Friday, aged 80.
Peters said "the death has brought the Octogenarian prince enormous grief," but he is still adamant to complete the purchase of the bank, although the government said a 'loud no" by scrapping the deal on Monday.
"It is inappropriate to comment on matters relating to Rupali Bank Limited at this time other than to say; the interest of His Royal Highness in taking over the bank has never waned from the beginning… and will continue," Peters said.
The statement came a day after the finance adviser ordered the Privatisation Commission (PC) to take Rupali Bank off the disinvestment list and directed authorities to help resume normal operation of the bank.
Mirza Azizul Islam said the government has given the Prince enough opportunities" but he came up with "different excuses" and has failed to make the payment "despite repeated notices".
The Prince had beaten five other local and international bidders to clinch the purchase of over 93 per cent stake of Rupali for a whopping 458 million dollars in August 2006.
But since then he dragged his feet and, according to the Privatisation commission officials, could not come up with proper explanation and date on how and when it would complete the acquisition.
His inability to takeover has ruined Rupali's financial health, as fresh loans was halted for nearly three years, recruitment suspended while consultants devoured about five millions dollars as fees.
A top PC official admitted Tuesday that the government was tired and fed-up with the prince and his aides' antics over the last two years.
"We were tired and fed-up. He took so much time, yet failed to pay even part of the money. He talked of huge investment in the bank, but could not even show a dime," said the official.
"We have given them enough time. We could have scrapped the deal in December. But still we waited, but there was no reply from him. Last week he again informed us to extend the deadline to March 31," he said.
"Meantime, Rupali has suffered enormously. The prince's inaction has almost destroyed the bank's financial backbone. We have almost sent it to deathbed," he added.
"But our patience has its limits. Finally, we said him no, loud and clear."
The official even questioned whether the Saudi Prince knew anything about the deal.
"He does not how to talk in English. So when we talked to him, it was always brief. We have to go through the advisers, making it impossible for us to gather whether the Prince knew anything about the deal," he said.
He laughed off the latest remarks by Peters that the Prince is still keen about the bank.
"It's laughable. I don't know how he can send such a statement. We have suffered a lot. And still he is harping the same tune," he said.
The PC would now send a final letter to the Prince, informing him about the Rupali privatization scrap order, he added.