DNCC takes possession of its share after 10 yrs

The Dhaka North City Corporation (DNCC) has finally taken possession of its share in the Sheraton Hotel building in the capital's Banani area, bringing an end to a decade-long deadlock over share distribution, reports UNB.

The official handover was marked by the signing of a possession transfer agreement between the Sheraton Hotel authorities and the DNCC at the Nagar Bhaban in Gulshan area on Wednesday.

DNCC CEO Abu Sayed Md Kamruzzaman signed the agreement on behalf of the city corporation, while Borak Real Estate Ltd CEO Gazi Mohammad Shakhawat Hossain signed on behalf of his company.

Describing the signing as a  'historic milestone', DNCC Administrator Mohammad Ejaz said, "This is a historic achievement."

When asked why previous officials failed to resolve the issue, he responded, "It wasn't just negligence. Why couldn't they do it when I could? The city corporation has lost a substantial amount of revenue over the years, and the responsibility lies with those who were in leadership. The officers can't be blamed for this."

Regarding other unresolved asset-sharing issues, Ejaz added, "There are also disputes over the share distribution in the Nagar Bhaban and the City Centre. I will address them one by one. My job is to secure the state's rightful stake wherever it exists - to uphold public interest."

Since 2015, Borak Real Estate had repeatedly urged the DNCC to claim its share in the Sheraton Hotel building. However, the then DNCC administration reportedly failed to take possession.