FE Report
The London-based First Solution Money Transfer Limited has sought fresh permission from the central bank of Bangladesh to revive their remittance business with local corresponding banks.
Representatives of the new management of the money transfer company have already met with the concerned officials of the Bangladesh Bank (BB) in this connection, official sources said.
In June last, the company closed down all of its branches after misappropriating 1.7 million pound remitted by the expatriate Bangladeshis living in the United Kingdom.
The new management bought the company from the liquidator and is trying to revive their business operation with the seven local commercial banks, the sources added.
"We have asked the representatives of the company to settle the dispute with the local banks relating to inward remittances," a BB senior official told the FE Tuesday.
He also said the central bank will take their next step in line with the recommendations of the Bangladesh High Commission in London.
On 3 August 2007, the British government's official receivers were appointed as provisional receivers and the previous liquidators, Panos Eliades Franklin & Co were dropped at the request of the Secretary of State, Stephen Timms. A provisional court date of 6 November 2007 has been announced, according to the Wikipedia.
First Solutions wants BB nod to resume operations
FE Team | Published: October 17, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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