Formation of commission to save Jubok assets suggested

Syful Islam | Published: December 08, 2014 00:00:00 | Updated: November 30, 2024 06:01:00

A government committee has recommended formation of a commission to be headed by a retired judge or a secretary level official to take action against the organisations like Jubo Karmasangsthan Society (Jubok) and others which are involved in cheating people, sources said.
The committee, formed to identify ways to protect the assets of Jubok in the interest of investors, is scheduled to submit a report to commerce minister Tofail Ahmed today (Monday).
It suggested that the commission, alongside looking after the Jubok's assets as well as repay the deposited money to the members of Jubok, will also work on how to bring the companies involved in fraudulent activities in the name of multi-level marketing (MLM) to book.
The committee, led by Abdul Mannan, a joint secretary of the ministry of commerce (MoC) also suggested that the proposed commission should be a statutory body like Law Commission and Information Commission. The ministry of law, justice and parliamentary affairs, Bangladesh Supreme Court, and office of Attorney General will assist the commission to carry out investigation and take legal action against the organisations involved in fraudulent activities.
The commission will be able to seek help from law enforcement agencies to take the culprits involved in the cheating into task.
They said the government committee was formed to check the legal aspects of appointing an administrator to protect the assets of Jubok and pay back those to investors based on the recommendations made by a previously formed government-sponsored commission.
However, sources said the committee finally did not suggest appointment of an administrator, rather recommended that such decision can be taken once the commission is formed.
Commerce secretary Hedayetullah Al Mamoon earlier told the FE that proper steps will be taken so that the money can be given back to the members of the cooperative.
He said many decisions and works have been done earlier regarding Jubok's assets. There was a commission which suggested appointment of administrator to protect the assets of the cooperative and taking over their control. Â
Sources said the government now wants to repay the deposited money to the members of Jubok, by selling its assets worth Tk 25 billion.
The cooperative in the name of paying high profit lured over 0.3 million people, mainly youths, to collect the large sum of money. The ill-fated people are waiting for years to get back their hard-earned money because of lack of proper steps by the authorities concerned.Â Â
In March last year the Jubok commission, headed by former bureaucrat Rafiqul Islam, submitted a report to the ministry of finance suggesting appointment of the administrator for their better management.Â Â
It also suggested amendment to criminal law, money laundering act, and the inquiry act of 1956, among other, recommendations. However, the government followed a go-slow policy in responding to the recommendations, officials said.
Before that the government formed another commission headed by former governor of Bangladesh Bank Mohammad Farashuddin.
The government suspended operations of Jubok in 2006 on allegation of carrying out banking activities illegally by taking deposits from its members.
The cooperative made investment in the field of banks, housing, telecommunications, real estate development, tourism, health, agriculture, education and broadcasting media.
syful-islam@outlook.com