Govt moves to repay money of Jubok clients

The government has finally moved to appoint an administrator for the Jubo Karmasangsthan Society (Jubok) to protect the assets of the infamous cooperative society which allegedly cheated millions of people, sources said.
The Ministry of Commerce will convene an inter-ministerial meeting Thursday to scrutinise the legal aspects of appointing an administrator on the basis of the recommendations made by a government-sponsored commission, they added.
"Yes, we will sit together to examine the legal sides of appointing an administrator. We want to take fruitful steps so that money could be given back to the members of the cooperative," Commerce Secretary Hedayetullah Al Mamoon told the FE Wednesday.
He said many decisions and work have been done earlier regarding the Jubok's assets. There was a commission which suggested appointment of an administrator to protect the assets of the cooperative and taking their control.  
Sources said the government now wants to repay the deposited money to the members of the Jubok by selling its assets worth Tk 25 billion.
"Appointment of an administrator is immediately necessary for better management of the assets of the cooperative," said a senior official at the Ministry of Commerce.
The cooperative, in the name of paying high profit, lured over 0.3 million people, mainly youths, to collect the huge sum. 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.   
In March last year, the Jubok Commission, headed by former bureaucrat Rafiqul Islam, submitted a report to the Ministry of Finance suggesting appointment of an administrator for its better management.   
Amendment of criminal law, the Money Laundering Act, and the Inquiry Act of 1956 were among other recommendations made by the commission. However, the government opted for a go-slow policy in response to the recommendations, officials said.
Before that, the government formed another commission, headed by former governor of the Bangladesh Bank Mohammad Farashuddin. The government suspended operations of the Jubok in 2006 on allegation of carrying out banking activities illegally by taking deposits from its members.
The cooperative made investment in the fields of banks, housing, telecommunications, real estate development, tourism, health, agriculture, education, and broadcasting media.