Muhith recognises mistakes in choosing people for bank boards

Finance Minister AMA Muhith said Monday there had been mistakes on the government part in selecting people for the boards of state-owned banks.
“We had many mistakes in our choice…There was a weakness in monitoring the banks,” he said, according to a news agency.
The Finance Minister was talking to reporters after a function at the Finance Ministry on dividend cheque handover by UBICO, a UAE-Bangladesh joint venture company.
Responding to a question on state-owned banks’ various scams, Muhith said some fraudulent incidents took place because of politically-appointed people in the boards of the banks.
He said the government is now paying attention towards strengthening bank monitoring activities.
The UBICO was formed in 1987 with 60 per cent equity from United Arab Emirates (UAE) and 40 per cent from Bangladesh to promote investment in medium and small enterprise sector in Bangladesh.
The UBICO chairman informed the Finance Minister that the company has regularly been providing dividends to the government for the last seven years alongside financing the SME sector.