Custodian responsible for managing Beximco's assets

Yesterday, Bangladesh Bank (BB) made three key decisions, including appointing a custodian—referred to as a receiver—for the financially distressed Beximco Group. This move aims to stabilize the company and safeguard the interests of its investors, employees, and lenders. Additionally, the central bank agreed in principle to engage a consulting firm to recover laundered funds from international locations, such as the UK, US, Singapore, and the UAE. It also authorized a forensic audit of Nagad, a widely discussed mobile financial service provider that has yet to secure a license.

A forensic audit involves a detailed analysis and assessment of an individual’s or entity's financial records to gather evidence admissible in court proceedings.

These decisions were made at a board meeting chaired by BB Governor Ahsan H Mansur. The central bank has designated Md Ruhul Amin, an executive director at BB, to act as Beximco Group's receiver. This appointment follows a High Court (HC) directive from September, which mandated the establishment of a receiver to oversee all Beximco companies, particularly after the arrest of Beximco's vice-chairman, Salman F Rahman.

Rahman, an influential figure in Bangladesh's financial sector, had his accounts frozen by the Bangladesh Financial Intelligence Unit (BFIU) in August, with the National Board of Revenue (NBR) scrutinizing his tax compliance. The HC also ordered the recovery of funds borrowed by Rahman from various banks and the repatriation of any money he transferred abroad.

Beximco, with a workforce of over 70,000 globally, operates across sectors such as textiles, pharmaceuticals, ICT, media, and energy. The group has faced scrutiny for allegedly leveraging Rahman’s political influence to secure loans, with a significant portion of these loans—totaling Tk 25,000 crore from Janata Bank—now in default.

In his role, Amin will aim to protect the interests of Beximco's employees and the country, while working to prevent further financial irregularities within the group, which was co-founded in the 1970s by Rahman and his brother, Ahmed Sohail Fasihur Rahman.