CA orders establishment of fund to manage recovered looted assets

Chief Adviser Professor Muhammad Yunus on Monday instructed the relevant authorities to establish a dedicated fund for managing recovered looted assets and laundered money.

“The Chief Adviser has directed the formation of a fund to manage the recovered funds, which will be used for public welfare,” said Chief Adviser’s Press Secretary Shafiqul Alam during a press briefing held at the Foreign Service Academy in Dhaka following a meeting on the progress of asset recovery.

Alam added that the fund would primarily benefit the country’s poor, in line with decisions made at the meeting, which was chaired by Prof Yunus at the state guest house Jamuna.

Speaking at the briefing, Bangladesh Bank Governor Ahsan H Mansur stated that the fund would be set up in accordance with existing laws, though amendments may be considered if necessary. He expressed hope that the interim government would be able to initiate the fund’s formation, urging the future elected government to carry it forward.

Mansur explained that the fund would be composed of assets and money seized from individuals accused of embezzlement. Looted money recovered from the banking sector would be returned to affected banks to compensate depositors. Meanwhile, funds and assets obtained through corruption outside the banking system would be used for poverty alleviation through the newly created fund.

He also mentioned that frozen shares of indebted companies would be transferred to strategic investors. To facilitate this, the government would temporarily assume ownership of the shares to legalize the transfer process. “This legal step is necessary so that the proceeds from new investors can be routed through the fund to repay the banks,” Mansur said.