Money is abroad as shared corruption

24 October 2021 Editorial Desk
Money is abroad as shared corruption


Sonali Bank has approved the writing off loans totaling Tk 2,086 crore it provided to 13 clients including the Hall Mark Group which secured huge amount from the bank in connivance with the government. This group in particular was sure of government's intervention for saving.


Now there are no scope corruption cases to continue and no question of recovery. The excuse was there is no hope of recovery. In that case some bank officials must be found irresponsible and accountable. The loans were written off as there was no chance for recovery. The bank acted most irresponsibly by providing the loan with no hope of recovery. But nobody is going to be punished. The bank has become a matter of corruption sharing and government favouritism.

If genuine people want loan investment the banks insist on collateral making the naked. It will be near impossible to get if they are thieves of the government. That is truth and this is our country. The government is for followers of the bank. The courts will say public money is a sacred money and do not deserve leniency.


They have looted public money knowing it was safe.Tk1,700 crore has been written off against Hall Mark Group which laundered funds from the then Ruposhi Bangla Hotel Sonali bank branch, and 13 other clients from other branches. The bank's decision has surprised the members of the public and even the Bangladesh Bank at a time when it is running with a capital shortfall. Expressing concerns the Bangladesh Bank has undertaken a move to check whether the required loan write off provisions were followed or irregularities were committed. Please say no more. The people do not want investigation against big corruption or irregularities.


When big loans could be obtained from banks by the favoured people of the government without satisfaction that would not go down the drain there is nothing left for the people to have faith in the banking system. Looting of money from banks has normal for the lucky ones. Neither the banks nor the government has to explain or justify such easy escape for the looters.
We are sure the money is to be found abroad as shared corruption.


It is no use to ask if proper checks were made before such big amounts were given out. Previously we heard that Hall Mark has bought huge land for plantation of trees and repayment would not be a problem if time was allowed. Slavishness means carrying out orders. We are proving sonslavish that we cannot save money in the banks.


The Bangladesh Bank investigation had earlier found Sonali Bank's Ruposhi Bangla Hotel branch lent the Hall Mark Group and five other companies Tk3,547 crore between 2010 and 2012, using fake documents. Hallmark Group alone swindled Tk 2,686.14 crore. Later on, Sonali Bank filed cases against Hall Mark Group for recovery of money. Now corruption cases are also gone.


As people we do not seem what we are or what deserve. We may be any thing but we should not so shameless to ask for an investigation. Let them loot the country dry and leave.

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