BPC's Tk 4,813 Crore Stuck in Troubled Banks; Seven-Member Committee to Investigate

Bangladesh Petroleum Corporation (BPC) and its subsidiary companies have deposits of Tk 4,813 crore 32 lakh in troubled private banks. A committee formed by BPC will investigate how the money can be recovered, and under what process, on whose recommendation and for what purpose such a large sum was deposited in the troubled banks.

The seven-member committee was formed through an office order signed on 3 November by BPC Secretary Shahina Sultana.

BPC Director (Finance) Naznin Parvin has been made convener of the committee. BPC Manager (Accounts) Md. Al-Amin has been made member secretary.

The committee has been asked to complete its investigation and submit a full report to the BPC chairman within one month.

The office order says the committee was formed to investigate and make necessary recommendations on the encashment of the money deposited in the bank accounts of BPC and its subsidiary companies.

The committee will first examine under what process, on whose recommendation and for what purpose the money was deposited in the troubled banks.

It will also examine whether the deposits were made in exchange for commission trade, bribes or personal interest, lured by promises of unusually high interest.

If the deposits were made through personal interest, bribes or unethical connections, the committee will identify those responsible.

The committee's task is to make recommendations on the encashment of the Tk 4,813 crore 32 lakh deposited against fixed deposit receipts (FDRs) in the troubled private banks.

It will also recommend how to select the most reliable banks, considering their financial condition, so that the companies' fixed deposits remain safe in future.