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DCC1 retorts charges of fraud, cheating

Maligning of business community unbecoming

Star Economic Report
Dhaka Chamber of Commerce and Industry the country's largest trade promo tlon body in the private sector, has sharply retorted the Finance Minister for maligning the business com muntty as a whole for so called delinquent culture'.
In a statement issued to the press Thursday. President of DCCI Mahbubur Rahman termed the recent announce ments of some government functionaries about overdue bank credits, the loan Itabiil ties of some directors of private sector banks in the name of their business firms or con eerns, and 'free-wheeling charges of fraud and cheating as the most unbecoming
The private sector has borne the major burnt* of
and other 'regulatory. arbitrary and dtotartionary policies leading to a sickening state of the situation in overall trade and industry', he said The recent steps and announcements of the government, he observed. are creating more problems, instead of solving the existing ones.
In a pointed reference to the replies of the Finance Minister to a question in the Jatiyo Sangsad on July 22 on the so-called loan liabilities of some directors of private sector banks, the DCCI President contested the premises on which the directors of such banks have been sought to be discredited'.
'Bank loans were sanctioned not to any individuals as such, but to units, companies rate legal entities with a number of other owner. or shareholders ' he said
He stated There is noth Ing unlawful about borrowings by the concerned units The extent of borrowings or credit sanctions depends on respec five assets of the borrowing units’, he said while noting that the credit facilities to any director of a private sector bank must not exceed some specified limits which were set by Bangladesh Bank for the concerned banks. Tf the bor-rowlng needs are higher than limits, any recourse to borrowings from private banks will be violation of law Itself*, he added.
Mahbubqr Rahman regretted that the Finance Minister's statement about "mushroom growth of the banks in the country. 'Facts speak otherwise. All the private banks came up in the early eighties following the decision of the government of late President Zlaur Rahman to allow banka in the private sector The goveminent itself has equity holdings in all private banks. All the applications for setting up private banks were made during the tenure of late President Justice Abdus Sattar. Those were only processed by the successor government as follow-up actions. All these banks have come up after full compliance with terms, conditions and requirements set by Bangladesh Bank*, he said
The DCCI President felt that free-wheeling charges of cheating and fraud against the private sector as a whole by some functionaries of the government Is all the more unbecoming because of the latter's commitment to enforce competitive market-oriented economy, transparency and accountability. The patience of trade and industrial operators, he said, has already crossed limits because of 'frequent make-believe* statements by various quarters.
*Wc are not afraid of disclosures of any facts because we consider facts as the only basis for transparency and appropriate actions. But we consider any twisting of facts to be ex-trcmcly harmful because this will impair the atmosphere of trust and confidence in all sectors. Unfortunately again, distortion of facts as a cover-up for inaction is becoming a pattern with some responsible circles in administration.' he observed.
The DCCI chief feared that the crisis facing the private sector would deepen, if what had already been stated or announced by the government was to be taken as Its plan of actions for a market-oriented economy.
The enforcement of Value Added Tax without adequate preparations, the ill-conceived ways of tackling the huge backlog problems of overdue bank credits in one-shot by denying the normal banking facilities to operational units, the closure of BCCI operations, delays in announcement of new Industrial policy and new export policy and many other lapses are causing severe constraints for trade and industrial operators', he said. How can then the government expect new investments in the private sector? he asked.