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Top executives eat up BCI

By Inam Ahmed
The Bangladesh Commerce and Investment Ltd (BCD has become inoperative due to over drawing of company funds by Its directors, sources said
The funnelling of funds from the investment company, set up seven years ago. put BCI in liquidity crisis, paralysing Its operations
Finance Ministry sources said they were examining the BCI situation. and a report will be prepared by Saturday
However, the sources said that no complaints have been made so far to the ministry by any depositors
The crista tn the company started when Some directors of the company drew money from BCI and bought huge property, It is alleged. These were registered under pseudo names to evade any action being taken by the authorities.
Finance Ministry sources said the BCI authority could not arrange fresh funds from different commercial banks for Its normal transaction. The banks that did business with BCI have become reluctant to do so due to repeated allegations of unauthorised dealings' of the company.
They said BCI needs about Taka one crore to overcome the crisis. Sources said the ministry has been trying to contact the chairman of the company, Mustafizur Rahman, but could not do so as he was not available.
Sources said that when some officials of BCI asked to be financed by the company to meet the demand of the depositors, they were sacked.
Sources said the company was authorised by the Finance Ministry during the Ershad regime to expedite Investment process.
According to rules, the company could borrow money from individuals or organisations for sums above Taka five lakh. It could also take money as Investment above Taka one thousand.
It is alleged that the company started functioning more like a banking enterprise rather than an Investment en-tcrprise.
Sources said BCI was not under the jurisdiction of the Bangladesh Bank. As a result, If the company became bankrupt, the depositors would not be balled out by the Bangladesh Bank. In case of normal banks, Bangladesh Bank can pay the depositors up to 60 per cent of their deposits.
BCI failed to honour its clients yesterday for the fourth consecutive day. Clients were found waiting at BCI branches to draw their deposits.
A depositor from Banani area was found waiting near the BCI office to recover his deposit of about Taka 20 lakh. He said on condition of anonymity that out of his total deposit, he could recover only about Taka three lakh in one week.
When the Chairman and Managing Director of BCI, Mustafizur Rahman was contacted. he acknowledged the liquidity crisis of hts company.
However, he said he was hopeful to get out of this position by next week through reorganisation of BCI. He, however, did not elaborate.
Mustafiz also said that some high executives’ of BCI took a huge sum of money from the head office as irregular ad vance’ without approval, triggering the crisis in the company. He said those officials were sacked.