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No decision on BCI yet

NCL also faces liquidity crisis

By Sohel Manzur
The Ministry of finance has delayed its final decision on Bangladesh Commerce and Investment (BCI) pending availability of audit report.
The Bangladesh Bank has In the meantime, started send Ing surveillance teams to all the branches of BCI In a bid to examine Its financial dealings and papers sources said
Besides the bank through a public notification has asked the employees of BCI to be present al the branch offices to facilitate the work of the bank's audit teams.
The government earlier suspended all activities of the BCI on Wednesday with imme diate effect
Meanwhile another In-
vestment company In the private sector the National Credit Limited (NCL) has been hit by liquidity crisis throwing hundreds of depositors into uncer tainty.
Sources said. NCL has ap pealed to the Bangladesh Bank for Taka 124 crore as call money to overcome the pre sent crisis The Bangladesh Bank, according to sources, did not turn down the appeal but has asked the NCL man age me nt to submit a plan to restructure the company.
The Ministry of Finance has
Bank to inquire Into the activi tics of NCL and examine possible leg*) and financial implUa tlons of measures to be implemented in case NCL goes Into red.
Depositors, who wanted to withdraw money from NCL yesterday, were refused by different NCL branch executives.
NCL sources said the depositors. gripped by panic, have withdrawn more than Taka 23 crore from the company dur Ing the last one month.
People maintaining fixed deposit account with NCL were told that the Bangladesh Bank has Instructed not to allow en ■ cash men t of the same.
Allegations against both BCI and NCL were surfacing for the last few months of violating tlic rules under which permission was accorded to them in 1985.
Bangladesh Bank permitted the establishment of NCL as an
Investment company
The bank suggested some functions be undertaken by the company and Imposed some restrictions.
The functions included making advances or loans either from own equity or by borrowing within the country or by syndication of foreign exchange loan, undertaking technical, economic and financial feasibility studies of the projects on behalf of its clients and providing managerial, technical and administrative personnel and services.
The major restrictions were the company would not accept any deposits, or handle l/c business or wage earners remittance. The company was also not allowed to open investor's account or Issue unit trust
Meanwhile. BCI depositors association held a rally Thursday In front of the BCI head office and later submitted a memorandum to the Governor of Bangladesh Bank.
The association demanded white paper on BCI and assur ance by the government of getting back their deposits.
Mahathero back home
Bishuddananda Mahathero. President Bangladesh Bouddha Kristi Prachar Sangha, re turned to the country after treatment in Bangkok.
reports BSS