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Bailout package for 1996 stock bust victims

ICB account holders to get interest waiver

STAR BUSINESS REPORT
The Investment Corporation of Bangladesh (ICB) has decided to rehabilitate its investment account holders who incurred huge capital loss during the 1996 stock market crisis.
Under the rehabilitation package, the ICB will waive up to 75 percent of their interest and make up their loss from erosion of assets in a bid to help them reactivate their accounts.
According to sources, about 30 percent of ICB's 50,110 investment account holders were affected by the '96 share market scam.
"A significant number of investors has remained inactive for long. We have taken the rehabilitation programme for the affected investors so that they can participate in the market again," an ICB official told The Daily Star.
The account holders will have to apply by March 31 this year making five percent down payment of their debit balance.
Investors who faced erosion of assets due to sharp price fall after 1996 scam will get 75 percent waiver on accrued interest for the period between July 1, 1996 and
June 30, 2003.
Against the debit balance the account holders will also get up to 75 percent waiver of the asset deficit but the amount will not be higher than the accrued interest for the same period.
Investors who have debit balance but did not face asset erosion for price fall will get 50 percent waiver on the accrued interest for the same period.
After waiving of the interest and adjustment of the down payments the account holders will have to
repay the rest amount in cash by June 30 this year. The ICB will not charge any interest for the period between July 1, 2003 and June 30, 2004.
"We want the affected investors back in the market. We want to give them loans so that they can buy shares," the ICB official said.
The ICB will sell the securities and adjust them with the debit balance if the account holders don't take the offer. Legal action will also be taken to recover the debit amount.
Presently, ICB gives loan up to 67 percent to the investment account holders for buying shares of the companies with strong fundamentals. In case of buying securities of ordinary companies, the account holders get 50 percent loans. In both cases, the interest rate is 13.5 percent.