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ICAB gives out awards for transparent reports, accounts

Star Business Report
Prime Bank has bagged the top award given by Institute of Chartered Accountants of Bangladesh (ICAB) for publishing reports and accounts.
This is the seventh time in a row that the bank has won this award.
ICAB hands out awards to honour banks, insurance houses, nongovernmental organisations and public sector entities everyyear.
Commerce Minister Faruk Khan distributed the awards — 11th ICAB National Awards for Best Published Accounts and Reports 2010 — among the winners at a ceremony in Sonargaon Hotel in Dhaka.
In the banking sector subject to prudential supervision category, Prime Bank grabbed the top prize eight times in total since inception of the award in 2001.
Bank Asia emerged second, while Islami Bank Bangladesh and Brae Bank jointly took the third position.
Eastern Bank, Dutch Bangla Bank, Dhaka
Bank, Mutual Trust Bank, Premier Bank, Southeast Bank, Jamuna Bank, Arab Bangladesh Bank and Mercantile Bank won certificates of merit in the category.
IDLC Finance topped the non-banks category. Prime Finance and Investment came in second and LankaBangla Finance third.
Union Capital, International Leasing and Financial Services, Bangladesh Finance and Investment Company and FAS Finance and Investment won certificates of merit.
Reliance Insurance and Green Delta Insurance came first and second in the insurance category under the non-banking sector.
Under the manufacturing entities category, RAK Ceramics (Bangladesh) came in first, while Summit Power and GlaxoSmithKline Bangladesh bagged the second and third prizes.
ACI, Singer Bangladesh and Berger Paints (BD) were awarded certificates of merit.
Grameenphone, the country's top mobile phone operator, won the top award in the communications and IT category.
Sajida Foundation was the leading nongovernmental organisation. BRAC came second while BURO Bangladesh and Ghashful jointly took third place. Uddipan was awarded a certificate of merit.
State-run Agrani Bank was the leader in the public sector entities for the second time in a row. Rupali Bank came in second and Investment Corporation of Bangladesh third.
Speaking as chief guest, the commerce minister said the area of accounting and reporting is important, as they brighten the corporate image of the country.
“We have to establish best practices to take the country forward,” said Khan.
Professor M Khairul Hossain, chairman of Securities and Exchange Commission, said the award would motivate others to maintain transparency in reports and financial statements.
ICAB President Parveen Mahmud and Anwaruddin Chowdhury, chairman of the review committee for published accounts and reports of ICAB, also spoke.