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An individual shouldn't be a barrier to Padma bridgefund: Akbar Ali FROM PAGE Bl
Khan said the 'corruption conspiracy' allegation raised by the WB was right because 'conspiracy' is an offence according to Bangladesh's laws.
The WB has cancelled loan agreements not only with Bangladesh, but also with other countries like India, on the ground of corruption, he said.
Speaking on development and governance, Khan identified four major reasons for corruption.
The four reasons are failure of incentives within the government machinery, over-centralisation of government which encourages the delayed decision, discontinuation of policies and, finally, underreformed judicial system.
“There are some organisations, which you cannot reform through training. You have to write off those organisations," the economist said without naming such corrupt organisations.
Given the current political situation, people are very angry and this is the final stage of political development. “I am saying this because people are askingaboutthe third option in the political development."
In spite of such abad situation of governance, the country is developing economically which he cited as a puzzle. He also said at the low level of development, governance is not as important as when it goes to mid level.
Khan credited four specific reasons including encouragement of garment sector, inflow of remittance, encouragement to the private sector entrepreneurs and building up rural infrastructure for economic development.
Aftab ul Islam, AmCham president, said people are fed up with the current governance and the
DSE wants curbs on RN
Spinning's share sale
FROM PAGE Bl
RN Spinning undertook a rights issue this year which closed on March 13, but it did not credit the rights shares to the beneficiary owners' accounts, as per SEC rules, within the 21 workdays of expiry of the subscription period.
A big portion of the rights issue had remained unsubscribed, the majority of which were from sponsors and directors of RN Spinning and underwriters of the issue, who had assured of subscription but did not follow through.
In January, the SEC approved RN Spinning Mills' rights offer to issue 13.91 crore ordinary shares ofTk 20 eachtotallingTk278.28 crore.
The company had offered one rights share for each existing share and tookTk 10 as a premium for each share in addition ofTk 10 face value.
The company had eventually managed to sell rights shares worthTk 180 crore.
The SEC in June launched a probe into the delay in crediting the rights shares by the company, and the matter is now in the enforcement department of the regulatorfor the next course of action.
On the DSE yesterday, each share of RN Spinning, listed on the market in 2010, traded between Tk 41.10 andTk36.80, before closing atTk40.90.
Ctg customsseizesfalselydeclaredcars
FROM PAGE Bl
“We imported neither any lift nor tiny car."
Seah threatened to take legal action against the newspapers that "wrongly quoted the company".
He said the company also did not receive any letter from the customs house yet. “There is no reason to receive any such letter, as we did not make any import like that.”
SM Harun-ur-Rashid, managing director of Mymoon Trading Corporation, said his company was not involved in illegal imports.
He claimed the name of his company was used by somebody else. He sent a letter to the customs protesting the “name forgery ".
Customs officials found the cars in the container after the importer tried to get those released from the Chittagong Port last week without permission from the customs.
Mahmudul Hassan said the cars were imported in May and the importer submitted the "bill of entry" to the customs in June. But the container had been left untouched at the port for months, which