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BASIC Bank rejoinder, our reply

Staff Correspondent
BASIC Bank has sent a rejoinder to a news item headlined "Curious buying spree" published in The Daily Star on Wednesday.
The report said Sheikh Abdul Hye Bachchu, the bank's chairman, has spent around Tk 150 crore on 11 deep-sea fishing trawlers in less than two years.
But BASIC Bank denied the allegation, saying its chairman has three fishing vessels namely Crystal -1, Crystal-2 and Karnatori.
The rejoinder said, "However, it is agreeable that as a part of business expansion, four vessels -two namely Silver Sea 1, Silum Chai 29 and two others are in the process to be purchased by Mr Hye which are yet to be registered in the name of his company.”
Four vessels namely Peninsula 1 & 4 and Speed 1 & 2 as mentioned in the report do not belong to him (Bachchu) and he
FROM PAGE 1 knows nothing about the ownership of these vessels, it claimed.
The bank also said Mr Hye is an established businessman and has the capacity to procure and operate the vessels which he is possessing. He had been the Managing Director of BM Builders and BM Telecom (Agent of British Telecom) since long.
"Mr Hye possesses adequate land property and 23 flats, of which, 16 have been sold out and sale proceeds have been utilised for expansion of business. Some of these flats were located in Old DOHS and were sold at very high price," read the rejoinder.
The mentioned vessels are owned by a limited company named Eden Fisheries where there are four directors, including Hye. As per rules and regulations of Bangladesh Bank as well as Bank Company Act, there is no bar to a
chairman or a director of a bank owning businesses provided that the business is not connected with any interest or function of the bank concerned to which he/she is a director or chairman, it added.
It further claims The Daily Star report links Hye with the operational activity and performance of BASIC Bank. BASIC Bank is totally a separate identity which has no relation with the business of Hye. But linking the name and business of Hye with operational performances of BASIC Bank seems "a personal attack against him and we are expressing our strong protest against it". OUR REPLY
The Daily Star published the report based on the findings from the sellers of the vessels and the deep-sea fishing industry. The correspondent talked to Eden Fisheries' present and exemployees who also confirmed the purchase.
Sheikh Abdul Hye Bachchu in his own admission has stated that he now owns three vessels - Crystal 1, Crystal 2 and Karnatori -which The Daily Star has come to know he has procured in 2011 after he became the chairman of BASIC Bank. He also admits that as part of business expansion four vessels - Silver Sea 1, Silum Chai 29 and two others are in the process to be purchased by him.
The Daily Star has been confirmed by multiple sources, including one of his employees whom we cannot name, that he already owns Silver Sea 1 and Silum Chai 29. He has also purchased Peninsula 1, Peninsula 3 and Speed 2. This paper has recordings of the conversations with the sources.
Such buying spree has created curiosity in the industry which The Daily Star has pointed out. We therefore stand by our
report.
The Daily Star did not link Hye's buying of fishing vessels with the troubled BASIC Bank. The report was on his personal business. We just gave a picture of the bank where Hye, owner of Eden Fisheries, has been chairing the board of directors since 2009. Bangladesh Bank in an investigation revealed how the bank's board approved many substandard loans throwing the bank into great risk.
About the business background of Hye, this newspaper tried for over one month to contact him to know about his business and get his comments on the findings. We did not find anything written (except for his name) in his profile on the BASIC Bank's website. When we failed to reach him in person and by phone, we faxed and emailed to BASIC Bank's headquarters seeking his response. Yet, he did not reply.