#Title

Rejoinder, our reply
FROM PAGE 12
name in the title of the report is wrong and misleading.
The report also mentioned that his wife is involved with the RACE business even though she holds no shares in the company. This indicates that the report was made to damage his and his family’s dignity and reputation, reads the rejoinder.
It is also not clear why The Daily Star portrayed a picture of Sarafat and titled the news defaming him personally whereas Imam, the person who is being investigated by CID and BSEC for the stock manipulation, has not been portrayed or highlighted in the said article.
Moreover, the Canadian University of Bangladesh (CUB) is a not-for-profit trust.
The CUB, like all other private universities, participated in RAJUK’s lottery system and was allotted the plot for establishing the university’s permanent campus following the established legal procedures.
The other applicants’ private universities were also allotted similar plots during the process. The land is the sole property of the CUB. The plot allotment price was declared by the government and like other private universities, the CUB paid for the land in full.
Sarafat resigned from his position as chairman of Padma Bank in January 2024 due to physical illness.
His name has been linked to the allegations in the news report without fully understanding the facts and circumstances. The allegations are a result of journalism lacking proper investigation.
More importantly, the report cited ongoing investigations that are not part of the public record and should remain confidential to avoid bias and ensure a fair judicial process.
The rejoinder called for publishing the correct news incorporating the information provided with the same importance to ensure the correct information.
OUR REPLY
Our report was based on the CID investigation report and we did not mention any information or comments beyond the findings.
The investigation found that Sarafat, the chairman of RACE Asset Management, has manipulated the stock prices of many companies for financial gain and caused losses of crores of taka to general shareholders.
Sarafat did not refute RACE’s involvement in the irregularities.
In the rejoinder, Sarafat says that he resigned from the position as chairman of Padma Bank. The report also mentioned him as the former chairman of the bank.
According to CID findings, Sarafat, his wife Anjuman Ara Shahid and Imam invested the money from the 10 mutual funds of RACE and bought shares of the then Farmer’s Bank (now Padma Bank) and became directors of the bank’s board.
Sarafat, however, did not dispute this fact in the rejoinder.
He did not give any response in the rejoinder regarding the extension of the tenure of the mutual fund by 10 years in collusion with the Bangladesh Securities and Exchange Commission and Investment Corporation of Bangladesh without returning the entire money to the investors in the fund, which CID mentioned in the report.
As such, we stand by our report.

37 Khulna rivers
FROM PAGE 12
The recommendations include allowing floodwaters to flow into adjacent plains during monsoon, removing unnecessary sluice gates and dams, and clearing encroachments from riverbanks and connecting canals.
Participants also called for a comprehensive study to determine the actual number of rivers in the country and to create a database for monitoring.
Gauranga Nandy, chairman of Center for Environment and Participatory Resources Chairman, conducted the discussion while Kudrat E Khuda, convener of Paribesh Manch, presided over the event.