The government has undertaken several effective measures to check the share scam and protect the interests of small investors, Finance Minister Abul Maal Abdul Muhith told the House Monday, reports BSS.
Responding to a question from treasury bench member Sukumar Ranjan Ghosh, he said in the light of the recommendations and observations of the committee constituted to probe the recent abnormal rise and fall of the capital market, the government has taken up various steps to protect the interests of the investors.
The steps include reconstitution of the Securities and Exchange Commission (SEC) Continued from page 1 col. 5
by appointing a new chairman and three members, making an executive director of the SEC officer on special duty (OSD), filing a case against two executive directors, removing the CEO of the AB Investments Ltd, taking action against some persons under criminal laws for violating the securities law and more investigation into 14 issues.
The finance minister said initiatives have been undertaken for demutualisation of Dhaka and Chittagong Stock Exchanges side by side with formation of a high-level taskforce for observation, monitoring and evaluation of the capital market.
Muhith said the government has constituted a joint inspection team comprised of SEC, DSE, CSE and Bangladesh Bank and reconstituted the SEC advisory team.
"We hope that these steps would help check manipulation in the capital market side by side with protecting the interest of the investors," he said.
Disbursement of
$1.0b Indian loan
to start this year
UNB adds: Finance Minister AMA Muhith in parliament Monday expressed hope that disbursement of the much-talked-about one billion-dollar loan from India would be started from the last part of the current year.
Responding to a question from Sirajul Akbar he said the government signed the loan agreement last year. "Disbursement has not started so far. But we hope that we will be able to get a part of the disbursement from the last part of the year."
The US$ 1.0 billion loan will finance 14 development projects, particularly for infrastructure building. The line of credit is the single largest loan to Bangladesh from any country, development bank or donor agency, said Muhith.
Dhaka and New Delhi signed the loan agreement on August 6 last year in presence of Indian Finance Minister Pranab Mukherjee and his Bangladesh counterpart AMA Muhith.
The loan bears 1.75 per cent interest (fixed) per annum, 0.5 per cent commitment fee per annum on unutilised credit after 12 months from the date of contract approval, and 20 years' repayment period including a grace period of five years.
Replying to another question from ABM Golam Mostafa (Comilla-4) Muhith said that in 2010-11 fiscal the government has repaid loans of $ 744.16 million and interest on loans worth $ 156.5 million.
Allegation against
Mir Kasem being probed
Another BSS report says: Finance Minister AMA Muhith Monday informed the parliament that money laundering by Jama'at leader and businessman Mir Kasem Ali for appointing lobbyists for resisting the trial of the war criminals is being investigated.
Replying to a supplementary question raised by treasury bench member Nurul Islam BSc, the minister said some newspapers carried a report recently that Mir Kasem Ali has siphoned off 25 million US dollars to Washington for appointing lobbyists to resist the trial of the war criminals.
"It will not be wise to say anything more in this connection at this moment," he said.
On a question from lawmaker Abdul Latif, the finance minister said the export earnings of the country stood at 16,207.10 million US dollars from July 1 to March 31 of the current fiscal.
This earning is higher by 4,656.60 million US dollars than that of the same period of 2009-2010 fiscal, he added.
Responding to a question from treasury bench member Sukumar Ranjan Ghosh, he said in the light of the recommendations and observations of the committee constituted to probe the recent abnormal rise and fall of the capital market, the government has taken up various steps to protect the interests of the investors.
The steps include reconstitution of the Securities and Exchange Commission (SEC) Continued from page 1 col. 5
by appointing a new chairman and three members, making an executive director of the SEC officer on special duty (OSD), filing a case against two executive directors, removing the CEO of the AB Investments Ltd, taking action against some persons under criminal laws for violating the securities law and more investigation into 14 issues.
The finance minister said initiatives have been undertaken for demutualisation of Dhaka and Chittagong Stock Exchanges side by side with formation of a high-level taskforce for observation, monitoring and evaluation of the capital market.
Muhith said the government has constituted a joint inspection team comprised of SEC, DSE, CSE and Bangladesh Bank and reconstituted the SEC advisory team.
"We hope that these steps would help check manipulation in the capital market side by side with protecting the interest of the investors," he said.
Disbursement of
$1.0b Indian loan
to start this year
UNB adds: Finance Minister AMA Muhith in parliament Monday expressed hope that disbursement of the much-talked-about one billion-dollar loan from India would be started from the last part of the current year.
Responding to a question from Sirajul Akbar he said the government signed the loan agreement last year. "Disbursement has not started so far. But we hope that we will be able to get a part of the disbursement from the last part of the year."
The US$ 1.0 billion loan will finance 14 development projects, particularly for infrastructure building. The line of credit is the single largest loan to Bangladesh from any country, development bank or donor agency, said Muhith.
Dhaka and New Delhi signed the loan agreement on August 6 last year in presence of Indian Finance Minister Pranab Mukherjee and his Bangladesh counterpart AMA Muhith.
The loan bears 1.75 per cent interest (fixed) per annum, 0.5 per cent commitment fee per annum on unutilised credit after 12 months from the date of contract approval, and 20 years' repayment period including a grace period of five years.
Replying to another question from ABM Golam Mostafa (Comilla-4) Muhith said that in 2010-11 fiscal the government has repaid loans of $ 744.16 million and interest on loans worth $ 156.5 million.
Allegation against
Mir Kasem being probed
Another BSS report says: Finance Minister AMA Muhith Monday informed the parliament that money laundering by Jama'at leader and businessman Mir Kasem Ali for appointing lobbyists for resisting the trial of the war criminals is being investigated.
Replying to a supplementary question raised by treasury bench member Nurul Islam BSc, the minister said some newspapers carried a report recently that Mir Kasem Ali has siphoned off 25 million US dollars to Washington for appointing lobbyists to resist the trial of the war criminals.
"It will not be wise to say anything more in this connection at this moment," he said.
On a question from lawmaker Abdul Latif, the finance minister said the export earnings of the country stood at 16,207.10 million US dollars from July 1 to March 31 of the current fiscal.
This earning is higher by 4,656.60 million US dollars than that of the same period of 2009-2010 fiscal, he added.
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