A growing chorus of politicians have urged the government to take action against Bangladeshis who have secretly invested in offshore tax havens following recent revelations.
Eighteen Bangladeshis have been named in the leaked documents known as Paradise Papers, but the government has not taken any action yet, though in Pakistan, Nawaz Sharif had to resign as prime minister facing similar revelations.
Now, a minister and a number of Members of Parliament (MP) in Bangladesh are demanding actions against 18 Bangladeshis, including controversial business tycoon Moosa Bin Shamsher, whose names have appeared as investors in Malta through the Paradise Papers obtained and released by the International Consortium of Investigative Journalists.
Many Bangladeshis were named in the Panama Papers leaks in 2016 and Paradise Papers in November last year, but no government action against them is visible until now, reports bdnews24.com.
Social Welfare Minister Rashed Khan Menon has demanded these people be investigated on money-laundering charges.
“I hope money-laundering and loan scams will be investigated and those involved in these will be brought to justice. Even Pakistan investigated Panama Papers, but we could not,” he told parliament on Monday.
Khondker Ibrahim Khaled, a former deputy governor of the Bangladesh Bank, said the government agencies should take steps on secret investments abroad by Bangladeshis.
“It’s the duty of the Anti-Corruption Commission and the central bank’s Financial Intelligence Unit to check the names in it (Paradise Papers). We can’t say from outside what they are doing,” he told the news agency on Wednesday.
Transparency International, Bangladesh (TIB) Executive Director Iftekharuzzaman also wants the authorities to get down to business.
The ACC said it is investigating the matter but has some legal obstacles.
Those, who were named in Paradise Papers leaks last week, had become directors or shareholders of different companies registered in Malta.
Some of them used foreign addresses while some foreigners used Bangladeshi addresses to invest in Malta, according to the leaked documents.
Moosa used the address of a house on the road No. 1 in Dhaka’s Banani. Mahtaba Rahman also used a Banani address.
Zulfiqar Ahmed and KH Asadul Islam used addresses in Dhanmondi while Amanullah Chagla and Md Fazle Elahi Choudhury used the addresses of buildings in Baridhara. Businessmen Shahnaz Huda Razzak and Imran Rahman’s address is registered as Savar.
Moosa has been named as a shareholder director of Venus Overseas Holding Company Limited registered on May 4, 2010.
Zulfiqar has invested in Khaleda Shipping Company Limited, registered on May 25, 1999. Asadul’s investment is in Intrepid Group and Intrepid Capital Limited, both registered on Mar 20, 2015.
The name of Mahtaba’s firm is Selcon Shipping Company Limited, which was registered on Aug 23, 2003.
Imran and Shahnaz are directors of Priam Shipping. Imran is also named a director of Southern Ice Shipping and Ocean Ice Shipping.
Fazle Elahi is a director of Dynamic Holding Energy Limited registered on June 10, 2016, while Amanullah got his Padma Textiles registered in Malta on Mar 5, 2009.
According to the leaked documents, Bengal Shipping Line Limited is situated in Chittagong’s Agrabad and owned by Mohammed A Malek.
Another person, Mohammed A Awwal, gave Lalkhan Bazar in the port city as his address.
Malek and Awwal are directors of Shams Shipping, Quamar Shipping and Marzan Shipping, all registered in the 1990s.
Tajul Islam Tajun and Tuhin Islam Sumon have invested in Geximco Trade International (MT) Limited, registered on June 5, 2009.
According to the leaked papers, one Yousuf Khaleque, who holds shares of KA Service Limited and KA Consult Limited and used Padova, Italy as his address, is linked to Bangladesh.
TIB’s Iftekharuzzaman said it could not be said with certainty that all of those named in ICIJ investigation had been involved in corruption or money-laundering. But if they had indeed been, they must face action.
He pointed out Bangladesh earlier brought back money smuggled out of the country
“It will be possible again this time if the related agencies work sincerely,” he said before adding the ACC needed to take the central role.
“Coordination is needed between the four agencies that deal with money laundering. But first of all, the government’s goodwill is essential,” he said.
An ACC official, requesting anonymity, said a special team headed by the commission’s Deputy Director SMM Akhtar Hamid Bhuiyan has been tasked with checking the names of Bangladeshis in Panama Papers and Paradise Papers.
“They are gathering information on the source of their assets,” he said.
The official also said the ACC had summoned 15 people named in Panama Papers and nine of them had given their statements.
Referring to the related law, ACC Chairman Iqbal Mahmood told the news agency they could investigate only when public servants are alleged to be involved in money laundering.
“However, the commission will investigate the source of the money of those named in Panama Papers and Paradise Papers and hand the information to Bangladesh Bank’s FIU, the police’s CID or the National Board of Revenue for investigation if any predicate offence is found,” he added.
Bangladesh Bank Deputy Governor Abu Hena Mohd Razee Hassan, who heads the Financial Intelligence Unit or IFU of the central bank, said by telephone he was out of the country and would speak on the issue after returning on February 25.