United News of Bangladesh

Labour and Employment Adviser Brigadier General (Retd.) M. Sakhawat Hossain has said decision has been taken to sell the assets of Nassa Group as per a court order to pay the dues and service benefits of the company’s workers. He made the remark on Sundat while presiding over the 15th meeting of the Advisers’ Council Committee on review of labour and business condition of industrial units at Beximco Industrial Park at the Secretariat, said the ministry in a statement. The adviser said that Tk 76 crore has already been paid to workers through the sale of Nassa Group shares by an administrator appointed by the court. Besides, Nassa Group has made down payments to eight banks as per the instructions of Bangladesh Bank. Interim govt formulated Bangladesh’s best labour law ever: Adviser Sakhawat The remaining down payments to 15 banks and the outstanding dues of the workers will be settled by selling some of Nassa Group’s assets through open competition, he added. Secretary of the Ministry of Labour and Employment Dr. Md. Sanowar Zahan Bhuiyan, Deputy Governor of Bangladesh Bank, Additional Inspector General of Industrial Police, senior officials from the Ministries of Home Affairs, Finance, Law, Justice and Parliamentary Affairs, the Department of Inspection for Factories and Establishments, Nassa Group’s administrator and other representatives, and officials from various commercial banks were present.

Nassa Group Chairman Nazrul Islam Majumder had Tk 261 crore in interest waived on a loan from Janata Bank, allegedly using his political connections.  This waiver, on a loan of Tk 156 crore, allowed Majumder to avoid paying any interest. As a result, the total loan amount, which had ballooned to Tk 417 crore with interest, was drastically reduced by the waiver. Investigation by Bangladesh Bank uncovered that the interest waiver was granted in violation of standard banking regulations. Notably, none of the seven permissible reasons for waiving interest applied to Majumder’s case. Despite this, all types of interest—both charged and uncharged—were forgiven. NASSA Group owner Nazrul Islam Majumdar being investigated for multi-million dollar money laundering scheme Sources claim both Janata Bank and Bangladesh Bank were compelled to grant the waiver due to political pressure.  Majumder, a dominant figure in the banking sector, has held the influential position of Chairman of the Bangladesh Association of Bankers (BAB) for the past 15 years. According to several private bank chairmen, Majumder’s power in the sector is unparalleled. “He’s an undeclared mafia in the banking sector. No one could oppose him because of his closeness to former Prime Minister Sheikh Hasina,” one chairman said. Majumder is also accused of collecting massive donations from various banks for former Prime Minister Hasina’s relief fund. Reports suggest he solicited Tk 2-3 crore from smaller banks, Tk 4-6 crore from mid-tier banks, and up to Tk 20 crore from larger banks annually.  He is also alleged to have profited from the inter-bank football tournament, charging an entry fee of Tk 25 lakh per participating bank. Many in the banking industry felt trapped under Majumder’s influence. All the bank chairmen were effectively hostages. No one dared to speak against him, said several chairmen.