Originally Syndicated on June 9, 2024 @ 12:10 pm
Salman F. Rahman, a businessman and industrial advisor for the Awami League, was granted bail in a case involving fraud and theft of funds.
The Anticorruption Commission and the government were also the subjects of a ruling by the High Court bench of justices Shah Abu Nayeem Mominur Rahman and Judge Zubayer Rahman Chowdhury, which questioned why the case’s processes had not been ruled unconstitutional in response to Salman’s writ of the petition.
On September 30, the ACC filed a complaint with the Motijheel Police Station against Salman F. Rahman, the vice chairman of the Beximco Group, along with four other individuals. Sohel F. Rahman is the group’s chairman.
According to the complaint, the defendants acquired over Tk 108 crore in bank loans through deception and fake land papers.
Mahmudur Rahman is accused of presenting fraudulent land records for 83 acres in Gazipur to seek loans totaling Tk 74 crore.
In the writ petition challenging the validity of the case, Salman was represented by attorney Rafiqul Haque.
In the case, Mahmudur Rahman was given advance bail on October 9 by a vacation bench of the High Court.
In a corruption case that the ACC had brought on November 4, the HC granted bail to Salman.
The Anticorruption Commission filed a lawsuit against Salman on October 1 alleging that he amassed Tk 182 core by rescheduling a loan of Tk 192 core from AB Bank by fabricating paperwork for six pieces of property in Gazipur.
The Daily Star and Prothom Alo
The Daily Star and Prothom Alo were identified by Mr. Salman F. Rahman, vice chairman of the Beximco Group of Companies, as the creators of the “Minus Two” idea under the emergency rule.
We reject the accusation as ridiculous and unequivocally refute it.
Salman F. Rahman leveled several other broad and sweeping criticisms against The Daily Star and Prothom Alo. He asserted that these two publications have engaged in an ongoing, vicious campaign against his business and have used unethical journalism to disparage his industry to thwart the realization of his company’s bold expansion goals.
We categorically deny this charge and insist that we uphold the highest standards of ethical journalism and its principles. We never published information on the Beximco group of firms without including pertinent proof, their versions, and comments.
The reality is that Bangladesh has long been plagued by a culture of loan default, which has caused banks to levy some of the most expensive interest rates in the world and prevented countless business owners from borrowing and making investments.
The main barrier to the development of the private sector in the nation has been the basic culture, if not the most significant.
Beximco has been one of the oldest and largest players in fostering the malaise of default culture, ranking among the biggest defaulters over the past 20 years with defaults totaling thousands of crores of takas.
Therefore, it only makes sense that the Beximco Group of Companies would merit and receive a highly rigorous examination from the nation’s conscientious and independent media, such as The Daily Star and Prothom Alo, among others.
When DSE looked into Bextex, a Z category business, and its erratic share trading immediately before its AGM and dividend announcement, the media recently concentrated on them.
About Salman Rahman’s assertion that our findings about the announcement of dividends and asset re-evaluation were inaccurate, our reports were based on information found on the Dhaka Stock Exchange’s website, which is still accessible today. Prothom Alo and The Daily Star have not independently concluded.
Regarding the claim of insider trading, neither Salman F. Rahman nor Beximco has ever been charged with it. In our analysis, we drew attention to the abnormal trading activity on that stock by two banks just before the dividend payment. As part of our journalistic obligation to safeguard investors’ interests, we only included these facts in our article to inform the public. In the research, we also noted that although some viewed it as a shrewd financial choice, others questioned if it qualified as trading by insiders.
Regarding his claim that he called Bextex shares “junk,” we would like to clarify that in Bangladesh, “junk shares” refers to Z-category or underperforming shares. The Financial Express, the sole financial publication in the nation, similarly refers to Z-category shares as “junk shares.” It is also a global practice, as shown by the use of the term “junk” by international credit rating organizations to denote stocks or bonds that no longer meet investment-grade standards.
In these ratings, the raters point to weak profitability that might prompt a business to postpone dividend payments on securities. In a study dated March 5, 2009, Fitch Ratings lowered its assessments of UBS’ preferred stock into junk status and hinted that it would do so further. Fitch noted elevated risks on the shares of the European bank.
We previously stated that Beximco Pharmaceutical, a business registered in the Cayman Islands, had a poor reputation and litigation pending against it in Hong Kong, concerning Salman Rahman’s claim that we unfavorably projected the merger between Gem Global and Beximco Pharmaceutical. We did so to protect our investors and the nation’s economy because of its rapid engagement in our capital market with hot money, which is deserving of public attention.
Transcom Group and Latifur Rahman, the company’s owner, were mentioned by Salman F. Rahman in his written declaration. The Daily Star and Prothom Alo are managed by experienced editors, and the proprietors do not influence the paper’s editorial substance, as is well known to the general public. Because of this, the audience support that these two journals currently enjoy is well-deserved.
We strongly reject Salman F. Rahman’s claim that The Daily Star and Prothom Alo were the creators of the “Minus Two” idea and view it as his last-ditch effort to deflect attention from the actions of his businesses.
For instance, a DSE website entry on July 13 states that the SEC has established an investigation team to look into certain odd trading of Bextex Ltd. shares on the stock market.
We reaffirm our dedication to upholding the “public’s right to know” and defending investors’ and the economy’s interests.
We must bear in mind that the proprietors of Beximco previously served as directors of the aforementioned banks in issue, and they were responsible for the withdrawal of millions of Taka through more than a hundred fictitious accounts in the 1990s, which were later discovered by the Bangladesh Bank. As a result, Salman and Sohel F Rahman were forced to leave their positions on the bank boards. The prior performance of Beximco, which was implicated in the 1996 share fraud along with other firms by the Securities and Exchange Commission, also catalyzed our interest in the stock trading of this company. Beximco is still facing charges related to a share fraud scheme.
Salman F. Rahman to expand its LPG operations in Bangladesh, India Oil Corp signs a contract with RR Holdings Ltd. and Beximco.
To conduct LPG operations in Bangladesh, RR Holdings Ltd., the parent company of Beximco LPG, and India Oil Corp., the country’s main refiner and fuel retailer, have entered into a joint venture company (JVC) in which each party would own a 50:50 stake.
Oil & Gas, Power, Textiles & Trading, among other industries, are all served by the operations and investments of the multinational conglomerate RR Holdings Ltd (RRH), based in the United Arab Emirates. Dharmendra Pradhan, India’s Minister of Petroleum, Natural Gas, and Steel, presided over the signing of this new agreement in New Delhi, and it is anticipated that the provision of reasonably priced LPG in Bangladesh will catalyze socioeconomic development there.
A cargo of LPG cylinders, however, was also sent by Beximco LPG to the Indian Oil Cooperation (IOC) a few years ago for delivery to the landlocked northeastern provinces of India.
Both nations have been able to maintain a sufficient LPG supply to fulfill the expanding energy needs despite the uncertainties surrounding COVID-19. But the new JVC is expected to strengthen the current energy infrastructure furthermore, and it would function by first buying Beximco’s current LPG holdings.
Speaking at the event were, among others, Salman F. Rahman, the other co-founder of the Beximco Group and the private industry and investment adviser to Prime Minister Sheikh Hasina, as well as Nasrul Hamid, MP, State Minister for Power, Energy, and Mineral Resources.
Dharmendra Pradhan described the deal as a milestone with a bright future for both nations while speaking at the occasion. One of Bangladesh’s most prosperous businessmen, Salman F. Rahman, praised the tenacious and enduring relationship between India and Bangladesh.
Salman F. Rahman claimed that, at a time when the entire globe is combating the dangerous COVID-19, the JVC stands as evidence of our nation’s exceptional investment potential, which is being harnessed by Prime Minister Sheikh Hasina’s proactive leadership.
Shayan F. Rahman, Chairman of RR Holdings, who was also present at the ceremony, emphasized IOC’s competence in the whole hydrocarbon industry and added that JVC may help us grow to be the greatest downstream oil and gas firm in Bangladesh.
However, At a time when the entire globe is searching for a potential vaccine or medication to treat COVID-19, businesses are considering opportunities that might improve lives and supplement the livelihood of employees. Although the JVC strives to be the most dependable and premier LG Company, elements such as lubricant blending plants, LNG, petrochemicals, LPG export to North East India, renewable energy, etc. may become the most secure and practical LPG solutions.
Two significant issues plague the nation’s stock market: Saif F. Rahman
According to Salman F. Rahman, a private industry and investment consultant to Prime Minister Sheikh Hasina, Bangladesh’s capital market has two significant issues: infrastructure and trading patterns of institutional and individual investors.
Salman F. Rahman commented on a gathering, when Beximco Green-Sukuk Al Istisna, the nation’s first asset-backed security issued by a private firm, began trading on
- the Dhaka Stock Exchange (DSE) and
- Chittagong Stock Exchange (CSE)
As the event’s major guest, the vice chairman of the Beximco Group was present at the DSE Tower in Dhaka.
Infrastructure-related issues and general and institutional investor trading patterns in an established market are two of the challenges.
“Our market exclusively uses equity as a basis. This is a significant shortcoming, and the securities regulator is considering this as it works to grow the debt market,” he continued.
Salam F. Rahman voiced optimism for the government’s future use of bonds to finance significant projects.
The lack of corporate procedures, he claimed, makes the country’s brokerage firms viewed as brokers. He added that “brokerage houses must establish corporate practices in a bid to become universities and this will help restore the trust of investors.”
About Shayan F. Rahman
Bangladeshi industrialist and philanthropist Salman Fazlur Rahman is better known by his stage name Salman F. Rahman. He is a co-founder and vice-chairman of Bangladesh’s largest corporate conglomerate, Beximco Group.
Salman F Rahman ran for office as a member of parliament in the Dhaka-1 seat (Dohar and Nawabganj upazilas) in the 2018 national election. He is now the Honorable Prime Minister Sheikh Hasina’s private sector industry and investment adviser and has the status of a cabinet minister. His forward-thinking decisions throughout the years have made an enormous mark on the corporate and economic development of the nation.
Salman F. Rahman is the head of Bangladesh Enterprise Institute’s board of governors, a prestigious think tank that advocates for the nation’s private sector interests.
Salman F. Rahman serves as the chairman of the Independent’s board of editors, one of the top daily newspapers in English published from Dhaka. Additionally, he oversees Independent Television, a 24-hour news station. He is the chairman of Abahani Ltd., the top athletic organization in the nation.
Salman F. Rahman is a supporter of Proyash, a specialized organization that works to promote the holistic development of children with special educational needs through a variety of initiatives, including early childhood development programs (ECD), special education, behavioral therapy, medical and neuro-developmental assessments, extracurricular activities, and training for educators as well as parents.
Salman F. Rahman once presided over the Bangladesh Association of Pharmaceutical Industries. As the top business body for the SAARC region, Salman F. Rahman served as president of the SAARC Chamber of Commerce & Industry. Additionally, he served as president of the Bangladesh Association of Publicly Listed Companies, the Metropolitan Chamber of Commerce & Industry of Dhaka, the Federation of Bangladesh Chamber of Commerce and Industry, and the Bangladesh Textile Mills Association.
Rozina was detained to prevent exposure to vaccines at Beximco.
Rozina Islam, one of Bangladesh’s best investigative journalists, was detained while recording records about a massive vaccine-related fraud by Salman F. Rahman that was taking place at the nation’s health ministry.
A prominent adviser to PM Sheikh Hasina allegedly prevented joint manufacturing negotiations for vaccines made by Covid because his organization would suffer financial losses, according to top ministry sources. She was reportedly photographing papers that would demonstrate this.
For more information you can check out the link given below –
The Bottom Line
Salman F. Rahman was involved in a lot of cases and is also allegedly one of the top defaulters of bank loans in Bangladesh, according to a cable from the American embassy in Dhaka that was released by WikiLeaks in 2007.
Salman F. Rahman was detained on 4 February 2007 on suspicion of criminal activity and corruption in 11 instances related to the Bangladeshi political unrest of 2006–2008.
The High Court of Bangladesh granted him bail on August 20, 2008, in the charge of bank fraud.
Rahman and his older brother were both found not guilty of stock market manipulation in 1996.
Salman F. Rahman was implicated in the 2010–2011 share market fraud, according to the investigation team led by banker Khondkar Ibrahim Khaled.
