Karnaphuli Gas Withholds Tk3,000 Crore from Kafco Sales

BRAC Bank achieved a record net deposit growth of Tk 2,000 crore in September 2024, the highest single-month deposit growth by any branch network in Bangladesh. The milestone was celebrated at the bank's head office in Dhaka. Selim RF Hussain, the bank's CEO, attributed the growth to branch expansion, strategic repositioning, enhanced customer services, and digital banking solutions.

Denmark-based Bestseller highlighted four major human rights risks in its Bangladesh supply chain, including wage issues and excessive overtime, in its September report. Amid political unrest, the company maintained communication with suppliers, ensuring worker safety and supporting factories by adjusting delivery timelines and avoiding wage cuts. Bestseller emphasized managing excessive working hours, protecting vulnerable groups, and providing safe transportation for workers. While some factories were disrupted by protests, most continued operations. Industry leaders acknowledged overtime challenges but noted efforts to reduce disruptions and maintain stability.

The government has reinstated Grameen Bank's tax exemption, effective immediately, for the next five years until December 2029. The National Board of Revenue (NBR) announced the decision, requiring the bank to continue filing annual income tax returns. Established by Nobel Laureate Prof.

Bangladesh's first permanent land-based LNG terminal project has stalled after the Rupantorito Prakritik Gas Company Ltd (RPGCL) canceled the short-listing of bidders due to an interim government directive to halt all energy project negotiations.

The Anti-Discrimination Officers Forum of Bangladesh Bank has demanded the resignation of Deputy Governors Nurun Nahar and Dr. Habibur Rahman, accusing them of corruption and malpractice. In a letter to Governor Dr. Ahsan H Mansur, the forum stated their continued presence undermines the bank's integrity.

Karnaphuli Gas Distribution Company has withheld Tk3,000 crore from gas sales to Kafco over 13 years, defying orders to transfer the funds to its parent, Petrobangla. This accumulated amount comes from charging Kafco a higher gas rate than the state-owned fertiliser companies pay.