Probe body on Jubok submits final report
January 31, 2011
The Inquiry Commission on Jubo Karmasangsthan Society (Jubok) has strongly suggested the government to establish a Permanent Commission with a post of Liquidator to refund the deposits of its clients that the controversial lender embezzled, sources said.
The Commission headed by Dr. Mohammad Farash Uddin Ahmed, former Bangladesh Bank governor, has recently submitted its report to the government.
According to the estimate of the Commission, about 275,000 clients of Jubok made demand of above Tk 2.10 billion.
On the other hand, the report said the property of the non-government-organisation(NGO), Jubok, is worth above Tk 30 billion, a high official in the Ministry of Finance (MoF) said.
The Commission Members said they had completed their tasks as outlined in the terms of reference of the Commission, formed in January, 2010. The government should now work quickly as per the suggestions made by the Inquiry Commission.
“A full time Commission is now required to implement the suggestion of the Commission,” Farash Uddin told FE on Wednesday.
Farash Uddin said the worth of Jobok’s property is much more than its liabilities to their clients.
The proposed Commission will outline strategy on the mechanism of refunding the money to its cheated clients, the report added.
The inquiry commission was given the responsibility in January this year to detect Jubok’s irregularities. The initial tenure of the commission expired on August 25 last, which was extended to February, 2011.
About 275,000 clients of Jubok applied to the commission office at Bangladesh Bank seeking return of their deposited money with promised interest, a top BB official said.
Earlier, following allegations of illegal banking by Jubok, the central bank issued a show-cause notice to it in May 2006. Later, it ordered the NGO to stop taking all types of deposits and disbursement of loans.
The home ministry and the BB in separate investigation reports said that Jubok had embezzled billions by cheating people through different projects.
Officials in the MoF said they will soon convene a meeting to be represented by representatives from different ministries and agencies including Prime Minister’s Office, law ministry, NGO Affairs Bureau and Bangladesh Bank to devise the next course of action.