Home ›› 04 Jul 2022 ›› Front
The purchase of commercial space by Jamuna Bank, which may involve a Tk 27 crore irregularity, is allegedly the result of collusion between members of the board of directors, the managing director, and senior bank officials.
The first announcement that Jamuna Bank, a listed company, would purchase a commercial floor space in Motijheel, the capital’s business hub, was made to the bank’s shareholders through the Dhaka Stock Exchange in mid-March.
Preparations to buy commercial space for the bank are already at the final stage; all that is needed now is the approval of the Bangladesh Bank.
A quarter of the bank is planning to buy an 8,695 sft flat along with four car parking spaces at the Rupayan Red Crescent Tower in Motijheel.
The Rupayan Red Crescent Tower has shown a total cost of Tk 42.207 crore at a cost of Tk 48,000 per sft.
Finding out about the prices of commercial spaces of various companies in Motilijheel, it is found that at present most of the commercial spaces are being sold at Tk15,000–20,000 per sft.
According to sources, the managing director of the bank proposed to buy commercial space at the board meeting in November last year.
It is mentioned in this proposal that the real estate company has proposed to sell the space at a price of Tk 64,000 per sft.
It was then negotiated in three stages and the MD proposed the price of Tk 52,000 per sft at one of the board meetings.
However, the price was later finalised by the board at Tk 48,000 per sft.
According to the proposal given by the board, the price per sft in the city center is Tk15,000-18,000 per sft which is opposite to Rupayan Red Cresent Tower.
The Rupayan Tower is being built opposite to the city center. The tower has been shown to cost more than Tk 27.38 crore to buy 8,695 sft floor space at an additional cost of Tk 31,500 per sft.
According to Rupayan Housing Estate Ltd’s offer to Jamuna Bank, a 8,695 sft flat with 4 garages at Tk 52,000 per sft was offered for sale at a total cost of Tk45,60,40,000.
The bank authorities formed a purchasing committee with the beneficiaries and reduced the price of the space from Tk 52,000 to Tk 47,000 per sft in a planned manner, it was alleged.
The decision of the board was sent to Bangladesh Bank recently for approval.
Rupayan Housing Estate Ltd is constructing a 15-storey building on 15 katha (1 katha = 1.65 decimal) at the holding address of 86-87 in Motijheel.
The project has received policy approval from RAJUK but has not yet received final approval.
The bank has promised to complete the project in August 2024.
In November 2021, Jamuna Bank MD’s office made a proposal to the board for the purchase of the commercial space in the under-construction 15-storey building ‘Rupayan Red Crescent Tower’, according to documents found during an independent investigation.
On November 25, 2021, the MD and a few bank officials sent the board a proposal in this regard.
On the same date, Rupayan Housing Estate Limited offered to sell the space and garage at the same rate, while asking for a 50 per cent booking deposit.
However, numerous inconsistencies in this proposal have led concerned parties to believe that Jamuna Bank funds were being embezzled in the purchase of this commercial space.
On November 29, 2021, the matter was first introduced at the bank’s 392nd board meeting.
At the 394th board meeting, a proposal from the bank MD has said Rupayan initially offered Tk 64,000 for per sft which was reduced to Tk 52,000 per sft.
In the meeting a committee was formed to negotiate the floor price, and according the price was further reduced to Tk 48,000 for per square foot, according to a document obtained from Jamuna Bank.
And on March 14, 2022, the 396th board meeting decided to purchase this space for Jamuna Bank.
