Chief Financial Officer (CFO) of Biman Bangladesh Airlines Nowshad Hossain has been allegedly involved in financial irregularities and giving promotion to inefficient officials for his personal gain.
Sources said that Nowshad deposited a huge amount of money earned by Biman in several private banks, violating rules. As per the rules, Biman’s money is supposed to be kept at state-run banks.
The private banks in which he (Nowshad) deposited money include South-Bangla Bank, NRB Bank and Farmers Bank.
Besides, allegation of irregularities against him involving transfer of $500,000 to a foreign account has come to light, but this amount was not deposited to the foreign account due to errors made by him. He made the transfer process through American Express Bank. This money has not been recovered yet.
A Biman official, wishing anonymity, said that despite having a dedicated officer to manage Biman funds, Nowshad took control over the funds to benefit his relatives working in different private banks.
Nowshad has allegedly deposited Biman’s money in risky and highly risky private banks at very low interest rates (3 percent to 4 percent), without taking necessary approval, causing huge revenue loss to Biman. The standard interest rate for fixed deposits is 9.5 percent at state-run banks.
He deposited a total of Tk 472 crore in different private banks, including Tk 10 crore in South-Bangla Bank, Tk 161 crore in NRB Commercial Bank, Tk 200 crore in Agrani Bank, Tk 81 crore in BRAC Bank, Tk 10 crore in Standard Bank and Tk 10 crore in Farmers Bank.
Due to his finacial mismanagement, Biman has lost Tk 10 crore deposited in Farmers Bank. Now it is impossible for Biman to get back the money as Farmers Bank has gone bankrupt, the official added.
Another Biman official told the Bangladesh Post, “He (Nowshad) has been promoted to deputy secretary at ICT Division and transferred order was issued from the Public Administration Ministry on July 11. But he is still continuing his official activities at Biman. He is trying to vanish $5 lakh issue from Biman office, which has been a long standing matter.”
Despite receiving a transfer order from Public Administration Ministry, Nowshad continues to hold his position as CFO. It is suspected that this delay is a deliberate attempt to cover up the financial irregularities and protect those involved.
Another Biman official on condition of anonymity said, “CFO Nowshad Hossain is making efforts to prolong his tenure at Biman by appealing to our chairman Sir.”
However, Anti-Discrimination Officials of Biman has plan to submit a letter to the ministry concerned about his corruption and irregularities.
Allegations also have it that Nowshad tried to appoint Abu Said Md. Monzur Imam, who was serving as general manager at Revenue and FMIS promoted to director despite lacking the necessary qualifications, where he compromise with the integrity of the organization’s management.
When contacted over phone, he (Nawshad) refused to make any comment. and invited this correspondent to visit his office.
But later, on behalf of him, another journalist from a television channel called this correspondent and requested him not write any report against him (Nawshad).
This correspondent tried to reach newly appointed Chairman of Biman for his comments. But his phone was found switch off.
Biman officials are calling for an immediate investigation into the financial mismanagement.
According to sources, officials of almost of departments of Biman raised voice to the acting managing director Md. Matiul Islam Chowdhury, demanding removal of Nawshad from Biman.
