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Home » Politics: Bangladesh » >govt scraps Saudi Prince bid for a state-run bank

>govt scraps Saudi Prince bid for a state-run bank

>AFTER two years of deals and negotiations, Bangladesh authorities today cancelled the sale process of state-owned bank, Rupali Bank, to Saudi Prince Bandar Bin Mohammed Bin Abdulrahman Al-Saud.
“The process to sell Rupali Bank to the Saudi prince has been cancelled as we didn’t get timely response from him,” Finance Adviser Mirza Azizul Islam told reporters after a meeting of the Advisory Committee on Economic Affairs today.
The finance adviser who chaired the meeting said the bank’s bidder, Saudi prince, has failed to pay the selling price despite repeated reminders.
For this the government dropped Rupali Bank’s name from the privatisation list for the time being.
“The decision has been taken that the Privatisation Commission cancelled the primary deal with the bidder formally and would send back all the files and documents related to Rupali Bank sale to the finance ministry.
“Once it gets back the bank, the finance ministry will decide on its fate,” he said adding that the bank is not going to be privatised for the time being.
Asked about any legal barrier for cancelling the deal with the Saudi prince, he said the law ministry has been consulted in this regard.
The ministry has opined that there is no legal barrier at the present stage of the deal.
The process to sell 97 percent shares of the crisis-ridden state-owned bank started two years ago.
(Read full article)

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Spectator

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