According to him, “This move by the government exemplifies that trend and is merely a continuation of the highly controversial decision surrounding the appointment of the Bangladesh Bank Governor.”

TIB Executive Director further said, “By what magic have the former owners of crisis-ridden banks, who were the pioneers of plundering this sector, suddenly attained such purity that they will deposit only 7.5 per cent of the government-determined amount to re-acquire shares, assets, etc. of the same banks, while the remaining 92.5 per cent will be repaid over two years at only 10 per cent interest!

“They will inject new capital! They will cover the existing capital shortfall! They will repay all previous depositors and creditors! They will pay government taxes and revenues! They will compensate affected parties and rebuild the relevant regulatory compliance framework? Does the government have any answer to this question?

“Moreover, on what basis has the price for re-ownership been determined? Furthermore, it is not comprehensible how Bangladesh Bank, being plagued by conflicts of interest, can ensure that the announced post-reacquisition conditions will actually be implemented. Or, in reality, under the pretext of fulfilling so-called conditions, will they take new loans on self-determined terms and, taking advantage of the ongoing normalization of loan defaults, open the floodgates to deeper insolvency in the banking sector? And the burden of this will ultimately fall on the people!”