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pandamart’s Lagatar offer Campaign kicks off!

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pandamart, the grocery delivery vertical of foodpanda, is celebrating its second anniversary in Bangladesh! As a part of this celebration, it has launched “pandamart Lagatar offer Campaign” that shall offer customers many exciting deals and discounts. The mega campaign started on October 1, 2022 and will enable customers to enjoy the lucrative offers till October 31, 2022.

For this anniversary campaign, pandamart has partnered with multiple renowned brands so the shopping experience becomes utterly satisfactory for customers. Most popular brands are providing up to 50 percent off on different products along with Buy One Get One (BOGO) deals – all with the promise of delivered in just 30 mins! Customers will also get up to 40 percent off on P&G products, like – Pampers, Head & Shoulders, Gillette etc.; up to 30 percent off on Unilever Bangladesh products, like – Vaseline, Surf Excel, Vim Liquid etc.; up to 40 percent off on square products; and BOGO offers on Fresh products, like – turmeric, milk powder, chili powder. Exciting offers on snack items like 7up, Pringles, lays etc. shall also be available during the T20 world cup to add to the thrills of the game! However, these offers are subject to terms & conditions. 

Along with cash on delivery, customers can make payments through bKash, credit and debit cards issued by all the major banks. Customers from all the active cities under pandamart’s reach will enjoy the offers of this campaign. 

Starting from fresh produce including fruits, vegetables to snacks, frozen items, cooking essentials, baby food, toiletries, and cleaning supplies, pandamart delivers all types of groceries in 30 minutes, be it in the day or late at night. To place an order, customers have to click on the pandamart tile on the foodpanda app and website.

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Smart Technologies syndicate sips millions of dollars from IDRA automation

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A syndicate led by Smart Technologies, backed by former finance minister AHM Mustafa Kamal’s daughter Nafisa Kamal, has allegedly siphoned off millions of dollars from a foreign-funded project of the Insurance Development and Regulatory Authority (IDRA).
Despite the $67 million project aimed at developing Bangladesh’s insurance sector, no tangible improvement in financial security has been observed, according to a media investigation.
A few companies, including Smart Technologies and eGeneration, have reportedly misappropriated project funds, with Nafisa Kamal positioned as the frontwoman, sources confirmed.
The World Bank-funded IDRA project was designed to enhance the administrative and documentation capacities of insurance institutions by increasing the use of technology.

A source revealed that the Implementation Monitoring and Evaluation Department (IMED) of the planning ministry could not take any action on the project due to Smart Technologies’ association with Nafisa Kamal. Consequently, most of the funds from the insurance development project were smuggled abroad in a ‘very systematic way’.
The Smart Technologies-led syndicate in the insurance sector development project included Nafisa Kamal’s NK Solutions, China-based Sinosoft, CNS, and Shameem Ahsan’s eGeneration. Project sources revealed that project management specialist Nazrul Islam Bhuiyan coordinated the entire process from IDRA to extract dollars.

Project Director Md Kamruzzaman reportedly refrained from opposing the syndicate, allegedly due to his ambition for a promotion in government service. He seemingly operated as a close ally of Nafisa Kamal. Project documents reveal that Nafisa Kamal got the IDRA project approved by showing joint ownership with almost every participating institution.
On 22 May 2023, project officials approved a contract for $1.21 million for a joint venture between NK Solutions and eGeneration, led by BASIS’s former president Shameem Ahsan.
In addition to this, Shameem and Nafisa’s syndicate received a further Tk17.7 million in local currency. Despite this substantial withdrawal, there has been no visible improvement in the research facilities at the Bangladesh Insurance Academy in Mohakhali.

On 30 March 2022, Project Director Kamruzzaman approved Smart Technologies as the second-lowest bidder (L-2) for the supply of IT and supporting network infrastructure, servers, and storage for the first phase of $10.3 million. In this phase, an additional Tk 26.3 million was allocated to Smart Technologies, which has flourished over the past decade with backing from the Awami League.
In February 2023, a further $9.68 million was awarded to Smart Technologies for IT infrastructure support for IDRA, general insurance, and life insurance. Again, Smart Technologies was the second-lowest bidder (L-2). According to project sources, Smart Technologies secured the entire sum despite completing less than 20% of the technical support required.
At the end of the last fiscal year, on 20 June, Smart Technologies signed a joint venture agreement with NK Solutions and Sinosoft, valued at $76 million. An additional Tk 23.1 million was allocated to the project in local currency.

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On 21 August 2022, Chinese company Sinosoft received $11.1 million for developing the project’s website, customer relationship management system, and call centre. On the same day, Sinosoft was awarded an additional $9.17 million for insurance management software known as RegTech.
On 31 May 2022, another technology company, Computer Network System (CNS), was awarded Tk230.4 million for enterprise resource planning (ERP) software and email management. However, CNS failed to provide the original software licenses, contributing to the misappropriation of project funds.
On 24 May 2022, a joint venture between India’s Xerox India and Bangladesh’s IOE was approved for a $54 million contract to supply a ‘Document Management System’. In this phase, the syndicate received an additional Tk173.6 million.

It has been discovered that this money from the insurance project was invested by Shameem Ahsan, who is favoured by Salman F Rahman, in capital market generation. Gaining proximity to Hasina as the president of BASIS, he eventually became a director of the state-owned Agrani Bank.
According to project documents, on 21 December 2023, Project Director Kamruzzaman approved a $1.71 million contract for the supply of cybersecurity, ransomware, and endpoint protection products to Nafisa Kamal’s joint venture company NK Solutions, Express Systems, and Aspire Tech Services, with a 28-day deadline. In this phase, the syndicate received an additional Tk5.8 million.
Although official figures indicate lower amounts, investigations suggest that Tk8 billion from this project was diverted to Smart Technologies and Nafisa Kamal’s NK Solutions. Despite the three-year duration of the insurance development project, officials from IDRA confirm that the state of the financial security sector remains unchanged.

Following the fall of the Awami League government on 5 August 2024, Mustafa Kamal, also known as Lotus Kamal, and his daughter Nafisa Kamal moved to Singapore with their family.
“The World Bank project for insurance development has not progressed, but the funds are being withdrawn. Additionally, foreign software firms are involved, meaning money is being siphoned out of the country,” said a former president of the Bangladesh Association of Software and Information Services (BASIS), on condition of anonymity.
This former BASIS president suggested that if domestic firms were responsible for the technical support and software development for the insurance sector, the equivalent of $30 million could have been saved.
Nafisa Kamal and Smart Technologies Chairman Mazharul Islam, Managing Director Zahirul Islam did not respond to phone calls regarding the irregularities in the project.

Source:Daily Sun

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BSEC chairman Shibli Rubayat resigns

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Bangladesh Securities and Exchange Commission Chairman Prof Shibli Rubayat-Ul Islam resigned today.

He sent his resignation letter to the official concerned at the finance ministry.

He stepped down citing health reasons, said Abdur Rahman, secretary of the Financial Institutions Division of the Ministry of Finance, confirming receipt of the letter.

The development came five days after Sheikh Hasina’s government fell and she fled Bangladesh in the face of a civil uprising.

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Islam has remained absent from work for the past several days.

Islam, a Dhaka University teacher, was appointed as chairman of the BSEC in 2020. Last May, he was reappointed for another four-year tenure.

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Progressive Life Insurance Company organizes 199th Board Meeting

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The 199th board meeting of Progressive life Insurance Company Limited (PLICL) was held in the organization’s corporate office in the capital’s National Scout Bhaban on Wednesday 10 July 2024. It was presided over by PLICL Acting Chairman M. Shoeb Chowdhury.

The meeting was also attended by Directors viz Bajloor Rashid, MBE, Zakariya Ahad,Mezanur Rahman,DR. Md. Jamil Sharif, Phd, FCMA,DR. Tazrina Farah,Babel Miah,Kamal Miah, M A Karim,Gulam Mostafa Ahmed. Managing Director and Chief Executive Officer Md. Saidul Amin, Additional Managing Director Md. Mizanur Rahman Shipon, Senior Executive Vice President & Company Secretary Abdullah Al Mansur.

The participants in the meeting talked about pending claim settlements, business development plans and laid emphasis on complying with regulatory norms, laws and principals.

The officials of Progressive life Insurance Company Limited greeted the newly appointed Acting Chairman M. Shoeb Chowdhury with flowers at the beginning of the meeting.

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