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Progressive Life Insurance successfully settles claims totaling nearly Tk 40 crore in 2024

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Progressive Life Insurance Company Limited (PLICL) settled down insurance claims of approximately 40 (forty) crore taka in 2024 which has fortified clients’ confidence on the company. Progressive Life Insurance Company Limited entered 25th year on 6 January 2025. PLICL was founded on 6 January in the year 2000. Discussion programs, slicing a cake, offering dua and a colourful rally were organized to mark the company’s founding anniversary on Monday at PLICL corporate office in the capital. 

The rally moved around different parts of Dhaka city and the officials of the company held a gathering in front of PLICL head office on Monday morning at 10:30 am. 

PLICL Chairman (Acting) M Shoeb Chowdhury joined the 25th founding anniversary celebration virtually as the chief guest. M Shoeb Chowdhury said that the top management of Progressive Life Insurance Company Limited has been able to uphold the dream cherished by expatriate Bangladeshis whose contribution led to the establishment of the company. Shoeb Chowdhury laid emphasis on working with unity and solidarity for the company’s further advancement and to generate many more success stories.

PLICL Executive Committee Chairman Mezanur Rahman , Chairman of Audit Committee Dr. Md. Jamil Sharif, PhD, FCMA and former entrepreneur Prodeep Sen also attended the program. The event was presided over by the company’s Chief Executive Officer (CEO) Md. Saidul Amin. The 25th founding anniversary of Progressive Life Insurance Company Limited was celebrated in 32 districts and divisional offices across Bangladesh. Senior officials of the insurance company expressed hope and determination to transform PLICL into a top notch institution in days to come. The speakers at the program stated that Progressive Life Insurance Company Limited appointed 1200 development officers in 2024 and training courses have been initiated to upgrade their skills.

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PLICL Deputy Managing Director (DMD) Mohammad Hossain Shaheed Suhrawardy, Senior DMD Shahjahan Azadi, Company Secretary Abdullah Al Mansur and Senior DMD Jaseem Uddin Prodhan addressed the program among other dignitaries.

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Banks see rising deposits for higher interest rates

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Bank deposits grew in the third quarter of 2024 as many people were encouraged by rising interest rates to park their money at commercial lenders.

In the July-September period of the previous calendar year, bank deposits rose 7 percent year-on-year to Tk 18.25 lakh crore, with bank branches in rural areas registering higher deposit growth compared to their urban counterparts.

The significant hike in interest rates was a key driver behind the growth in bank deposits, said Syed Mahbubur Rahman, managing director and chief executive of Mutual Trust Bank PLC.

Besides, banks have carried out a lot of campaigns to attract depositors, he added while informing that they expect the uptrend of deposits to continue.

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The weighted average interest rates on deposits rose to 5.88 percent in the July-September quarter last year from 4.55 percent during the same period of the previous year, according to data of the Bangladesh Bank.

But when comparing the April-June quarter, bank deposits declined by 0.73 percent year-on-year due to widespread unrest centring a mass movement that ousted the Awami League government on August 5.

Overall bank deposits stood at Tk 18.38 lakh crore by the end of last June.

Private commercial banks, including Islamic banks, constitute 68 percent of the total deposits at present.

However, the central bank data shows their deposits shrank 0.33 percent to Tk 12.58 lakh crore by the end of last September from Tk 12.62 lakh crore three months prior.

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The crisis ridden Islamic banks recorded the steepest decline in deposits during the July-September period. Meanwhile, state banks closely followed even though both public and private banks saw deposit growth for about one year since the end of September 2023

On the other hand, loans and advances maintained an uptick for four quarters ending with the July-September period of 2024.

Loans and advances increased by 10 percent year-on-year to Tk 16.19 lakh crore by the end of September last year.

Between June and September of 2024, loans and advances to bank borrowers grew by 1.43 percent mainly in urban areas.

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IT parks Corruption Undercover in 15 Projects Worth Tk8,500 Crore

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The former ICT state minister, Zunaid Ahmed Palak, had boasted in 2016 that sprawling IT park in Kaliakoir would employ up to a million people over 10 years

But eight years on and having spent about Tk 600 crore of public funds, the 355-acre Bangabandhu Hi-Tech City has managed to create employment for just 1,500 people. The industrial park remains largely desolate despite incentives like a seven-year tax holiday and duty-free facilities for raw material import.

This is not an isolated case. The Bangabandhu Hi-Tech Park in Sylhet was taken up in 2016 for Tk 324 crore with the ambitious goal of generating 50,000 jobs. Less than 100 people work there. Although long past the deadline, the park is yet to be fully operational.

Out of the 18 companies allotted spaces in the hi-tech park, less than five have started operations and several pulled out even before initiating their business activities.

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Till date, Tk 1,473 crore was spent on three hi-tech parks, three software parks and four incubation centres by the Awami League government, which envisioned these establishments as ICT and business innovation hubs that would employ tens of thousands, generate billions of dollars and position Bangladesh as a leading digital nation.

But their returns have been negligible thanks to faulty planning, corruption, poor execution and a lack of supportive ecosystem, found an investigation by The Daily Star involving interviews with over a dozen individuals connected to these parks and an analysis of hundreds of pages of documents.

“Such projects in the name of development in general and with the rhetoric of Digital Bangladesh in particular under long years of authoritarian regime were converted as a licence for partisan political mileage, illicit income and unaccountable wastage of public money,” said Iftekharuzzaman, executive director of Transparency International Bangladesh.

Take the case of the Bangabandhu Hi-Tech Park in Rajshahi, which was constructed between July 2016 and June 2024 for Tk 335.5 crore.

At best 500 people are employed across seven investor entities accounting for an investment of Tk 3 crore, said park officials.

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Due to petty issues such as rainwater seeping into the buildings, a lack of generator services and other infrastructural challenges, the largest company, Fleet Bangladesh, recently left the park’s incubation centre, said its founder Khairul Alam.

“They also promised tax breaks that have yet to be fulfilled,” he said.

Over in Jashore, the Tk 253 crore Sheikh Hasina Software Technology Park managed to attract negligible investment.

Despite the abysmally low returns, Palak continued to tout the ventures as successful initiatives, creating the ground for authorising more than 80 such parks all over the country.

He named all the projects after the deposed prime minister Hasina and her family members to expedite approval and shield them from criticism and scrutiny, according to Bangladesh Hi-Tech Park Authority (BHTPA) officials involved with the proceedings.

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“Tagging such projects with the names of family members of the fallen head of the government provided added impunity to the multidimensional wastage of mainly borrowed funds, which has also left a huge burden on the people,” said TIB chief Iftekharuzzaman, who also heads the interim government’s Anti-Corruption Reform Commission.

The parks have been renamed after the district concerned following the fall of the Hasina government on August 5.

At present, another dozen establishments are on the way that would cost about Tk 7,000 crore of public money.

The projects were often undertaken on a whim and almost always without concerted planning.

In similar areas, multiple overlapping projects were approved, including training centres and incubation centres established within hi-tech parks themselves.

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For instance, a Tk 66 crore IT training and incubation centre project was initiated in 2019 in Singra, Natore—Palak’s constituency.

And yet, less than 30 kilometres away, or a half hour’s drive away in Natore Sadar is a similar project, which is now operational.

Still, another project worth over Tk 150 crore was approved in Singra. The project includes infrastructure such as a mini-stadium and a cineplex, reportedly intended for Palak’s political events, according to people aware of the proceedings.

Less than 50 miles from Natore Sadar, a Tk 355 crore hi-tech park is already under construction in Rajshahi.

In addition, there is a plan for another IT incubation centre within the Rajshahi Hi-Tech Park, and a separate project is under consideration in Charghat, Rajshahi.

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Additional projects have been approved in Natore and Rajshahi’s surrounding districts, including Sirajganj, Chapainawabganj, Naogaon, Pabna and Bogura.

In Sylhet, where Tk 336 crore was spent on a hi-tech park, an additional IT park project was approved for over Tk 65 crore. In the same hi-tech park, another Tk 150 crore has been allocated for an IT park.

In Chattogram district, four overlapping establishments have been proposed — an IT park costing Tk 65 crore, another park for Tk 150 crore, a software technology park within the city and the Sheikh Kamal IT Business Incubator Centre at the Chittagong University of Engineering and Technology for Tk 117 crore.

The lack of transparency in the tender evaluation process led to significant corruption within the projects, according to BHTPA officials who spoke on the condition of anonymity.

For instance, an audit into BHTPA by the Office of the Comptroller and Auditor General highlighted six significant irregularities detailing a financial loss of Tk 50.58 crore in fiscals 2019-20 and 2020-21.

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Those involved in project design, planning, budgeting, approval and implementation including relevant officials as well as political masterminds must be brought to justice to set examples for the future, Iftekharuzzaman said.

“Officials involved in these projects would face action if found guilty — we are proceeding slowly but surely, and no one will be spared,” Shish Haider Chowdhury, secretary to the ICT Division, told The Daily Frontline.

A committee has been formed to review these procurements.

He acknowledged that most of the projects were undertaken without proper planning.

The projects included large infrastructure in remote areas where there is no business case, he said.

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“We are reducing several components of ongoing projects. For instance, if a building was initially planned for seven stories, but four stories are already completed, we are stopping it there. Even then, we remain uncertain if there will be a viable business case after trimming the projects,” Chowdhury added.

To lessen further loss, such projects should be frozen until objectively reassessed and appropriately redesigned to ensure value for money, Iftekharuzzaman said.

GSM Jafarullah, the managing director of BHTPA from August 1 last year, had his contractual appointment scrapped on September 3 by the interim government. His successor AKM Amirul Islam could not be reached for comment.

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