Jubok responds to BB show cause notice
Star Business Report
Jubo Karmasangsthan Society (Jubok), a non-governmental organisation (NGO), yesterday responded to the show cause notice issued by Bangladesh Bank (BB). Earlier on May 24, the BB issued a show cause notice on Jubok for its alleged involvement in unauthorised banking business, such as collection of money deposits and borrowing from the common people in exchange of interests. The central bank also asked the executive director of the organisation to explain his position in this regard within a week after receiving the notice and yesterday was the last date for responding to the notice. Lokman Hossain, managing director of Jubok Housing & Real Estate Development Ltd, a subsidiary of Jubok, submitted an explanation to the central bank in response to the notice. According to sources, in its explanation Jubok said it is doing business like other NGOs are doing. The BB will take steps in accordance with the existing Bank Company Act after analysing the reply it has received from Jubok, sources in the central bank said. The show cause notice on Jubok was issued following an investigation conducted by the central bank.
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