BANGLADESH

Ministry orders departmental investigation against Kafco’s CFO

The Ministry of Industries has decided to launch a departmental inquiry against Habib Ullah Manzur, Chief Financial Officer (CFO) of Karnafuli Fertilizer Company Limited (Kafco), one of the largest fertilizer factories in the country, on charges of financial and moral irregularities.

Habib is accused of taking commissions from the company’s insurance and bank deposits, taking commissions from Egypt, Oman and Saudi Arabia to buy UF-75 chemicals, illegally handing over jetty repairs to a Singaporean company and smuggling part of the company’s profits to a ring. Also giving 6 million US dollars contract to a foreign company without tender for repairing a single pillar in the jetty, along with other complains.

After the matter came to the media, the decision of the departmental investigation of the ministry came.

However, Habib declined all allegations saying that someone might have spread propaganda against him because of personal enmity. ‘I can prove that  those allegations are  false’ he claimed.

Kafco officials say the truth will come out through an investigation.

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