(BSS) - Chief Adviser Professor Muhammad Yunus today directed the authorities concerned to form a fund to manage the looted assets and money.

"The Chief Adviser instructed to form the looted money management fund, which will be used for public welfare," Chief Adviser`s Press Secretary Shafiqul Alam told a press briefing at the Foreign Service Academy here this afternoon following a meeting on the progress of recovering the laundered money.

He said the looted money management fund will be used for the welfare of the poor people as a decision was taken to this end at a meeting today.

The meeting was held at the State Guest House Jamuna here with Chief Adviser in the chair.
Speaking at the press briefing, Bangladesh Bank Governor Ahsan H Mansur today said the fund will be created following the existing laws. "If necessary, the law will be amended to form the fund," he said.

The Bangladesh Bank Governor said he hoped that it would be possible to create this fund within the tenure of the interim government but the elected government should continue it.
Mansur said the government will form the fund with money and assets seized from individuals accused of embezzlement.
He said the seized money, which was looted from banks, will be handed over to the affected banks to compensate their depositors.

The central bank governor said the looted assets, which were accumulated through graft from non-banking channels, will be spent for the welfare of the poor people by forming this fund.

The frozen shares of various companies, which have bank loans, will be handed over to strategic investors, he said adding that before doing so, the government has to take temporary ownership of the shares to legalize the process.

“That is why we are going to take this legal step. The money that will come from new investors will be transferred to the banks through this fund,” he added.