Bangladesh Cricket Board on Saturday issued a clarification regarding recent financial transactions, stating the moves were aimed at strengthening the safety of its funds to protect the organisation from ‘vested quarters’.
The statement came after media reports alleged irregularities in the BCB’s financial dealings since Faruque Ahmed took over as the president.
‹Upon assuming the role of BCB president in August 2024, Mr Faruque Ahmed identified the safeguarding of the Board›s financial interests as a top priority, especially in the context of allegations of financial irregularities in previous years and the difficult economic period the country was experiencing in the months following the mass uprising of July–August 2024,› BCB said in the press release.
In order to ensure the security of its funds, the BCB decided to withdraw Tk 250 crore from banks classified as risky by Bangladesh Bank and reinvested the majority of the amount in more secure places.
‹Considering the paramount importance attached to ensuring security, the BCB withdrew BDT 250 crore from banks considered risky and reinvested BDT 238 crore of it in Green and Yellow Zone banks.’
‘The remaining BDT 12 crore was transferred to a designated account to facilitate BCB›s operational expenses,› it said.
The board further said, ‹disruptive elements and a vested quarter, both outside and within the cricket administration, remain active with the sole intention of maligning the Board and undermining its efforts.›
‹This was another pertinent reason to strengthen the security and safety of BCB›s funds and operations,› the BCB said.
Since September 2024, the BCB has placed its funds in 13 banks, which the board said not only ensured the security of its finances but also increased earnings.
‹This move not only ensured the security of the Board›s finances but also allowed the BCB to leverage partnerships that offered the most competitive interest rates. As a result of this strategy, the BCB has realised an increase of 2–5 percent in interest earnings from its fixed deposits compared to previous periods,› it added.