KY Steel Mills Ltd, a subsidiary of KDS Group alleged that its chief executive officer (CEO) Monir Hossain has laundered over Tk 600 crore from the company business leaving it in dire situation and sending jobs of around 30,000 workers to uncertainty.
At a press briefing KDS Group lawyer Ahsanul Haque Hena in the city recently said Monir now in jail has laundered the money using fake expenditure bills, documents, travel cost and other financial irregularities over the years.
He became CEO of the company in 2007 and soon became the signature officer to authorize financial transaction. In the process he siphoned the money to make huge black illegal wealth. When he became the CEO of the company, its outstanding loan was Tk 300 crore; now it stands at Tk 1000 crore.
The company has so far lodged 26 suits against him; Hena said adding that they fear he may leave the country if bail is granted. The company wants recovery of its fund and the legal procedure to complete to punish him.
Hena said his many financial irregularities include credit card forgery, patronizing family business using the name of KY Steel Mills. He also misused the CSR fund of the company.
After realizing the financial irregularities, the company has terminated the accused and cases were lodged however belated to procure all documents related to his financial scam.