Nagad Negotiations Nudge New Foreign Investment

Three days before the parliamentary elections, Barrister Mir Ahmad Bin Kasem Arman sent a letter requesting the governor of Bangladesh Bank for the forensic audit report of the mobile financial company Nagad, citing foreign investors’ interest amidst financial irregularities and ownership disputes. Following the parliamentary elections, on February 24 afternoon, he met with the governor, Dr. Ahsan H. Mansur.

After the meeting, Barrister Arman told journalists that discussions on attracting foreign investment to Nagad had been ongoing since the caretaker government period. He clarified that he is acting as a local representative of potential foreign investors in his professional capacity as a lawyer, not as a parliamentarian.

“I am a professional lawyer with prior experience working with international companies like Dell, Microsoft, Apple, and Uber. Currently, I am providing legal support on behalf of prospective investors,” Arman said.

He added that the prospective investors are interested in Bangladesh’s digital banking sector and have been exploring investment opportunities since the caretaker government period. Arman also mentioned that the governor was informed about their interest in auditing Nagad to assess investment viability.

When asked about the privatization of Nagad, Arman said the governor noted that the new government has not finalized its policy on the matter. If the government decides to hand Nagad over to private investors as the caretaker government intended, the subsequent investment process will commence.

Regarding any potential conflict of interest from acting as a local representative while serving as a parliament member, Arman stated that performing this role as a law professional does not create any conflict. “I engage in politics for public service and earn no income here. I practice law professionally to support my family, so there is no conflict,” he said.

Arman further emphasized that the current government is committed to attracting foreign investment to help stabilize the country’s fragile economy.

Earlier, on August 25 of the previous year, during the caretaker government, Governor Dr. Ahsan H. Mansur had announced that Nagad would be transferred from the Post Office to the private sector, with plans to hand over ownership to new investors within three to four months, citing the Post Office’s inability to manage Nagad effectively.

DBTech/SMEH/MUM/OR