Ha-Meem Group’s rejoinder and our reply

Ha-Meem Group has protested a report published in The Business Standard on 28 July, titled "Same beneficial owners sit on boards of two banks, bypassing law," stating that the content of the report is baseless, concocted and far from the truth.

In a rejoinder, the group said, "The report implies that AK Azad continues to hold ownership or managerial responsibilities in That's It Fashions Limited, which is factually incorrect. For the sake of public clarity and to uphold the correctness of reporting, we clarify the information."

"That's It Fashions Limited was established in 2002, and initially, the ownership was in the name of AK Azad. However, in 2014, all shares were formally transferred first to Mohammed Tarik Ana and Md Masadul Hoque. Later, as seen from the record, the owners transferred shares to МН Jute Mills Ltd and Md Kamal Hossain in January 2020. Therefore, AK Azad has had no ownership, director or managerial involvement with That's It Fashions Ltd since 2014.

"The change in ownership and directorship was duly recorded and approved by the Registrar of Joint Stock Companies and Firms (RJSC), and it is reflected in their records – Form XII and Schedule X – proving the ownership transparency," it stated.

"While the BGMEA online member directory may still reflect outdated information, a formal letter dated 30 April 2025, was issued by the BGMEA to the Commissionerate of Customs and Bond confirming that the membership of That's It Fashions Ltd has been updated and no longer lists AK Arad as managing director. The BGMEA has recommended that all relevant authorities incorporate this change, and we trust the database will reflect the accurate position shortly.

"We firmly reject the implication that there is any violation of the UBO circular issued by the Bangladesh Bank or the Bank Company Act in relation to the ownership of That's It Fashions Ltd and its investment in any financial institution. The current structure of the company, as well as its management and beneficial ownership, fully complies with applicable laws and regulations," the rejoinder added.

Our reply

According to the RJSC document obtained by TBS, ownership of That's It Fashions Ltd was transferred to MH Jute Mills, which is also owned by AK Azad, who held 1,000 shares in the company as of 25 February 2025.

The official address of MH Jute Mills Limited is 387, Tejgaon Industrial Area, which is also the office of Ha-Meem Group.

The official website of Ha-Meem Group also shows MH Jute Mills as its sister concern.

All that information indicates that AK Azad is the ultimate beneficiary of That's It Fashions Ltd, through which he is also the beneficiary of Pubali Bank's directorship.

Therefore, we stand by our report.