‘Money stuck in escrow services will be returned soon’

The Commerce Ministry is trying to work out a process to return the money stuck in escrow services, except those under the purview of lawsuits.

AHM Shafiquzzaman, additional secretary of the commerce ministry and convener of a high level cabinet committee, assured, "We will return the money stuck in escrow services and other businesses soon."

He made the statement while talking to reporters following a meeting at the parliament.

The additional secretary said today was the third and final meeting of the committee.

He also informed the report will be sent to the Cabinet on Wednesday; focusing on the terms of reference (ToR) provided by the Cabinet.

"We have formed Unique Business Identifiers (UBIDs). E-commerce organisations will be brought under this system. Already hard copies have been prepared and necessary apps will be built through Access to Information (a2i)," he stated.

He revealed, "A lot of money has been stuck, of which Tk214 crore has been stuck in escrow services."

"We have already sent letters to the Public Security Division and the Crime Investigation Department (CID) in this regard.  A large portion of the money has been stuck in lawsuits and we have asked for legal opinion in the matter from the Legislative Division," he continued.

"The cabinet secretary also held a meeting to figure out how to return the money. CID, Bangladesh Bank and other related entities were present at the meeting," said Shafiquzzaman.