Nagad denies allegations against administrator, claims smear campaign

Mobile financial service provider Nagad has rejected a series of allegations circulating on social media against its Bangladesh Bank-appointed administrator, Md Motasem Billah, describing them as false, fabricated and part of a coordinated campaign to damage the organisation's reputation.

In a statement issued today (6 June), Nagad alleged that a vested group was spreading misinformation about the administrator and the management team through social media to serve its own interests.

The company said one of the claims being circulated was that the administrator receives a monthly salary of Tk9 lakh and assistant administrators receive Tk5 lakh each from Nagad.

According to the statement, the administrator and assistant administrators draw their salaries from their respective institutions – Bangladesh Bank and the Postal Department – and do not receive salaries from Nagad.

Nagad also denied allegations that Motasem had taken two Toyota Land Cruiser Prado vehicles from the company.

It said the administrator uses only one vehicle from Nagad's existing transport pool for official duties, while the remaining vehicles are used by other officials.

No new vehicle has been purchased since he assumed responsibility, the statement added.

Responding to claims regarding travel allowances, Nagad said members of the administrator team and senior officials regularly attended meetings with corporate clients as part of efforts to restore business confidence and revive transactions.

In cases where official vehicles were unavailable, conveyance allowances were provided in line with approved company policies, it said.

The company also addressed allegations concerning payments to members of its management board.

According to the statement, board members receive a monthly honorarium of Tk50,000 and Tk10,000 for attending each board meeting, as determined by Bangladesh Bank.

It added that no more than one board meeting has been held in any month since the board's appointment.

Nagad further said honoraria paid to members of recruitment interview boards were made under approved policies and applied equally to both internal and external participants.

The statement also rejected allegations that the administrator's birthday had been celebrated at the Boat Club using company funds.

Nagad said the event in question was a gathering of company officials and that all expenses were borne personally by the administrator.

Addressing claims that Nagad paid for the administrator's personal expenses, including household staff and vehicle-related costs, the company said these benefits are provided by Bangladesh Bank under rules applicable to executive director-level officials and involve no financial contribution from Nagad.

The company also denied allegations regarding the appointment of a personal bodyguard for the administrator.

It said security measures were taken following threats against members of the administrator team and in accordance with directives from Bangladesh Bank.

Nagad said the administrator had not received any irregular financial or non-financial benefits from the company and reiterated its willingness to cooperate with any inquiry by individuals or institutions regarding the allegations.

The company claimed the allegations were being spread to undermine its recent performance, noting that it recorded transactions worth Tk44,639 crore in May, the highest monthly volume in its history.