Bangladesh a country of immense potentiality” says Tofail

“Today Bangladesh is a miracle and country of immense potentiality” said Commerce Minister Tofail Ahmed at a Seminar on Mediation organized by the Bangladesh International Arbitration Centre (BIAC) and MCCI.

The Minister recalled that at the time of independence, the population of Bangladesh was seven and half crore and foodgrains had to be imported from abroad.  Today, our population is sixteen 6th May 2015_finalcrore and we export rice. It is generally accepted that our future is very bright.  It is vital that we encourage modern techniques in businesses, including ADR.  The Seminar was moderated by BIAC Chairman Mahbubur Rahman, who recommended that businesses adopt the BIAC dispute settlement clauses.

The BIAC and MCCI Seminar was entitled “Mediation for Settlement of Commercial Disputes and Recovery of Overdue Bank Loans”.  Welcoming the guests, BIAC Chief Executive Toufiq Ali stated that BIAC was introducing modern techniques in mediation, and supportive of Bangladesh laws for settlement of disputes out of courts.  MCCI President Nasim Manzur described the merits of arbitration and mediation and the role played by BIAC.  He also said that firms who are regularly repaying their loans to banks are currently suffering on account of defaults by others.

Secretary, Legislative & Parliamentary Affairs Division Shahidul Haque said that court statistics show that mediation provisions in our laws are not being utilized. He observed that for success in mediation will of the disputing parties are necessary.

Bangladesh Bank Deputy Governor S.K. Sur Chowdhury assured the bankers that Bangladesh Bank will support disposal of money loan cases through mediation if bankers follow relevant laws and guidelines.

Former Adviser to the Care taker Government Abdul Muyeed Chowdhury and Managing Director of Midland Bank Ahsan-uz Zaman made keynote presentations on “Mediation for Settlement of Commercial Disputes” and “Mediation for Recovery of Overdue Bank Loans” respectively.

Former Attorney General Fida M Kamal, Managing Directors of BDBL, Pubali Bank, Mercantile Bank, National Bank and a few prominent business men also spoke on the occasion.  The audience included prominent businessmen, representatives of Corporate Houses and Law Chambers etc.