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Multinationals to pass decision on<br />
offloading shares to parent companies<br />
News 11<br />
WEDNESDAY, SEPTEMBER 6, <strong>2017</strong><br />
DT<br />
• Asif Showkat Kallol<br />
BUSINESS <br />
The Ministry of Industries (MOI) has<br />
asked multinational companies, including<br />
Unilever Bangladesh Ltd, to<br />
place proposals to their parent firms to<br />
offload their shares, an inside source<br />
has confirmed.<br />
The decision was taken at a meeting<br />
with representatives of multinational<br />
companies presided over by MOI Senior<br />
Secretary, Md Mosharraf Hossain<br />
Bhuiyan.<br />
In addition to Unilever Bangladesh,<br />
Sanofi Bangladesh Ltd and Novartis<br />
Pharma Ltd were also present.<br />
The source said the ministry will inform<br />
all the stakeholders and arrange<br />
a high-level meeting for offloading the<br />
shares, if the Financial Institutions Division<br />
takes an initiative regarding the<br />
move.<br />
In the meeting, the representative<br />
of Unilever Bangladesh Ltd said the<br />
ministry’s proposal cannot be fulfilled<br />
unless Unilever’s parent company in<br />
the United Kingdom allows it.<br />
“The proposal needs to be approved<br />
by the parent company’s board,” he<br />
said. “We will give a written statement<br />
to the ministry after our managing director<br />
gives his consent.”<br />
The representative said Unilever<br />
Bangladesh does not need extra funds<br />
from the stock market due to its nature<br />
operation in Bangladesh, and that it is<br />
also not possible to offload its shares<br />
in the stock market because there is<br />
a shortage of existing paid-up capital.<br />
The Novartis Pharma Limited representative<br />
expressed his company’s<br />
interest in offloading their shares but<br />
also said they do not have enough<br />
paid-up capital. After issuing two<br />
right shares, Novartis’ paid-up capital<br />
stands at Tk11.75 crore.<br />
“However, Novartis will place the<br />
proposal to offload shares as per the<br />
ministry instructions,” the representative<br />
said.<br />
The representative from the Bangladesh<br />
arm of Sanofi, a French multinational<br />
pharmaceutical company,<br />
said the Bangladesh government holds<br />
a total of 45% of their shares.<br />
“We have no choice. We have to<br />
place the proposal in our next board<br />
meeting with the parent office,” he said.<br />
No representative from Karnaphuli<br />
Fertiliser Limited, a company owned<br />
by a Japanese firm, attended the meeting<br />
so its decision was not discussed.<br />
Earlier, Finance Minister AMA Muhith<br />
said at a meeting that the government<br />
was considering the possibility<br />
of offloading 10% of its shares in Unilever<br />
Bangladesh Limited.<br />
“The government owns a 39.25%<br />
share of Unilever, but Unilever is not<br />
interested in offloading it in the local<br />
stock market,” he said.<br />
“Multinational companies, like<br />
Unilever, are also not interested to<br />
increase their share in the market, although<br />
they are making huge profits<br />
here.” •<br />
US President Donald Trump<br />
Trump family and<br />
associates to be in<br />
Russia probe crosshairs<br />
• Tribune Desk<br />
WORLD <br />
REUTERS<br />
A web of US President Donald<br />
Trump’s family and associates<br />
will be back in the crosshairs<br />
of congressional committees<br />
investigating whether his campaign<br />
colluded with Russia, as<br />
well as of the high-wattage legal<br />
team assembled by special<br />
counsel Robert Mueller, reports<br />
the Associated Press.<br />
As Congress returns from a<br />
summer recess, some of the attention<br />
will be focused squarely<br />
on the president’s eldest son,<br />
Donald Trump Jr, who will<br />
meet privately in the coming<br />
weeks with staffers on the Senate<br />
judiciary and intelligence<br />
committees. A meeting Trump<br />
Jr convened with a Russian lawyer<br />
and others in the midst of<br />
the campaign has already been<br />
the subject of testimony before<br />
a grand jury that Mueller is using<br />
as part of his investigation.<br />
The expected crush of<br />
interviews, subpoenas and<br />
testimony this fall underscores<br />
both the broad scope<br />
of the Russia probes and the<br />
certainty that they will shadow<br />
Trump’s presidency for<br />
months or even years. Even<br />
if Trump and his associates<br />
are ultimately cleared, some<br />
White House advisers worry<br />
about the president’s anger<br />
over the investigations and<br />
the likelihood that he will<br />
continue to weigh in publicly<br />
in ways that only further distract<br />
from his agenda.<br />
The president’s own legal<br />
exposure remains uncertain.<br />
He’s denied coordinating with<br />
Russia during the election or<br />
having any nefarious financial<br />
ties to Moscow.<br />
But Trump’s legal team, anticipating<br />
Mueller’s interest in<br />
probing Trump’s firing of FBI<br />
Director James Comey, is developing<br />
arguments to protect<br />
him against any obstruction<br />
of justice allegations, including<br />
constitutional defences<br />
and a contention that his actions<br />
crossed no legal lines.<br />
Family and associates<br />
The simultaneous investigations<br />
by Mueller and three congressional<br />
committees have<br />
drawn in some of Washington’s<br />
legal heavy hitters. Mueller’s<br />
16-lawyer team is comprised<br />
of seasoned prosecutors<br />
with significant experience<br />
fighting fraudsters, mobsters<br />
and terrorists and with building<br />
cases against high-level<br />
targets by eliciting cooperation<br />
from more peripheral subjects.<br />
And more than a dozen Washington<br />
law firms have lawyers<br />
representing players in the investigation.<br />
The coming months may<br />
put a new focus on lesser-known<br />
players in Trump’s<br />
orbit, including Michael Cohen,<br />
his long-time lawyer. Cohen<br />
acknowledged last month<br />
that the Trump Organisation<br />
pursued a Trump Tower project<br />
in Moscow and that he had<br />
reached out to the press secretary<br />
for President Vladimir<br />
Putin. Another associate who<br />
could appear before Congress<br />
this fall is informal adviser<br />
Roger Stone, as well as Felix<br />
Sater, a Russia-born associate<br />
Cohen says he worked with<br />
on the Trump Tower deal. The<br />
project was later abandoned.<br />
Familiar names will also<br />
continue to face scrutiny,<br />
particularly former campaign<br />
chairman Paul Manafort and<br />
ousted White House national<br />
security adviser Michael<br />
Flynn. Manafort already has<br />
spoken privately to Senate intelligence<br />
committee staffers,<br />
and though other committees<br />
are also interested in hearing<br />
from him. •