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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. •

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