Extension granted until 2029 to enjoy duty-free as WTO member amidst challenges

05/03/2024 | | Commercial, Corporate, International

Summary: At the 13th WTO Ministerial Conference in Abu Dhabi, Bangladesh successfully negotiated a three-year extension of duty-free market access following its graduation to a developing nation in 2026. Supported by 166 WTO members, this extension ensures continued access to LDC-specific technical assistance and capacity-building programs. The negotiations, spanning over five days, addressed concerns over potential trade losses post-graduation, exacerbated... Read More

Tightening of the Appointment & Dismissal rules of bank’s MDs 

05/03/2024 | | Banking, Finance, Corporate

Summary  The new regulations mandate banking managing directors or CEOs to have 20 years of experience, aged 45-65, with a three-year tenure, requiring Bangladesh Bank approval for appointments. To ensure governance and depositor protection, candidates are interviewed by central banks and then assessed by a committee. MDs who quit must justify, and new hires are expected to meet performance goals... Read More

Bar on family members of independent directors from owning bank share

05/03/2024 | | Banking, Finance, Corporate

Summary:  The Bangladesh Bank has mandated that independent directors in banks must be aged between 45 and 75 and cannot have family members holding shares in the bank. Any complaints proven against them will result in actions taken by the Bangladesh Bank under the Bank Company Act. Additionally, independent directors must possess at least 10 years of management or professional... Read More

Large companies are being advised by NBR to resolve their tax disputes using ADR

05/03/2024 | | Corporate, Dispute Resolution, Taxes & Finance

Summary The specialized unit for large taxpayers of the National Board of Revenue has recently advocated for alternative dispute resolution (ADR) as a means of resolving tax-related disputes for large corporations in the country. The unit has emphasized that opting for ADR can lead to a mutually beneficial outcome for all parties involved. By resorting to this mechanism, large corporations... Read More

Physical presence of chairman & MD mandatory at AGMs, decision taken by BSEC

05/03/2024 | | Capital Market, Corporate, Investment

Summary The regulatory body of the stock market has made it compulsory for a listed company to have at least 25% of its board members, including the chairman and managing director, physically present at the general meeting. This is to ensure that the company is accountable to its shareholders. Content On December 28th of the previous year, the Bangladesh Securities and Exchange... Read More

A new initiative has been introduced by the U.S. Attorney in Manhattan, which aims to promote more self-disclosure.

05/03/2024 | | Corporate, Dispute Resolution, International

Summary The U.S. attorney for the Southern District of New York has announced an initiative. The pilot program launched by the U.S. Attorney’s Office in Manhattan aims to provide individuals with an incentive to report and cooperate with authorities to prosecute criminal conduct. Content  The U.S. Attorney’s Office for the Southern District of New York has announced a new program aimed at... Read More

The business climate’s uncertainty is causing a decline in new company registrations.

05/03/2024 | | Corporate, International, Investment

Summary Aspiring entrepreneurs in Bangladesh are encountering significant challenges, as the country's business environment is being stifled by political instability and worldwide uncertainties. The number of registered corporations has declined, and only a small minority of them can successfully get off the ground. These hurdles have made it increasingly difficult for entrepreneurs to navigate the competitive market and establish themselves... Read More

IOT devices have been launched by Grameenphone

05/03/2024 | | Commercial, Information Technology, Investment

Summary: Grameenphone has recently launched a series of Internet of Things (IoT) devices that enable users to remotely monitor and regulate their gas stoves, lighting, and other related safety aspects of their home, vehicle, or office. The brand name for the collection of devices, along with its accompanying app that facilitates user control and operation, is Alo. The range consists... Read More

Commencement of our Secondment Program with multinational Japanese law firm; Nishimura & Asahi

30/01/2024 | | Human Resources, International, Recognition

Rahman's Chambers is proud to announce the selection of Mrs. Kamrunnaher Shimu, Associate at the firm, for a prestigious secondment program, commenced on the 16th of January 2024 at Nishimura & Asahi, one of Japan's most renowned multinational law firms. This historic collaboration marks the first-ever instance of a Bangladeshi law firm securing such an opportunity with a foreign... Read More

DSE is set to give compensation by using the investor protection fund to Defrauded customers

30/12/2023 | | Capital Market, Finance, Dispute Resolution

Summary:   The Dhaka Stock Exchange (DSE) is set to distribute compensation to customers of four brokerage firms from the Investors' Protection Fund established almost a decade ago.  Content: As per the Dhaka Stock Exchange (DSE), 8,561 customers have filed claims amounting to more than Tk200 crore until 1st October this year. However, for now, the DSE will disburse Tk25 crore, which is... Read More

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