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Salman F Rahman

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Salman Fazlur Rahman, commonly known as Salman F Rahman (born 23 May 1951),[1] is a Bangladeshi businessman[2] and a former member of the Jatiya Sangsad representing Dhaka-1 constituency.[3] He held the position of private industry and investment adviser to the former Prime Minister of Bangladesh, Sheikh Hasina, with the status of a cabinet minister.[3][4] Prior to this, he was her private sector development affairs adviser.

Salman Fazlur Rahman
সালমান ফজলুর রহমান
Rahman in 2020
Adviser for Private Industry and Investment to the Prime Minister of Bangladesh
In office
7 January 2019 – 6 August 2024
Prime MinisterSheikh Hasina
Member of the Bangladesh Parliament
for Dhaka-1
In office
3 January 2019 – 6 August 2024
Preceded bySalma Islam
Personal details
Born (1951-05-23) 23 May 1951 (age 73)
Nawabganj, East Bengal, Pakistan
NationalityBangladeshi
Political partyBangladesh Awami League
SpouseSyeda Rubaba Rahman
Relations
Children2
Parent
Alma mater
OccupationVice Chairman of Beximco Group

In 2017, he was ranked as the 1685th-wealthiest billionaire (in U.S.-dollar terms) by Hurun Global.[5] He holds the position of vice chairman at BEXIMCO Group, one of the Bangladesh's largest conglomerates.[6] He was the president of several trade bodies, including the Association of Television Channel Owners (ATCO).[7]

Rahman has been involved in financial controversies related to bank loans and the capital market.[8][9] He is currently incarcerated by the Dhaka Metropolitan Police on the charges of instigating killing during the Student-People's uprising.[10]

Early life

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Rahman was born into a distinguished Bengali Muslim family in Dohar, Dhaka District, on 23 May 1951. His parents were Fazlur Rahman and Syeda Fatina Rahman. His father, Fazlur Rahman, held the position of a state minister in Pakistan. His mother, Syeda Fatina, was a descendant of the Dewan family of Haibatnagar, tracing her lineage from her father's side.[11]

Rahman successfully completed his Higher Secondary Examination from Notre Dame College in Dhaka and gained admission into the Physics Department of the University of Dhaka in 1968.[12] Later, he graduated from Karachi University.[12]

Career

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In 1966, Rahman and his older brother, Sohail Fasihur Rahman, began managing a family-owned jute factory. However, in 1972, the government nationalized the factory. The same year, they founded the Bangladesh Export and Import Company Limited (BEXIMCO Group) and initiated the export of seafood and crushed bones to European countries, importing medicines in return.[13] BEXIMCO Group has grown to become one of Bangladesh's premier conglomerates, with subsidiaries such as BexTex, Beximco Pharmaceuticals Ltd. (Beximco Pharma), and Shinepukur Ceramics. With a global workforce exceeding 70,000 people, BEXIMCO is the largest private sector employer in Bangladesh.[14]

In 1976, the two brothers established Beximco Pharmaceuticals Ltd. (Beximco Pharma). Later on, this company was listed as the first Bangladeshi company at the London's Alternative Investment Market.[15][6] The company is listed in Aim of London Stock Exchange[16] and also accredited by many foreign regulatory authorities including the US FDA for its export operations.[17] In addition, it is the first Bangladeshi company to export medicines to Canada.[18]

In 1982, the brothers partnered with the Dubai-based Galadari Brothers Group to establish the country's first private bank, the AB Bank.[19][20] In 1985, Salman Fazlur Rahman sold his stake to other partners. Subsequently, the brothers bought a 30% stake in IFIC Bank. Fazlur Rahman became chairman of the bank in 2010[21] and was re-elected in 2016.[22]

In 2021, BEXIMCO launched a BDT 3,000 crore Sukuk bond.[23]

Rahman owns the Bangla news channel Independent Television. He previously owned the English daily, The Independent, which was launched on 26 March 1995 and ceased publication on 31 January 2022. During its operation, he served as the chairman of the board of editors.[24]

Politics

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Rahman entered politics in the mid-1990s and founded a political party under the banner Samriddhya Bangladesh Andolan. Later he joined the Bangladesh Awami League. He was their nominee for constituency Dhaka-1 (Dohar Upazila ) in the Bangladeshi general election in 2001.[24]

Rahman is the private sector development adviser to Prime Minister Sheikh Hasina.[24][25]

Rahman contested from Dhaka-1 constituency (Dohar and Nawabganj upazilas) in the 2018 parliamentary election and received 3,04,797 votes from 178 centres of the constituency while the nearest rival Salma Islam received 38,017 votes.[3] He contested the election with the Awami League's symbol boat and secured 86.5% of the votes of the constituency.[26]

Rahman got 1,49,971 votes under the Dhaka-1 constituency in January 2024 general election, reaffirming his strong support within the constituency. His closest competitor, Salma Islam from the Jatiyo Party, trailed behind with 34,746 votes.[27][28]

Role as prime minister's advisor

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Rahman was appointed as the Private Industry and Investment Advisor to Prime Minister Sheikh Hasina on 15 January 2019.[29] Without any financial incentives, the post retains the rank of a minister.[30] Rahman was tasked by the prime minister to improve Bangladesh's standing on the World Bank's Ease of Doing Business index.[31] Rahman's initiatives led the country climb seven places up in 2020.[32][33] Additionally, he spearheaded efforts to implement projects under the public–private partnership (PPP) method though a fast-track program.[34]

Foreign direct investment

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As the prime minister's adviser, Rahman from 2020 to 2022, helped the government agencies organize investment roadshows in the UAE, UK, and US, to increase the foreign direct investment inflow.[35][36][37] He participated in programs home and abroad, and urged non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors since the private sector is 90% of the total business in Bangladesh.[38]

During NRB Professional Summit 2022, Rahman asked non-resident Bangladeshis to invest in the country's agriculture, healthcare and education sectors.[39]

In 2022, after a meeting with Rahman, the United Kingdom's investment minister Lord Dominic Johnson expressed that British companies will be interested to explore the recycling industry of Bangladesh's ready-made garment sector.[40]

In November 2022, Rahman participated in Investment Flash Mob in Tokyo, Japan and urged Japanese businessmen to assist Bangladesh in intellectual infrastructure.[41] He also met Singapore's Transport and Commerce Minister S Eswaran and discussed signing of a free trade agreement between Bangladesh and Singapore.[42]

Rahman attended Bangladesh-UAE Economic Cooperation seminar held in Abu Dhabi in September 2022 to promote trade and business opportunities of the country. He mentioned in his speech that he is now of the 'Asia's economic powerhouse'.[43]

Foreign relations

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In December 2022, Rahman had a meeting with Pranay Kumar Verma, the High Commissioner of India to Bangladesh. During their discussion they explored the possibility of signing a comprehensive economic partnership agreement.[44]

Board memberships and affiliations

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Rahman is the vice-chairman of BEXIMCO Group.[45]

He headed the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) from 1994 to 1996.[24]

He was a director of the Bangladesh Securities and Exchange Commission and Dhaka Stock Exchange.[46]

He was the former president of Association of Television Channel Owners (ATCO)[47] and LPG Operators Association of Bangladesh (LOAB).[48]

He is currently the chairman of the board of governors of Bangladesh Enterprise Institute and the sporting club Abahani Limited Dhaka.[21][49][50][51]

Personal life

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Salman Fazlur Rahman is married to Syeda Rubaba Rahman,[52] and they have a son named Ahmed Shayan Fazlur Rahman.[53]

Controversies

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In 2007, a leaked diplomatic cable from the United States ambassador to Bangladesh alleged that Rahman was one of the largest bank loan defaulters in Bangladesh.[54]

On 4 February 2007, Rahman was arrested on charges of crime and corruption in 11 cases during the 2006-08 Bangladeshi political crisis. On 20 August 2008, the High Court of Bangladesh granted him bail in a bank forgery case.[55]

During the 2010-11 share market scam, a probe led by banker Khondkar Ibrahim Khaled implicated Rahman in the scandal.[56] However, in March 2015, Rahman and his elder brother were acquitted, and the cases were dismissed after final hearings, as no evidence proved their involvement in stock market manipulation.[57]

As of August 2024, companies associated with Rahman owe around ৳36,865 crore to four public and three private banks in Bangladesh.[58] According to the Centre for Policy Dialogue, several commercial banks in Bangladesh are now "clinically dead" due to embezzlement of bank capital attributed to Rahman.[59]

Arrest

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Initially, Rahman was reported to have fled to India with Sheikh Hasina and Sheikh Rehana following Hasina's resignation on 5 August 2024.[60] However, on 13 August, Rahman was arrested at Sadarghat along with Anisul Huq, the former Minister for Law, Justice and Parliamentary Affairs, while attempting to flee by boat.[61] They were charged as instigators in the murder cases related to the deaths of a student and a hawker during the quota reform protest on 16 July at Dhaka College.[62] On 6 November, he was brought before the Dhaka Metropolitan Court in connection with a further murder case filed in the Mirpur Model Thana.[63]

References

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  1. ^ "All to know about Salman F Rahman". Corporate Bangladesh.
  2. ^ "Bangladesh's first family of business". Fortune India.
  3. ^ a b c "Salman F Rahman wins Dhaka-1 seat". The Independent. Dhaka. Archived from the original on 2 January 2019. Retrieved 13 February 2019.
  4. ^ "Salman made PM's adviser". The Daily Star. 16 January 2019. Retrieved 14 April 2023.
  5. ^ "Salman F Rahman on world billionaires' list". Dhaka Tribune. Retrieved 8 January 2018.
  6. ^ a b "Beximco: About". BEXIMCO. Retrieved 8 August 2017.
  7. ^ "Salman F Rahman". The Independent. Dhaka. Archived from the original on 25 May 2017. Retrieved 22 May 2017.
  8. ^ "Salman F Rahman: 'The architect of default culture'". The Daily Star. 15 August 2024. Retrieved 26 August 2024.
  9. ^ Staff, Reporter (16 August 2024). "How Salman F Rahman stole 36,865 C from 7 banks". The Dhaka Tribune. Retrieved 26 August 2024.
  10. ^ "Salman F Rahman, Anisul Huq taken into custody". The Business Standard. 13 August 2024. Retrieved 13 August 2024.
  11. ^ Zahurul Islam (1952). Moinul Haq, S. (ed.). "A note on Isa Khan and his family". The Proceedings of the Pakistan History Conference. Karachi: 326.
  12. ^ a b যেভাবে শিল্পপতি হলেন সালমান এফ রহমান. Ekushey TV (in Bengali). 23 May 2019.
  13. ^ "Salman Rahman Muslim Businessman Bangladesh". EENI Global Business School. Retrieved 3 January 2018.
  14. ^ "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 5 November 2021.
  15. ^ "Raw material import limit forces Beximco Pharma to cut output". The Daily Star. 2 December 2007. Retrieved 9 January 2018.
  16. ^ "Beximco Pharma commences export to the US - RNS". London Stock Exchange. Retrieved 8 January 2018.
  17. ^ "Another Beximco drug to reach US market". The Daily Star. 25 July 2017. Retrieved 9 January 2018.
  18. ^ "Beximco Pharma enters Canada". The Daily Star. 18 September 2017. Retrieved 3 July 2019.
  19. ^ Lall, Pavan. "Bangladesh's First Family of Business" (PDF). Fortune India. Archived from the original (PDF) on 4 March 2016. Retrieved 8 August 2017.
  20. ^ "Background of AB Bank Limited - AB Bank Limited". Retrieved 15 July 2023.
  21. ^ a b "Salman new chairman of IFIC Bank". bdnews24.com. 27 July 2010.
  22. ^ "Salman F Rahman reelected as IFIC Bank chairman". The Daily Star. 21 July 2016. Retrieved 3 July 2019.
  23. ^ "Subscription of BEXIMCO's Tk 3,000cr Sukuk completed". New Age. Retrieved 15 July 2023.
  24. ^ a b c d "Salman F Rahman remains Sheikh Hasina's adviser". bdnews24.com. 6 November 2016. Retrieved 8 August 2017.
  25. ^ "Salman F Rahman made PM's new adviser". The Independent. Dhaka. Archived from the original on 8 November 2016.
  26. ^ "Awami League's new faces in Dhaka". Dhaka Tribune. 1 January 2019. Retrieved 3 January 2019.
  27. ^ "Salman F Rahman wins Dhaka-1, defeating Jatiyo Party's Salma Islam". The Business Standard. 7 January 2024. Retrieved 29 January 2024.
  28. ^ "Dhaka-1: Salman F Rahman wins convincingly". Dhaka Tribune. 7 January 2024.
  29. ^ "Salman F Rahman appointed as PM's adviser". Dhaka Tribune. 15 January 2019. Retrieved 16 January 2019.
  30. ^ "Salman made PM's adviser". The Daily Star. 16 January 2019. Retrieved 16 January 2019.
  31. ^ "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 28 July 2023.
  32. ^ "Doing Business Index: Bangladesh improves ranking". The Daily Star. 24 October 2019. Retrieved 28 July 2023.
  33. ^ "'Bangladesh has to make doing business easy'". The Financial Express. Retrieved 28 July 2023.
  34. ^ "Salman for early implementation of PPP projects - Business". The Daily Observer. Retrieved 2 September 2023.
  35. ^ Sengupta, Joydeep; Times, Khaleej. "Bangladesh makes a strong pitch for foreign investments in 'Asia's economic powerhouse'". www.zawya.com. Retrieved 28 July 2023.
  36. ^ "UK keen to invest more in Bangladesh: Salman". The Business Standard. 28 March 2022. Retrieved 28 July 2023.
  37. ^ "FDI to triple within couple of years: Hopes Salman". Prothom Alo. BSS. 6 December 2021. Retrieved 28 July 2023.
  38. ^ "NRBs urged to invest in agriculture, healthcare and education". The Business Standard. 22 December 2022. Retrieved 17 August 2023.
  39. ^ "NRBs urged to invest in agriculture, healthcare and education". The Business Standard. 22 December 2022. Retrieved 2 September 2023.
  40. ^ "UK keen to invest in Bangladesh's recycling industry". Dhaka Tribune. 11 December 2022. Retrieved 17 August 2023.
  41. ^ "Invest in intellectual infrastructure: SF Rahman to Japan". The Business Standard. 29 November 2022. Retrieved 2 September 2023.
  42. ^ সিঙ্গাপুরের সঙ্গে বাণিজ্য সম্পর্ক বৃদ্ধির আশা সালমান এফ রহমানের. Bangla Tribune (in Bengali). Retrieved 2 September 2023.
  43. ^ Sengupta, Joydeep. "Bangladesh PM Sheikh Hasina's top aide makes a strong pitch for foreign investments in 'Asia's economic powerhouse'". Khaleej Times. Retrieved 2 September 2023.
  44. ^ ভারত-বাংলাদেশের ঐতিহাসিক সম্পর্ক অব্যাহত থাকবে : সালমান এফ রহমান. Kaler Kantho (in Bengali). December 2022. Retrieved 2 September 2023.
  45. ^ "Welcome to the official Website of Salman F Rahman". salmanfrahman.com. Retrieved 15 July 2023.
  46. ^ "Salman joins DSE board as director". The Daily Star. 9 September 2011. Retrieved 3 July 2019.
  47. ^ "Salman F Rahman elected new ATCO president". Daily Sun. Retrieved 9 January 2018.
  48. ^ "Nasrul: LPG energy of the future". Dhaka Tribune.
  49. ^ "Bord of Governors". Bangladesh Enterprise Institute.
  50. ^ "Mr. Salman F Rahman, Chairman". Bangladesh Enterprise Institute. Retrieved 8 August 2017.
  51. ^ "Abahani Limited chairman Salman F Rahman speaks during the 65th birth anniversary of Sheikh Kamal at the club's ground in Dhanmondi yesterday – NASHIRUL ISLAM". Dhaka Tribune.
  52. ^ "Salman F Rahman earns mostly from stocks". bdnews24.com. 3 December 2018. Retrieved 9 October 2024.
  53. ^ "Salman F Rahman's son Shayan removed from post of IFIC Bank director". The Business Standard. 13 August 2024. Retrieved 9 October 2024.
  54. ^ Allchin, Joseph (11 April 2016). "Opinion | Bangladesh's Other Banking Scam". The New York Times. ISSN 0362-4331. Retrieved 20 September 2022.
  55. ^ "Salman Rahman freed on bail". The Daily Star. 28 August 2008. Retrieved 20 September 2022.
  56. ^ Byron, Rejaul Karim; Fazlur Rahman, Md (9 April 2011). "Finger pointed at 60 individuals". The Daily Star. Retrieved 20 September 2022.
  57. ^ "Beximco bosses acquitted of 1996 stock market manipulation charges". bdnews24.com. Retrieved 20 September 2022.
  58. ^ Jebun Nesa Alo, Sakhawat Prince (15 August 2024). "How Salman F Rahman makes billions with free bank money". The Business Standard. Retrieved 26 August 2024.
  59. ^ "PM appoints 6 advisers". The Daily Star. 11 January 2024.
  60. ^ "Sheikh Hasina's final hours as a hated autocrat". BBC. 7 August 2024. Archived from the original on 6 August 2024. Retrieved 7 August 2024.
  61. ^ "Salman F Rahman, Anisul Huq arrested in Dhaka". Dhaka Tribune. 13 August 2024.
  62. ^ "সালমান এফ রহমান ও সাবেক আইনমন্ত্রী আনিসুল হক গ্রেফতার". Jamuna Television (in Bengali). 13 August 2024.
  63. ^ "Anisul, Salman among five shown arrested in new murder cases", The Business Standard website, 6 November 2024, retrieved 8 November 2024, A court here today showed five people including Anisul Huq and Salman F Rahman arrested in six new murder cases filed with four different police stations in the capital.
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