Padma Oil PLC has disputed a report titled “Padma Oil dollar probe misses 5-day deadline, remains incomplete after 5 months”, published by The Business Standard on 15 October, denying financial losses from its dollar-handling practices and rejecting allegations against its Chief Financial Officer and acting General Manager (Finance and Accounts), Kanchan Chandra Shome.
In its rejoinder, the state-owned company said its dollar transactions complied with applicable laws, rules and government directives and caused no financial loss to the state.
Padma Oil also defended Shome, describing him as a qualified professional who had performed his duties with competence and integrity. It said the company’s financial statements were audited and reviewed under applicable rules and cited its receipt of ICMAB’s Best Corporate Award in 2023.
Rejecting allegations that more than Tk300 crore in fixed deposits remained unrecovered, the company said the liabilities had been taken over by Sammilito Islami Bank under government directives. It also denied irregularities in Shome’s recruitment and claims that he travelled abroad without approval, saying the travel-related issue had been resolved by the competent authority.
Our reply
The report was based on information from government documents.
It reported that a government committee formed on 27 April to investigate Padma Oil’s dollar-handling practices had yet to formally submit its findings, despite being given five working days. The report raised questions about potential exchange-rate losses from converting dollar earnings into taka and subsequently buying dollars for fuel imports. It did not present the alleged losses as an established finding.
The report also noted that dollar earnings from jet fuel sales are now being transferred to BPC’s foreign-currency account, enabling the corporation to open a fuel import LC using those dollars for the first time.
The report also covered allegations raised in a complaint that prompted an ACC investigation, making clear that they remained unproven.
Before publication, TBS sought comments from Padma Oil Managing Director Mofizur Rahman and Shome through email, WhatsApp and phone calls. Neither responded even after one month.
TBS welcomes Padma Oil’s response and remains committed to fair, accurate and evidence-based reporting.
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