Note for the file
Date: 28th November 2010
Subject: anomalies in land records and mismanagement in the company
Reptiles Farm paid for a land, which is used by the company as approach road, included in the master plan done by CEGIS was practically recorded in the name of Mrs. Mahfuza Hoque Lulu, wife of Mr. Mesbahul Hoque.
In July 2010 after I have raised my concern about the mismanagement in the company due to unwanted management interference by the chairman, he went to the farm and brought few papers/vouchers with him. He did not inform farm personnel nor kept any note about the removal of documents from the farm office. In August 2010 when I went to the farm, he started accusing me that all documents related to the 16 decimal land was there except the Title Deeds. Only then I realized I have never seen this document all though every single document had to pass through me. I went through the file and found the discharged land receipt was on the top.
I asked Mr. Mafizul Islam why the document was not being collected from the Land Registry on time; he said the receipt was not in the file. And more over us have been using the land without any trouble. Mr. Hoque also admitted that the receipt was with him. Mr. Mafiz collected the Title Deeds on 24th August 2010. He handed me copy of the title deeds and handed original Title Deeds to Mr. Hoque.
Then I asked my farm staff member to find out the vouchers and related entry in the kaccha khata. I brought the matter to the notice of both southeast bank and Bangladesh bank. It may be mentioned that although the payments were made after 30th April 2005, it was not reflected in the subsequent balance sheet in the heads of land. It may also be noted that as a Managing Director I was able to recruit proper accountant from July 2006. Before the introduction of Tally in July 2006 all accounting vouchers and payment records were sent to S. R. Bose & Company, they used to prepare the accounts statement and subsequently audit the accounts.
Bangladesh Bank letter dated 13th August 2006 vide eef/38(208)/2006-2137 and Southeast Bank Ltd. letter dated 19th August 2006 vide HO/CR/MG/4784/2006 instructed RFL to maintain books of accounts as per rules and regulations of Joint Stock of Companies. These anomalies took place right before that.
Even after repeated request Mr. Hoque is not in favour of agreeing into proper book keeping. In recent times he is running the farm keeping all other shareholders in the dark. Although crocodile feeding is prime expenditure and most vital to the production, he is unwilling to provide any records in this line. He verbally claims everything is in order (?), but refuses to give any financial records or records related to feeding. He has recently claimed he lost all vouchers (un audited) from February 2010 to June 2010. Therefore all vouchers during this period will be manufactured by him. Mr. Hoque is making financial transactions for the company bypassing Company Bank Account and also claimed that he will do so for next one year.
After a series of meetings following issues remain un-resolved:
1. During the meeting (23rd October 2010) Mr. Mesbahul Hoque claimed he did not know the land was registered in the name of Mrs. Mahfuza Hoque. But previously in a mail he claimed “It has to be made very clear that all the financing prior to EEFfund receipt was made by me .You and the managers in the farm used to make payments whenever required after receiving the money from me . This particular piece of land is not included in the land descriptions and documents registered with EEF. As far asEEF is concerned they have the clean land as per investment agreement signed with RFL. Therefore EEF has nothing to discuss on this issue. Therefore even if receipts shows payment by you does not mean you paid from your pocket. At that time you did not have the means to pay such amount.” This mail was also copied to you on 26th September 2010.
2. Mr. Hoque also claimed Mrs. Mahfuza Hoque did not know a land was recorded in her name, but your lawyer pointed out immediately that there was her signature, thumb impression and photo on the Title Deeds.
3. Mr. Mesbahul Hoque 27th November claims that he knew it was company land, company paid for it, but claims he doesn’t know how it was registered in his wife’s name.
4. Initially Mr. Mesbahul Hoque mentioned that the Title Deed was hidden by Mr. Mafizul Islam, but when I pointed out the date when the document was collected from Land Office he could not give a satisfying answer.
5. He could not give any satisfactory answer for the second land in question where “Baina Dalil” was made in the name of Mrs. Mahfuza Hoque.
6. When the management concerns were raised by me, his reply was “it is unfortunate that such issue has been sent to the bank official who is not the member of the board. it is not only unwanted also unwarranted. Prior to sending such mail to other member of the board it has tobe cleared from the Chairman of the board. I am asking you to explain why such mail has been sent to such person in absence of the Chairman and without his consent”.
7. In response to the same issue he said in his mail “Refer to your Note for File, dated 8th July, 2010, I am surprised to know that Mr. Mofiz is working as "Acting Manager"! Please let me know when and how he was promoted to this position and what are his qualifications to be in such position in my farm. How can you recommend Mr Mofizul Islam for the position of a Farm Manager who was once asked to resign due to his severe misconduct with his superiors, but with request and intense pressure from the family he was withdrawn for more than a month. He is the person who is responsible for the resignations of my three managers and few good workers of the farm.”
Mushtaq Ahmed
Director
Reptiles Farm Ltd.
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