KDS Group held a press briefing on This Saturday on 28th November in protest of an earlier press briefing of Muazzam Hussain Khan, father of Munir Hussain Khan, Munir Hussain Khan, a Bangladesh-born US citizen, who had served as an executive director and a paid director from 2007 to 2018 at KY Steel, a sister concern of KDS Group.
KDS Group said they have filed 26 cases against one of its former executive director Munir Hussain Khan and his family members for allegedly embezzling Tk 600 crore in one year.
Zabir Hussain, chief operating officer of KY Steel; Rakibul Kamal, head of Finance And Accounts; Advocate Ahsanul Huq Hena, KDS Group legal adviser; Sazzad Al Mamun, head of Sales and Marketing; Avishek Sengupta, executive of Brands and Communications; advocate Shaman Jahan were present at the press meet.
“He (Munir) embezzled the money while importing raw materials and chemicals,” said Advocate Ahsanul Huq Hena in a written statement.
Asked what their audit department had done about the matter back then, he replied, “Munir influenced the audit department so they could not dig out the information during his tenure.”
In the cases lodged against Munir, KDS Group alleged that he had stolen a car. He also bought clothing and other items for his family members using a KDS credit card.
On 25 November, Muazzam Hussain Khan said KDS Group’s claims are entirely false, and they stemmed from personal enmity and rival business interests a year and a half after Munir’s departure from the company.
Zabir Hussain, chief operating officer (COO) of KY Steel, claimed that Munir had used the cash embezzled from KDS Group to buy plots of land and flat worth over Tk5 crore in the US.
However, Muazzam Hussain Khan told The Business Standard, “My son bought the house in USA in 2003 and sold it before he joined KDS. He had studied there and served as a senior vice president in the Bank of America.”
Advocate Hena also alleged that Munir had used the embezzled funds to set up a company called INJ Ventures LLC in USA under the name of his wife, Zebun M Khan.
He also built a 10-storied building worth Tk50 crore under the name of his daughter, Isabella, at Boropol of Chattogram in Bangladesh.
Advocate Hena said Munir has a company called Mariners Transport.
Refuting Hena’s statement, Muazzam Hussain Khan said, “I established Mariners Transport in 1985. Isabella Tower is also my property, as I bought the land before 2000 and built the tower before Munir joined KDS. So, this is a baseless claim and propaganda against my son.”
KDS Group is a business and industrial conglomerates of Bangladesh, which is based mainly in the port city of Chittagong but with extensive operations in Dhaka as well. It has also established offices and agencies in India, Hong Kong and is currently expanding into Europe and North America. It is one of the largest private sector employers in Bangladesh.
The group was founded in 1983, through the establishment of one of the first garments industries of Bangladesh
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