BANGLADESH INTERNATIONAL ARBITRATION CENTRE
The Institution for Alternative Dispute Resolution
H.E. Mr. Alvaro de Salas Gimenez de Azcarate, Ambassador of the Kingdom of Spain to Bangladesh visited BIAC Secretariat on 26 August 2019 in the afternoon. BIAC Chairman Mr. Mahbubur Rahman welcomed the Ambassador. In a briefing session the CEO of BIAC Mr. Muhammad A. (Rumee) Ali gave the Ambassador an overview on the importance of Alternative Dispute Resolution (ADR) in Bangladesh and emergence of BIAC. Director, BIAC Mr. M A Akmall Hossain Azad delivered a presentation on the activities and recent achievements of BIAC.
BIAC Chairman Mr. Mahbubur Rahman mentioned that the presence of a licensed ADR option in enforcement of contracts is not well-known among the foreign investors. He requested the Ambassador to see that the Embassy can play an important role in helping BIAC to disseminate this information to potential Spanish investors. The Chairman of BIAC requested the Ambassador of Spain to recognize BIAC on the Embassy’s official homepage by hosting the link to our website.
CEO of BIAC Mr. Muhammad A. (Rumee) Ali pointed out that the present process of loan recovery of financial institutions under the Money Loan Court Act 2003 aims at recovery of bad debts through liquidation of impaired assets. It is considered that in many situations recovery through a going-concern concept is a better option for the economy and other stakeholders. Ms. Rubaiya Ehsan Karishma, Counsel, BIAC mentioned how BIAC can assist potential investors in protecting themselves against the risk of Non Performance of contracts.
Ambassador Azcarate showed keen interest in the activities of BIAC. He went round different sections of the BIAC Secretariat and inspected its facilities. He appreciated the efforts BIAC continues to make in the country for best use of ADR methods in resolving financial disputes and expressed willingness to assist BIAC in the advocacy of ADR.
Mr. Nicolas Vazquez, Commercial Attache, Embassy of the Kingdom of Spain in Dhaka, Ms. Mahbuba Rahman Runa, General Manager, BIAC and Mr. Md. Fazlul Hoque, Managing Director, PLUMMY Fashions Limited also took part in the briefing session.