Summit Group has rejected allegations of money laundering or other illegal activities, saying neither its chairman nor any of its directors or shareholders has received a summons from Bangladesh’s Anti-Corruption Commission (ACC), contrary to recent media reports.
In a statement, the company said the transaction cited in the reports relates to an investment made in 2016 by the International Finance Corporation (IFC) and its investment partners in Summit’s power and energy business.
According to Summit, the investment was executed through a Singapore-based entity and complied fully with Bangladesh Bank’s foreign exchange regulations.
Summit said all funds were remitted into Bangladesh through the formal banking system, certified by BRAC Bank, duly reported to the central bank, and deployed exclusively for domestic power and energy projects. Details of the IFC’s involvement are publicly disclosed on the institution’s website.
The conglomerate added that it has consistently operated in compliance with applicable laws and regulations and adheres to what it described as “the highest standards of governance and accountability.”