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CMSS Bank Accout Frozen Issue
Sl No. | Date | Event | Reason | Remarks
1 | Beginning of May 2024 | SCB send fin email to CMSS by informing abount bank account freezing. Bofore that SCB also informed CMSS about this metter.
2 | Beginning of May 2024 | SCB Notified to CMSS about the Bank Account frozen. | 1. Bank sent letter to CMSS but CMSS did not reply and does not communicate with the Bank. And CMSS did not response to SCB's email and phone call. 2. Bank said the nature of the Transaction does not match with CMSS. 3. Bank requested to provide the breakdown of each cash transaction but CMSS did not respond the email. 4. Big amount of cash transaction without explanation to SCB. 5. Bank feels that the client is very risky since there are frequent share transfer take place in CMSS. 6. Bank also want all certified copy from RJSC [Schedule X of 2023 and updated Form XII.] 7. CMSS crosses the limit of cash transactions. At the time of Bank Account opening, there was limit of cash transaction but crossed the limit. Since the CMSS became risky client for SCB. The Legal Team of SCB start doing KYC review of CMSS. And SCB decided to freeze (100%) the Bank untill completion of KYC review. For KYC review SCB requested to submit updated Form XII (Lisit of Director) and Schedule X of 2023 (List of Shareholders).
3 | 9 May 2024 and 14 May 2024 | TCF Send email to SCB explaining the whole backgroud of CMSS. | TCF provide explanation of non-submission of the certified copy of updated Form XII and Schedule X 2022 and Schedule X 2023. TCF explained that: 1. CMSS submitted to RJSC documents for RJSC Annual Return 2022, since RJSC said we need court permission for not having AGM within the stipulated time frame. 2. RJSC will not work on RJSC Annual Return 2023 without completing RJSC Annual Return 2023. TCF requested SCB not to freeze the Bank Account for next three months and SCB accept the request initially.
4 | 30-May-24 | TCF Send email to SCB with RJSC certified copy of Seclude X 2022 (after getting court permission in March 2024). And informed that RJSC Annual Return 2023 is still under process in RJSC. | RJSC Annual Return 2023 was still under process in RJSC since Share Transfer of Mr. Masaji Kaba (500) & Mr. Naoki Shimamura (300) will reflect on RJSC Annul Return 2023. CMSS RJSC Annual Return 2023, Application Date was 13 Dec 2023 Reason of Delay: Due to not completing RJSC Annual Return 2022, it was automatically stopped by RJSC. Besides the Share Transfer of Mr. Masaji Kaba (500) & Mr. Naoki Shimamura (300) will reflect on RJSC Annul Return 2023. Both applications will be approve together.
5 | 18-Jun-24 | Application of Share Transfer 2023: Mr. Masaji Kaba (500) & Mr. Naoki Shimamura (300) Documents Drafting and Sending Month: April 2023 Documents Receiving Months: June 2023 Application to RJSC on: 18 Jun 2023 | After completion of RJSC Annual Return 2022, RJSC start working on share transfer work, but at that time RJSC claim that Notary is not correct since the Notary was done by Kiriyama San [RJSC was said Notary must be done by Mr. Masaji Kaba & Mr. Naoki Shimamura]. And then RJSC request to Notarized documents again.
6 | 25-Jun-24 | SCB send email to CMSS for: 1. Latest Schedule X & Form XII 2. Latest Tax Acknowledgment slip/Tax certificate 3. Personal Information Form and valid photo ID of all new directors, signatories and shareholders holding 10% or above. 4. BIDA approval copy of foreign signatory and directors who are residing in Bangladesh.
7 | 27-Jun-24 | Bank requested additional documents with notary since there are changes in nominee directors and shares for the KYC update.
8 | 26 July 2024 to 27 July 2024 | Submit the documents and HQ and requsted to remove the blocked from CMSS Bank Account.
9 | End of July 2024 | SCB have blocked the bank Account (only Credit).
10 | 30-Jul-24 | TCF and CMSS meet with SCB for requesting and for explainig the situation of CMSS. | SCB said: 1. CMSS has to stop all kind of cash transactions permanently. 2. CMSS has to provide the breakdown of previous cash transactions. | SCB agreed to removed the blocked temporarily for 2 working days.
11 | Beginning of Aug 2024 | CMSS provided the breakdown of previous cash transactions.
12 | 11-Aug-24 | SCB had removed the blocked temporarily for 2 working days.
13 | 12-Sep-24 | TCF submitted SCB the RJSC Certified Copy Schedule X 2023 and Updated Form XII of 2023.
14 | 18-Sep-24 | SCB has remove the blocked.