Rolls-Royce import: Z&Z Intimates Limited’s bond licence suspended

Importer Z&Z Intimates Limited's general bond licence has been suspended for breaching NBR regulations.

The company - which had previously released a Rolls-Royce car worth Tk27 crore from Chattogram Export Processing Zone (EPZ) without paying import duties - had also violated the National Board of Revenue's regulations in obtaining a bond licence.

All directors or owners of a company have to put their signatures on a non-judicial stamp of Tk2,000 while applying for a general bond licence. However, signatures of only two directors of Z&Z Intimates Limited were obtained, and those too were not attested by the lien bank.

So, the Chattogram Bond Commissionerate suspended their general bond licence on 14 July in a letter signed by the Commissionerate's CEPZ Division Deputy Commissioner Tapan Kumar Chakraborty.

A letter was sent to all customs houses, VAT Commissionerate and Bond Commissionerate of the country in this regard.

Commissioner of Chittagong Custom Bond Commissionerate AKM Mahbubur Rahman said the general bond licence of Z&Z Intimates Limited has been suspended.

A top official of Z&Z Intimates Ltd said that they have all necessary documents ready and will soon submit everything to the customs authorities.

Z&Z Intimates Ltd and the Rolls Royce Saga

On 6 July, the Customs Intelligence and Investigation Directorate (CIID) seized a brand new Rolls-Royce worth Tk27 crore from Dhaka after it was released from Chattogram Export Processing Zone (EPZ) without paying import duties.

Imported from the United Kingdom by Z&Z Intimates Limited, the car was hidden in the garage of the residence of the company's managing director in Baridhara, the CIID had said in a press statement.

The importer has violated the provisions of the Customs Act by illegally hiding the vehicle in a private garage without paying import duties, the press statement added.

Z&Z Intimates' import permit shows that the company is a joint venture between Hong Kong and Bangladesh.

According to the CIID, a bill of entry for the 6750cc car was submitted to the customs on 27 April, but the vehicle was never assessed and the customs clearance process was not complete.

Later the vehicle was illegally removed from the Ctg EPZ on 17 May.

The government will lose revenue of Tk24 crore if it does not get the import duties for the car.