Politically Exposed Person (PEP) Weekly Digest – Volume 168

168th PEP Weekly Digest:

Introducing the 168th edition of The PEP Weekly Digest, where we present to you the most recent updates and news on the global political stage.

Recent and upcoming elections influence the worldwide political landscape in eight nations, slated between Aug 11, 2026, and Sep 20, 2026. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Mirza Fakhrul Islam Alamgir Elected Bangladesh’s New President

One noteworthy event has occurred in Bangladesh, Veteran Bangladesh Nationalist Party (BNP) leader Mirza Fakhrul Islam Alamgir was elected Bangladesh’s new president on August 20. It was the country’s first contested presidential election since 1991. Since then, presidential candidates had been elected unopposed, with no rival entering the race.

Alamgir, 78, received 255 votes in Parliament. His rival, Liberal Democratic Party chairman Oli Ahmad, won 88. Ahmad was backed by an 11-party opposition alliance led by the Bangladesh Jamaat-e-Islami (JI).

The vote came less than a month after former President Mohammed Shahabuddin resigned on July 24. Shahabuddin cited serious health problems, but his departure also followed sustained political pressure.

Shahabuddin was elected in 2023 with the backing of former Prime Minister Sheikh Hasina’s Awami League. After Hasina’s government fell in August 2024, several political groups and student leaders called for him to step down.

Park Jung-sung Appointed South Korea’s New Trade Minister

Shifting our focus to South Korea, President Lee Jae Myung has appointed senior trade official Park Jung-sung as the new trade minister, a presidential spokesperson said, filling the post immediately tasked with leading the talks with Washington over South Korea’s investment pledge to the United States.

Park, formerly vice trade minister, will replace Yeo Han-koo, according to presidential spokesperson Kang Yu-jung. Yeo was dismissed last week for unknown reasons.

Park’s appointment does not require parliamentary approval or a confirmation hearing.

The appointment comes amid what Seoul officials have called meaningful progress in Seoul-Washington talks on South Korea’s strategic investment projects in the U.S., with additional details expected to be unveiled next month.

Ukraine Parliament Confirms Khmara as New Defence Minister

In Ukraine, Yevhenii Khmara, formerly a leader in the country’s security and intelligence service, has now been confirmed as the head of the ministry by the country’s parliament, charged with overseeing — but not commanding — the country’s armed forces and national defense. The appointment is significant: it comes not just as the war with Russia wages on, but also after a month of political turmoil surrounding the removal of his high-profile predecessor, Mykhailo Fedorov.

The Verkhovna Rada backed Khmara’s appointment with 312 votes on 19 August, making official what had already been an appointment in practice: Khmara had been running the ministry on an acting basis following Fedorov’s dismissal in July.

RBI Imposes ₹10.80 Lakh Penalty on Two NBFCs for Regulatory and KYC Violations

In the realm of regulatory affairs, the Reserve Bank of India (RBI) has imposed a total penalty of ₹10.80 lakh on two non-banking financial companies (NBFCs) Shri Ram Finance Corporation Pvt Ltd and Progfin Pvt Ltd for failing to comply with regulatory directions issued by the banking regulator. Shri Ram Finance Corporation has been fined ₹8.10 lakh while Progfin has been penalised ₹2.70 lakh.

Shri Ram Finance Corporation has been penalised by RBI for non-compliance with certain provisions of its directions on governance and know-your-customer (KYC) requirements.

During a statutory inspection, RBI found that Shri Ram Finance Corporation had appointed a director without obtaining the central bank’s prior written approval. The appointment led to a change in management, as more than 30% of the directors, excluding independent directors, had changed.

Former Pskov Regional Lawmaker Lev Shlosberg Sentenced to 11 Years in Prison for Anti-War Statements

Shifting our attention to Russia, a Russian court convicted a prominent opposition politician for speaking out against the war in Ukraine and sentenced him to 11 years and one month in prison in the latest crackdown leading up to next month’s parliamentary election.

The verdict against Lev Shlosberg, a senior member of the Yabloko party, was another step by the Kremlin to stifle dissent since Russia invaded its neighbor in February 2022. Yabloko is the only official political party overtly opposing the war.

In a separate ruling, Russia’s Supreme Court upheld its earlier decision to bar Yabloko from the ballot in the Sept. 18-20 parliamentary vote, denying an appeal by the party.

The moves against Shlosberg and Yabloko highlight the Kremlin’s intolerance toward any criticism of the war, now in its fifth year.

Shlosberg, 63, is Yabloko’s deputy chairman and served in the regional legislature of Pskov from 2016-21. He stood trial in the city of Pskov, some 600 kilometers (370 miles) northwest of Moscow, on charges of “discrediting” and spreading “false information” about the Russian military.

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