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7 directors quit after major shake-up in SIBL

By Special Correspondent
15th-Nov-2017       
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Seven directors of the Social Islami Bank Limited (SIBL) resigned from their posts reportedly under pressure on Tuesday.
Among them, four were independent directors while three others shareholder directors of the bank.  Their names could not be known immediately.
The directors stepped down from their posts citing "personal ground."
The changes looked visible after a board meeting of the bank held on Monday, the bank sources said. Besides, nine new directors -- seven independent and two shareholders - have also been appointed by this time.
Earlier on October 30, SIBL Board Chairman Md Rezaul Haque, its executive committee Chairman Md Anisul Hoque and Managing Director Shahid Hossain were reportedly forced to resign their posts at a brief meeting after S Alam Group, a Chittagong based conglomerate, took over 50 per cent stakes in the bank.
The same day, SIBL named new Board chairman, executive committee chairman and managing director.
Former Chittagong University Vice-Chancellor Anwarul Azim Arif and NRB Global Bank Vice Chairman Belal Ahmed were appointed new chairman and executive committee chairman of the bank's board respectively.
Besides, First Security Islami Bank's Additional Managing Director Quazi Osman Ali has been appointed managing director of the bank.
The decision to remove the top three of the senior management and the announcement of their replacements was made at a closed-door meeting of the bank's board of directors in The Westin Hotel in Dhaka under tight security.
Sources said that the departing chairman, executive committee chairman and managing director were not present at the board meeting where the decision was taken in presence of S Alam Group Chairman Saiful Islam.  "The departing chairman, executive committee chairman and managing director were prevented from attending the meeting and the change was made forcibly," a director of the bank told The New Nation seeking anonymity.
On January 5, changes have been brought in the top-level management posts of the Islami Bank Bangladesh Limited (IBBL) following abrupt resignation by the bank's chairman, vice-chairman and managing director.
The management change was allegedly being backed by the S Alam Group that bought up major shares of the banks.
Following the change, a number of foreign investors sold their shares in IBBL, which were allegedly bought by S Alam Group. As of September this year, S Alam Group owns 25 per cent of the shares of IBBL. Furthermore, the current IBBL chairman, who was appointed at the time, is a representative of Armada Spinning Mills, also allegedly a sister concern of S Alam Group.

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