Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, May 30, 2020 11:39:55 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter
BREAKING NEWS:

Money laundering, loan scams blamed

Top level changes in AB Bank on card

By
03rd-Apr-2019       
Share
  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Comments
Share your thought
Post a comment »
Read all () »

Special Correspondent :
AB (Arab Bangladesh) Bank will taste a major change in its board of directors and the top management soon in a move to improve the financial health of the first generation private bank.
The bank has already stopped all lending activities following a sharp deterioration in its key financial indicators.
It has mired itself   through money laundering and loan scams, damaging its reputation.
Sources said that the organisational change would be done by replacing its chairman and managing director. Changes will also be brought the bank's executive committee, audit committee, risk management committee and management committees as part of its major management shake up.
An unanimous bank official told The New Nation yesterday that former   Bangladesh Bank (BB) Deputy Governor Rumee Ali would be made new chairman of the bank, while Mamdurur Rashid, who is now serving as the additional managing director in the United Commercial Bank Limited (UCBL), would join as new managing director.
MA Awal is now serving as the Chairman and Tarique Afzal President and Managing Director (CC) of the bank.
In December 2017, MA Awal was made new chairman of the bank after predecessor M Wahidul Haque resigned amid money-laundering charge against him.
In October last year, the bank's managing director Moshiur Rahman Chowdhury stepped down from his post as he failed to rescue the ailing bank, which was found in the "red zone" in the central bank's Bank Heath Index.
 "The authority of AB Bank has decided to bring a rapid overhaul in the bank's internal governance in the wake of its declining financial indicators," a senior AB Bank official told The New Nation yesterday on condition of anonymity.  
"A major shake up in the bank's board of directors and management is on the cards to prevent the bank from further vulnerability," he added.
In May 2017, Bangladesh Bank posted an observer to the AB Bank to oversee the activities of the bank and improve financial health. But no noticeable improvement is in sight.
AB Bank's default loans stood at Tk 1,664 crore as of December 2018, which was Tk 967 crore as on December 2017.
In October 2017, a central bank inspection found that the bank had laundered about Tk 165 crore to the UAE through two shady organisations in the name of investment.
On January 25 last year, the Anti-Corruption Commission (ACC) arrested former AB Bank Chairman M Wahidul Haque for allegedly laundering around Tk165 crore outside the country.
The national anti-graft agency also arrested former AB Bank official Abu Hena Mostafa Kamal and businessman Saiful Haque, a client of the bank, on the same charges.
The others accused in the case are former managing directors of the bank Md Fazlur Rahman and Shamim Ahmed Chowdhury, Head of Offshore Banking Unit or OBU Mohammad Lokman, Head of Corporate and Structured Finance Division Mahfuz-Ul-Islam and Senior Vice-President Md Nurul Azim.
BNP leader and former foreign minister M Morshed Khan was the founding chairman of the AB Bank.  He holds 25 per cent shares of the bank.
The Bank is now running with an eight-member board of directors comprising Feroz Ahmed, Syed Afzal Hasan Uddin, Shishir Ranjan Bose, FCA, Syed Golam Kibria, Asish Baran Sarkar, Moshtaque Ahmed Chowdhury, Shajir Ahmed and Khairul Alam Choudhury, shows the bank's web page.

Tariff
Add Rate

News Archive

Inside The New Nation

Back Page »

DHAKA`S NATURE IS THRIVING: The air quality of the capital city has improved tremendously due to lack of vehicular movement amid the ongoing coronavirus lockdown. The lush greenery spread over the city with trees planted on road dividers look like a green carpet. This photo was taken from new Jurain Road on Thursday.


Editorial »

Economic challenges of corona aftermath can only be met by knowledge and competence


ACCORDING to the International Labour Organization (ILO) job prospects for the youth have been vastly reduced in Bangladesh. For youths to be provided paths for a positive future, education and skills training are essential. Young women workers -- who were already struggling in low-paid and informal sector jobs -- are ...

Cricket »

Morgan suggests Alex Hales` return to England set-up `might take some more time`


Agency :England limited-overs captain Eoin Morgan has hinted that Alex Hales may need to wait a little longer before returning to the international fold.There has been some speculation that, with England preparing to effectively run two separate squads for Tests and limited-overs matches in a revamped summer, Nottinghamshire batsman Hales ...

City »

President Md. Abdul Hamid offering munajat after Eid-ul-Fitr Namaz at Darbar Hall of Bangabhaban in the city on Monday.


.

Back Page »

Thousands of devotees attend the Jumatul Wida, the last Friday of the holy month of Ramadan, prayers at Baitul Mukarram National Mosque in the capital, seeking divine blessings for peace and progress of Bangladesh and unity of the Muslim Ummah.


Editorial »

Eid-ul-Fitr is not celebration in the midst of killer corona, observe safety guidelines


EID Mubarak! The nation will celebrate the Eid-ul-Fitr either on Sunday or Monday (subject to sighting of the moon) after the   month-long fasting but there is hardly any mood or environment for celebration in the people amid the surging outbreak of coronavirus.The two months lockdown has rendered the poor people ...

City »

Members of Bangladesh Air Force engaged in removing uprooted and broken trees in the cyclone Amphan-hit areas. The snap was taken from Bhasanchar, Patuakhali on Friday.


.

Sports »

China`s Wang Qiang enjoying time without professional tennis


Agency :Chinese tennis player Wang Qiang, world No.29 in women's singles, told media on Thursday that she is enjoying the days without professional tennis."To be honest, I feel quite good to be able to sit back during this period of time after having traveled and played over many years to ...

Editorial »

Official orders cannot force proper treatment at hospitals


THE Health Ministry issued a warning in the last week of March that no government or private hospital could refuse to provide treatment to any patient from now on. Later, on April 4, the Health Minister said that the government would take stern actions, including cancelling licences, if private hospitals ...

City »

Samajtantrik Chhatra Front formed a human chain in front of the Jatiya Press Club on Thursday demanding enhancement of allocation in health and research sector.


.

Editorial »

Private teachers` suffering should be paid heed to


With no salaries, the majority of teachers at private schools, colleges, and universities suffer in silence before Eid. This socially respected group cannot ask for help to the government or NGOs, not can stand in front of OMS or TCB truck for buying staples and kitchen essentials at a subsidised ...

City »

Prime Minister Sheikh Hasina speaking at a meeting of the National Disaster Management Council from her official residence Ganabhaban through video-conference on Wednesday to review the preparations to face cyclone Amphan.


Sports »

Williams sisters stretch it out with yoga treat for fans


Serena Williams is looking forward to getting back to competing when the coronavirus pandemic permits it, in part because she's "feeling better than ever".Her older sister, Venus, is looking forward to hanging out at a rooftop bar. Two of the most famous and successful siblings in the history of sports-owners ...

Sports »

Papon trashes resumption of cricket in near future


Bangladesh Cricket Board (BCB) president Nazmul Hassan Papon on Wednesday dismissed outright any idea of cricket's resumption or touring Sri Lanka in near future, arguing that the country's current situation doesn't let them to discuss this issue as of now."There is no discussion in this regard [when the cricket will ...

Editorial »

Avoid power trap from unused overcapacity in power sector


Study report by a US based energy consultant firm said as reported by a Dhaka based national daily on Tuesday that the government plan to add more power generation capacity by installing big coal- and LNG-fired power plant will create substantial overcapacity in power sector soon much beyond what we ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news