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“We’ve received the complaint filed by former home minister Muhiuddin Khan Alamgir on the Padma Bank. We are working on the matter. We will seek the Padma Bank’s statement,” SEC Chairman Shibli Rubayat-Ul-Islam said at a dialogue organised by the Economic Reporters Forum in Dhaka on Saturday.
Alamgir, the founding chairman of the bank, has alleged that his successor Sarafat invested Tk 1 billion of the bank in a fund in a “breach of rules”.
“We will talk to the asset management company as well. We will check everything to determine which information is correct. Everything will happen according to the law of the land. There is no reason for deviation on our side,” said SEC chief Islam, responding to a query from a reporter.
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Muhiuddin Khan Alamgir
Viewed as a blot in Bangladesh’s financial sector, Padma Bank is back into sharp focus after its current management traded charges with founding chairman Muhiuddin Khan Alamgir who points the finger at his successor Chowdhury Nafeez Sarafat. );
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After receiving the complaints, Bangladesh Securities and Exchange Commission says it will look at the charges ranging from abuse of office and embezzlement of money.
Dogged by loan scam and irregularities, the ownership and management of The Farmers Bank changed in 2018 before it was rechristened Padma Bank the following year apparently to restore its image.
MK Alamgir, a former home minister, now says incumbent Chairman Sarafat invested Tk 1 billion of the bank in a fund which is “in breach of rules”.
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