Shareholders write to central bank to dissolve Social Islami Bank’s board

Some entrepreneurs and shareholders of Social Islami Bank have demanded to dissolve the board of directors, which suffered a change of ownership at gunpoint in 2017.

In a letter sent to the central bank, they complained that in 2017, an intelligence agency forced the then bank management to resign at gunpoint. The current board of directors has taken over the bank only for the purpose of money laundering, bank robbery, and implementation of their specific agenda. It is not their aim to ensure the safety of the bank customer’s interest.

In this letter, it is also alleged that Social Islami Bank has given a new loan of Tk 15,000 crore, most of which has been taken anonymously by S Alam Group and their associates. The bank is on the brink of bankruptcy due to rampant corruption. As a result, dissatisfaction has arisen at the customer level, many are withdrawing money.

Three entrepreneurs of Social Islami Bank sent a letter in this regard to the Governor of Bangladesh Bank (BB) on Sunday (18 August). They are former chairman Major (retd) Rezaul Haque, former chairman of the executive committee Md Anisul Haque and the former chairman of the audit committee Md. Angur Rahman.

S Alam Group took control of the bank in 2017. Now the chairman of the bank is Belal Ahmed, son-in-law of Saiful Alam. However, after the takeover of the bank, Anwarul Azim Arif, the former vice-chancellor of Chittagong University, was made the chairman.

In the letter sent to the BB, the entrepreneurs said that the 404th meeting of the board of directors of Social Islami Bank was scheduled for 30 October 2017, at the head office in Motijheel.

On that day, under the direct supervision of a special security force of the autocratic government, S Alam and their associates took the chairman of the bank, the chairman of the executive committee, the managing director, and the company secretary hostage at gunpoint to the office of the intelligence agencies and forced them to resign.

Later, the board meeting was held at the Westin Hotel under special security instead of the bank’s head office. Where the other members of the council were forcibly taken from their homes and first brought to the intelligence agency office and then brought to the Westin Hotel under their supervision, stated in the letter.

In the letter, it is said that the bank is in crisis due to the unlimited corruption by S Alam Group and the thousands of crore taka loans given in fake documents. As a result, the amount of defaulted loans from the bank exceeded Tk10,000 crore.

However, the bank’s money has continued to be withdrawn in the name and anonymously by the S Alam Group and its various subsidiaries under special arrangements, which needs to be stopped immediately. Otherwise, there will be extreme uncertainty about getting back the customer’s hard-earned deposit.