'Return seized Islamic Bank shares to true owners'

 
The Socheton Byaboshayi Forum (Conscious Business Forum) demanded that the blocked shares of Islami Bank Bangladesh PLC have to be handed over to the true owners of the bank immediately. The forum also called on the government for the repatriation of allegedly laundered money and the cancellation of all illegal appointments within the bank.

The demands were raised by the organization's leaders at a press conference held at the Sagar-Runi auditorium of the Dhaka Reporters Unity on Thursday, UNB reports. 

Md. Mustafizur Rahman, member secretary of the forum, read out the written statement in the press conference. Among others were present Abdul Hoque, President of BARVIDA (Bangladesh Reconditioned Vehicles Importers and Dealers Association), ANM Ataullah Nayeem, President of Bangladesh Puzibazar Biniyogkari Shommilito Parishad, Nazrul Islam Alam, Proprietor of New Auto Gallery, and industrial entrepreneur, Al Mamun.

The speakers alleged that the S Alam Group forcibly took control of Islami Bank on January 5, 2017, using a "special force." They further claimed the group utilized the capital market authority to impose an "undemocratic and unconstitutional" condition that limited shareholding to a maximum of 2 percent for directorship of the bank board.

They assert it was used as a tool to seize shares from the original owners.

The forum accused the S Alam Group of then forcing the resignation of the bank's board of directors and senior officials, subsequently installing their preferred personnel in top positions to begin a campaign of "looting."

"Hundreds of crores of the bank's money were siphoned off, both directly and indirectly, in the names of the S Alam Group's own companies, creating an artificial dollar crisis in the process," said in the press conference.

The businessmen also complained that the S Alam Group illegally appointed thousands of semi-literate and unqualified individuals from Chittagong and Patiya after receiving large sums of money, with many of these appointees allegedly using forged certificates.

This, they argued, has caused a drastic decline in the bank's service quality and professionalism.

The speakers calculated that the combination of massive fund embezzlement and these illegal appointments is causing the bank an annual loss of nearly Tk1500 crore.Accordingly, the bank approximately lost of Tk10,000 crore over seven years (2017 to 2024).

The business leaders issued a strong warning, stating that if the illegally appointed personnel are not expelled by Thursday), they will be compelled to pursue stringent measures, including surrounding the Islami Bank headquarters.

They reiterated their demands for the immediate recruitment of talented youths from across the country and the full restoration of the bank's ownership to the previous board of directors.