The central bank has removed from IFIC Bank’s board Mohammad Lutfar Rahman Badal who has had a phenomenal rise in personal wealth.
A Bangladesh Bank order to this effect was sent to the IFIC Bank’schairman and company secretary on Thursday.
He was the chairman of the private bank’s Executive Committee and Risk Management Committee. Beximco Group’s Vice Chairman Salman F Rahman is the bank’s chairman.
Bangladesh Bank said Governor Atiur Rahman ordered the dismissal of Badal going by the report of a permanent committee formed as per Section 48 (1) of Bank Company Act 1991.
Mohammad Lutfar Rahman. Photo taken from IFIC Bank’s website
Badal is the partner of NTV and RTV owned by BNP leader Mosaddek Ali Falu and he is alleged to have backed acts of sabotage during the agitation against the Awami League government.
The central bank said initial police investigation had found charges of providing funds to create political instability and sabotage.
Badal could not be arrested as he was abroad.
The government holds 32.75 percent stake in the bank, the directors and sponsors have 11.31 percent and the rest of the share is public.