Staff Reporter :Bangladesh Bank on Thursday directed the IFIC bank to remove Mohammad Lutfar Rahman Badal from its board of directors with a view to ensuring good governance in the bank. Bangladesh Bank Governor Dr Atiur Rahman ordered the dismissal under Bank Company Act 1991, Section 48 (1). A Bangladesh Bank order to this effect was sent to the IFIC Bank’s Chairman and the Company Secretary, A.F.M. Asaduzzaman, General Manager and Governor Secretariat of the central bank told The New Nation yesterday.Badal has been alleged for a phenomenal rise in personal wealth, corruption with public money, violating bank’s rules and regulations. “Such acts are tantamount to anti-state activities. Bangladesh Bank as a central bank of the country is determined to restore the financial stability in the banking sector. So, it is the moral responsibility of the central bank to punish those persons who are involved with the financial crimes,” said Asaduzzaman.Bangladesh Bank earlier has taken similar steps against many persons, so this is not new to us, he said.Banking sources alleged that Badal is also involved in terror activities in the country as well as money laundering. Mohammad Lutfar Rahman Badal is a Bangladeshi citizen born on September 9, 1969. He has Accounting and Finance educational background. He started business in the mid nineties establishing his own securities company. His industrial investments include a joint venture with China for manufacturing ceramics, Health Care Consumer Products manufacturing company, and one of the most dynamic Television Broadcasting Company. Other interests include major share holdings in a verity of financial institutions. He has been responsible to build special relationships between the government and the private sector, investing in new and highly potential industrial sectors, and introducing new products and services to local industries. He also played an important role in the development of the Bangladesh Capital Markets and financed breakthrough projects in the insurance sector. Badal was the chairman of banks’ Executive Committee and Risk Management Committee. Beximco Group’s Vice-Chairman Salman F Rahman is the bank’s chairman.Badal is an influential partner of NTV and RTV established under the ownership of BNP leader Mosaddek Ali Falu. 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 per cent stake in the IFIC bank, the directors and sponsors have 11.31 percent and the rest of the share is public.He owns brokerage house Latif Securities and institutional investor New England Equity.He had tied to stock market manipulation on many occasions. The committee led by Khondaker Ibrahim Khaled that investigated the capital market meltdown two years ago had recommended further inquiry against several people, including Badal.He is involved with Mohammedan Sporting Club and several other sport organisations.As the owner of ‘Legends of Rupganj’ club in the Dhaka Premier League, he had touched off controversy with remarks about the Bangladesh Cricket Board president last year, leading to him being banned for life from cricket by the BCB.Badal first sat on the IFIC board on April 29, 2006 and rose to the post of chairman during the rule of the 2007-8 military-backed government. He was reappointed to the board on July 11, 2012.
