Gazi Anowarul Hoque :
Bangladesh Bank (BB) recently appointed an observer at Farmers Bank Ltd (FBL) by violating the directives of the High Court (HC).
In the directive, the BB restricted Mahabubul Haque Chisty, Chairman of the Executive Committee from participating in the economic committee meetings in view of allegation of irregularities, which are not yet proved.
HC issued a stay order for six months in this connection on August 18 last year, but the central bank appointed an observer at FBL on Wednesday last before the expiry thereof.
The authorities of FBL have alleged that a vested quarter is conspiring against the Farmers Bank.
After appointment of observer at the bank, the EC chairman said that he was being disturbed in running his day-to-day operations. As the managing committee is the authority to sanction loan, the EC chairman lodged a petition against the decision of the BRPD (Bank Resolution and Policy Department) with the HC.
ANM Abul Kashem, General Manager of the Foreign Exchange Investment Department of the BB, has been deputed as an observer of the Farmers’ Bank, according to an office order of the central bank issued Wednesday.
Three BB investigation teams detected the irregularities in the bank’s Gulshan, Motijheel and Shaympur branches between September and November of 2015.
The Farmers Bank obtained license on April 21 in 2013. It has now 34 branches throughout the country. The bank earned net profit Tk 84.84 crore for year of 2015, 14.50 crore from 2014 and 5.54 crore from year of 2013.
The net profits earned by the bank in the last three years are envious for other banks.
According to a senior BB official, Bangladesh Bank has appointed observer to Farmers Bank, a new generation bank, in view of irregularities in loan disbursement and lack of corporate governance.
Bangladesh Bank (BB) recently appointed an observer at Farmers Bank Ltd (FBL) by violating the directives of the High Court (HC).
In the directive, the BB restricted Mahabubul Haque Chisty, Chairman of the Executive Committee from participating in the economic committee meetings in view of allegation of irregularities, which are not yet proved.
HC issued a stay order for six months in this connection on August 18 last year, but the central bank appointed an observer at FBL on Wednesday last before the expiry thereof.
The authorities of FBL have alleged that a vested quarter is conspiring against the Farmers Bank.
After appointment of observer at the bank, the EC chairman said that he was being disturbed in running his day-to-day operations. As the managing committee is the authority to sanction loan, the EC chairman lodged a petition against the decision of the BRPD (Bank Resolution and Policy Department) with the HC.
ANM Abul Kashem, General Manager of the Foreign Exchange Investment Department of the BB, has been deputed as an observer of the Farmers’ Bank, according to an office order of the central bank issued Wednesday.
Three BB investigation teams detected the irregularities in the bank’s Gulshan, Motijheel and Shaympur branches between September and November of 2015.
The Farmers Bank obtained license on April 21 in 2013. It has now 34 branches throughout the country. The bank earned net profit Tk 84.84 crore for year of 2015, 14.50 crore from 2014 and 5.54 crore from year of 2013.
The net profits earned by the bank in the last three years are envious for other banks.
According to a senior BB official, Bangladesh Bank has appointed observer to Farmers Bank, a new generation bank, in view of irregularities in loan disbursement and lack of corporate governance.
