Staff Reporter :
Former Vice-Chancellor of Chittagong University Professor Anwarul Azim Arif, First Security Bank Additional MD Kazi Osman Ali, and NRB Global Bank Vice- Chairman Belal Ahmed were appointed Chairman, Managing Director and Executive Committee Chairman of Social Islami Bank Limited (SIBL) respectively on Monday.
The immediate past Chairman of the bank Major (Retd) Md Rezaul Haque, Managing Director Shahid Hossain and Executive Committee Chairman Md Anisul Hoque stepped down on Monday night.
The decision of the change was made at a meeting at Dhaka Westin hotel on Monday.
It may be mentioned that Belal Ahmed is a son-in-law of S Alam Group Chairman Saiful Alam. He will represent Unitex Steel Mills, which is also a concern of S Alam Group, on the bank’s board.
Saiful Alam is the Chairman of First Security Islami Bank.
He and his family members are the members of the board of directors of First Security Islami Bank, Al-Arafah Islami Bank, Union Bank, NRB Global Bank and Bangladesh Commerce Bank.
The changes follow a tug-of-war over the ownership of SIBL that started in the beginning of this year.
United Group bought around 31 percent shares of the bank at time and tried to take control by nominating directors for the board.
Failing in its move, the Group stopped buying shares of the bank.
Later, 20 organisations affiliated with S Alam Group bought the shares through block trading.
They also bought shares from other sources.
S Alam Group has bought the shares of SIBL through 19 companies. Of those, 15 companies used the same office address: Al-Amin Centre, 12th floor, Dilkusha, Dhaka.
The 15 companies are Global Trading Corporation, Lion Securities & Investment, Portman Cements, Modern Properties, Prasad Paradise Resorts, Unique Investment & Securities, Hasan Abason Ltd, Platinum Endeavours, Dynamic Ventures, Reliable Entrepreneurs, Paradise International, Leader Business Enterprise, Pusti Vegetable Ghee, Unitex Steel Mills, and Unitex Cement.
The other four companies are Chittagong based C&A Accessories, C&A Fabrics, Marine Empire Ltd and Shah Amanat Prakritik Gas Co Ltd.
Of the companies, six have direct link with Saiful of S Alam Group and his family members, according to the Office of Registrar of Joint Stock Companies and Firms.
The six companies are Global Trading Corporation, Portman Cements, Modern Properties, Prasad Paradise Resorts, Hasan Abasan and Shah Amanat Prakritik Gas.
Salehuddin Ahmed, a Former Governor of Bangladesh Bank, said, “It is not a good sign that loans and shares of the banking industry are being concentrated in a single business group.”
The regulatory bodies will have to deal with the issue strictly and inquire about the source of the funds the companies used for buying the shares, he added.
Former Vice-Chancellor of Chittagong University Professor Anwarul Azim Arif, First Security Bank Additional MD Kazi Osman Ali, and NRB Global Bank Vice- Chairman Belal Ahmed were appointed Chairman, Managing Director and Executive Committee Chairman of Social Islami Bank Limited (SIBL) respectively on Monday.
The immediate past Chairman of the bank Major (Retd) Md Rezaul Haque, Managing Director Shahid Hossain and Executive Committee Chairman Md Anisul Hoque stepped down on Monday night.
The decision of the change was made at a meeting at Dhaka Westin hotel on Monday.
It may be mentioned that Belal Ahmed is a son-in-law of S Alam Group Chairman Saiful Alam. He will represent Unitex Steel Mills, which is also a concern of S Alam Group, on the bank’s board.
Saiful Alam is the Chairman of First Security Islami Bank.
He and his family members are the members of the board of directors of First Security Islami Bank, Al-Arafah Islami Bank, Union Bank, NRB Global Bank and Bangladesh Commerce Bank.
The changes follow a tug-of-war over the ownership of SIBL that started in the beginning of this year.
United Group bought around 31 percent shares of the bank at time and tried to take control by nominating directors for the board.
Failing in its move, the Group stopped buying shares of the bank.
Later, 20 organisations affiliated with S Alam Group bought the shares through block trading.
They also bought shares from other sources.
S Alam Group has bought the shares of SIBL through 19 companies. Of those, 15 companies used the same office address: Al-Amin Centre, 12th floor, Dilkusha, Dhaka.
The 15 companies are Global Trading Corporation, Lion Securities & Investment, Portman Cements, Modern Properties, Prasad Paradise Resorts, Unique Investment & Securities, Hasan Abason Ltd, Platinum Endeavours, Dynamic Ventures, Reliable Entrepreneurs, Paradise International, Leader Business Enterprise, Pusti Vegetable Ghee, Unitex Steel Mills, and Unitex Cement.
The other four companies are Chittagong based C&A Accessories, C&A Fabrics, Marine Empire Ltd and Shah Amanat Prakritik Gas Co Ltd.
Of the companies, six have direct link with Saiful of S Alam Group and his family members, according to the Office of Registrar of Joint Stock Companies and Firms.
The six companies are Global Trading Corporation, Portman Cements, Modern Properties, Prasad Paradise Resorts, Hasan Abasan and Shah Amanat Prakritik Gas.
Salehuddin Ahmed, a Former Governor of Bangladesh Bank, said, “It is not a good sign that loans and shares of the banking industry are being concentrated in a single business group.”
The regulatory bodies will have to deal with the issue strictly and inquire about the source of the funds the companies used for buying the shares, he added.
