Economic Reporter :
Finance Minister AMA Muhith has sought explanation from Bangladesh Bank about allegations of foreign investors of Islami Bank Bangladesh Limited.
“I have asked the central bank to provide clarification on the IDB’s allegations,” Muhith said on Thursday in reply to a question of reporters.
Recently in a letter to finance minister, Saudi Arabia-based Islamic Development Bank, one of major foreign shareholders of IBBL, alleged that the IBBL board made the recent high-level changes in the absence and without consent of foreign shareholders.
Two foreign investors including IDB hold 52 percent shares of the IBBL.
IDB said the recent meetings which made the major changes were held on short notice, making it impossible for foreign investors to be present and give consent.
The letter reads: “It has become a normal practice for IBBL to schedule BOD meetings on short notice, thereby providing insufficient time to foreign shareholders’ representatives to study board documents and make logistical arrangements to attend the meetings.”
Finance Minister AMA Muhith has sought explanation from Bangladesh Bank about allegations of foreign investors of Islami Bank Bangladesh Limited.
“I have asked the central bank to provide clarification on the IDB’s allegations,” Muhith said on Thursday in reply to a question of reporters.
Recently in a letter to finance minister, Saudi Arabia-based Islamic Development Bank, one of major foreign shareholders of IBBL, alleged that the IBBL board made the recent high-level changes in the absence and without consent of foreign shareholders.
Two foreign investors including IDB hold 52 percent shares of the IBBL.
IDB said the recent meetings which made the major changes were held on short notice, making it impossible for foreign investors to be present and give consent.
The letter reads: “It has become a normal practice for IBBL to schedule BOD meetings on short notice, thereby providing insufficient time to foreign shareholders’ representatives to study board documents and make logistical arrangements to attend the meetings.”
