Most of them go unpunished and authorities in some cases seem to lock the stable only after the horse has bolted
Infographics: TBS
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Infographics: TBS
South Bangla Agriculture and Commerce (SBAC) Bank suspended 11 of its executives – ranging from deputy managing directors and heads of several sections at the head office down to branch officials in Khulna and Bagerhat – in October last year on allegations of irregularities. The suspension order came in less than two weeks after a new chairman had taken over in September. Earlier, SM Amzad had stepped down as chairman of the new generation bank. Shortly afterwards, another director M Moazzam Hossain resigned. Their resignations followed a board meeting where both of them admitted to loan irregularities detected earlier by the Bangladesh Bank and promised to reimburse the money.
The private bank board seemingly took its course, showing the duo the door. But despite the fact that the central bank had labelled Amzad a habitual defaulter and also found Moazzam involved in loan forgeries and money laundering, the duo made their way into the bank’s board.
The Anti-Corruption Commission sued Amzad recently in connection with embezzlement of Tk20 crore from SBAC Bank by opening a shell company. It also found Moazzam as an accomplice of Amzad in…
