UCB chair requests ACC to investigate irregularities of past board

Sharif Zahir, chairman of United Industrial Bank’s (UCB) Board of Directors, has formally requested the Anti-Corruption Price (ACC) to investigate alleged irregularities dedicated by outdated board participants, which reportedly caused critical monetary losses to the monetary institution.

“Fundamental irregularities and untrue activities trust transpired all around the Bank, towards the tenure of the outdated Board of Directors from the duration between September 2018 to July 2024,” Zahir said in a letter to ACC chairman on 20 November.

These untrue activities undermined the monetary steadiness of the monetary institution and were orchestrated for deepest operate thru irregular loan approvals and diversified methodology, he said in the letter.

The governance challenges started in September 2018, per the letter. It is miles when then land minister Saifuzzaman Chowdhury Javed compelled the resignation of the fresh board participants and modified them with relations and associates.

Even supposing Javed had no lawful authority to again as a director or chairman of the board, he reportedly acted because the “de facto” chairman, the utilization of his impact to manipulate the monetary institution’s operations.

Zahir claimed in the letter that Javed’s critical other, Rukhmila Zaman, became appointed because the board chairman, and his brother, Anissuzzaman, because the chairman of the executive committee, to facilitate these irregularities.

The letter detailed one critical incident tantalizing the purchase of 60.54 lakh locked-in shares of borrower firm Genex Infosys, which reportedly caused a likely lack of Tk78.25 crore to UCB.

The shares were bought in slack 2021 from Amer Rasul and Zahara Rasul, who bypassed management and submitted their proposals right away to the board chairman. The outdated board reviewed and licensed the proposals independently.

“Adnan Imam is the Chairman of Genex Infosys Ltd (GENEXIL) and the sellers Amer Rasul and Zahara Rasul are the brother-in-legislation and sister of Adnan Imam respectively,” per the letter.

Citing monetary institution officers smitten by execution of the section purchase, Zahir said “undue impact” became exerted by the monetary institution’s then executive committee chairman Anissuzzaman and Adnan Imam to expedite the transaction.

Zahir the truth is handy that the deal became designed for deepest operate, pointing to likely illicit connections between the sellers and the outdated board participants.

The letter additionally published that Adnan Imam, thru varied affiliated entities comparable to “Genex Infosys, Genex Infrastructure, A & P Endeavor, AWR Trends, and AWR Precise Estate”, secured loans totaling Tk2,000 crore from UCB.

These loans, granted in violation of the monetary institution’s credit rating norms, were allegedly facilitated by Alamgir Kabir (Apu), “first cousin” of Javed, said the letter. Kabir became reportedly promoted impulsively to a senior plan and assigned because the head of corporate banking to enable these approvals.

Zahir entreated the ACC to originate an intensive investigation into these irregularities and rob lawful movement towards all participants tantalizing, at the side of outdated land minister Javed, the outdated board participants, sellers Amer and Zahara Rasul, their brother Adnan Imam, and Alamgir Kabir.

He entreated accountability to protect the pursuits of the monetary institution’s shareholders and depositors.

Sharif Zahir became elected because the fresh chairman of United Industrial Bank on 29 August following several changes in the monetary institution’s board of directors.