Union Bank has informed the Bangladesh Bank that its Managing Director ABM Mokammel Haque Chowdhury went “lacking”.
The central financial institution has instructed the financial institution to file a total diary and appoint an acting MD for the time being after Union Bank Chairman Md Fariduddin Ahmed informed the regulator concerning the order.
The MD’s absence from the financial institution and his home caused concerns, leading the Union Bank chairman to order the Bangladesh Bank governor.
A assembly was as soon as held between the governor and Union Bank’s Board of Directors this present day (9 October). The absence of the financial institution’s chairman at the assembly sparked discussion, in accordance to officers novel at the assembly.
The central financial institution officers said the Union Bank directors were asked to actively defend depositors’ pursuits, whereas the directors expressed uncertainty concerning the financial institution’s financial situation.
Union Bank was as soon as previously owned by the controversial S Alam Team. The central financial institution has printed that the financial institution’s debt accounts for 64% of the total debt of Tk18,000 crore.
Earlier within the day, the Bangladesh Financial Intelligence Unit (BFIU) directed all banks to freeze accounts of the Union Bank MD Mokammel and his wife Naznin Akter, along with the accounts of their companies, for 30 days.
