Angry UCB shareholders demand settlement of AGM-related cases
Wednesday, 19 August 2009
FE Report
Angry shareholders of the United Commercial Bank (UCB) Ltd Tuesday staged a sit-in at the bank's head office demanding settlement of AGM related cases.
The sit-in which began at 3:00pm was called off at 8:30pm following assurance from the Managing Director of the Bank, M Shahjahan Bhuiyan.
"We are waiting for long and have repeatedly tried to communicate with the top management of the bank but failed," said Abdul Latif, one of the demonstrators.
The shareholders alleged that the directors deliberately gobbled up billions of taka deceiving the general investors.
They (directors) have been doing this for their personal gains, they claimed.
"We, the general investors, are the victims of the greedy directors, who are locked in internal conflict," said another shareholder.
"We want an immediate end to our sufferings as billions of taka got stuck throwing us in deep financial trouble because of a conspiracy hatched by the management of the bank," he added.
Investors have purchased UCB shares in the last several years believing that they would be entitled to get stock dividends of all the years but they are yet to get their due bonus and rights offer because of pending cases.
The UCB failed to pay dividends as it could not hold AGM in the last 10 years since 1997 because of cases filed by a group of shareholders.
In February last year, the AGM of UCB ended in a fiasco at Sheraton Hotel when angry shareholders resorted to fist-fighting and chased the directors of the bank.
Angry shareholders of the United Commercial Bank (UCB) Ltd Tuesday staged a sit-in at the bank's head office demanding settlement of AGM related cases.
The sit-in which began at 3:00pm was called off at 8:30pm following assurance from the Managing Director of the Bank, M Shahjahan Bhuiyan.
"We are waiting for long and have repeatedly tried to communicate with the top management of the bank but failed," said Abdul Latif, one of the demonstrators.
The shareholders alleged that the directors deliberately gobbled up billions of taka deceiving the general investors.
They (directors) have been doing this for their personal gains, they claimed.
"We, the general investors, are the victims of the greedy directors, who are locked in internal conflict," said another shareholder.
"We want an immediate end to our sufferings as billions of taka got stuck throwing us in deep financial trouble because of a conspiracy hatched by the management of the bank," he added.
Investors have purchased UCB shares in the last several years believing that they would be entitled to get stock dividends of all the years but they are yet to get their due bonus and rights offer because of pending cases.
The UCB failed to pay dividends as it could not hold AGM in the last 10 years since 1997 because of cases filed by a group of shareholders.
In February last year, the AGM of UCB ended in a fiasco at Sheraton Hotel when angry shareholders resorted to fist-fighting and chased the directors of the bank.