BASIC chairman quits
Saturday, 5 July 2014
Chairman of specialised state-owned BASIC Bank has resigned amid allegations of loan irregularities. Finance Minister AMA Muhith said Abdul Hye Bachchu came to his Minto Road residence on Friday and handed over his resignation. A day later, Muhith said ‘The bank’s board of directors will be revamped soon.’ Bachchu has been accused of loan irregularities amounting to more than Tk 40 billion. The Bangladesh Bank on May 29 recommended to the finance minister the dissolution of the board of the BASIC Bank. The bank’s managing director Kazi Fakhrul Islam was removed on May 25. Muhith had said BASIC Bank board would be revamped soon, according to bdnews24.com.