BB recommends dissolution of Basic Bank board
Thursday, 29 May 2014
Bangladesh Bank on Thursday sent a letter to the Bank and Financial Institutions Division of the Finance Ministry recommending dissolution of the state-owned Basic Bank for widespread ‘irregularities and corruption’. Bangladesh Bank governor Dr Atiur Rahman sent the letter addressing the Banking and Financial Institutions Division secretary Dr M Aslam Alam. A copy of the letter was also sent to Finance Minister AMA Muhith. Confirming the issuance of the letter, Bangladesh Bank general manager (governor’s secretariat) AFM Asaduzzaman said the central bank has recommended the Banking and Financial Institutions Division to take appropriate action as per Sections 46 and 47 of the Bank Company Act 1991. It is believed that the Finance Ministry will anytime dissolve the board of directors of the Basic Bank. It is believed that the Finance Ministry will anytime dissolve the board of directors of the Basic Bank, according to a news agency.