I don't own shares in fictitious names
FE Report | Monday, 2 June 2008
Chairman of ONE Bank Limited Sayeed H Chowdhury denied media reports that he owned shares of the bank in fictitious (benami) names.
"I did not violate the rules of Bangladesh Bank in holding shares in ONE Bank. The report was fabricated and malafide," said Sayeed H Chowdhury in a press conference held in the city on Sunday.
When asked that the investigation team of the central bank found the addresses given by the ONE Bank to be fake, he said, "The three non-resident Bangladeshis (NRBs) directors gave their relatives and friends addresses as per BB's requirements. I know nothing about the matter."
"In March 2000, due to similar false reporting and misunderstanding, the concerned authority queried and investigated the same matter. However, upon my explanation and after their enquiry process, I was cleared of any benami involvement with the sponsor NRB shareholder directors of the Bank by the authority," he added.
Sayeed said, "Concerning media report of five companies, I hold majority shares in three of these companies and the other two companies belong to NRBs."
Explaining his position he said ONE Bank Limited was incorporated on 12th May, 1999 and started functioning as a full fledged commercial bank from 14 July, 1999 .
"I became a shareholder and director of the bank on 12th June, 2001 by way of transferring 25,000 shares from my wife at the request of the then finance minister late SM Kibria and with the subsequent permission of BB, as the late minister felt that the bank would benefit from my experience and active involvement in the new bank," he said.
He said sometime during mid 1998, Asoke Das Gupta through a common banker friend approached me to be a proposed sponsor of the Bank.
"As myself was sponsor shareholder / director in a general insurance company, I could not as per law simultaneously be a director of a banking institute. Hence, my wife was involved in the bank," Chairman of the ONE Bank said adding that subsequently, after several weeks, he again approached me to arrange additional sponsors as some of the earlier proposed sponsors have left him and moved to other banks who had by then received permission from central bank.
"As I had lived abroad since February 6, 1974 until 1987, I convinced them to invest in Bangladesh. Accordingly, after approaching at least a dozen of my old NRB friends / colleagues, I managed to convince five of them to invest as NRB in the initial capital of ONE Bank Limited, said Sayeed.
"I did not violate the rules of Bangladesh Bank in holding shares in ONE Bank. The report was fabricated and malafide," said Sayeed H Chowdhury in a press conference held in the city on Sunday.
When asked that the investigation team of the central bank found the addresses given by the ONE Bank to be fake, he said, "The three non-resident Bangladeshis (NRBs) directors gave their relatives and friends addresses as per BB's requirements. I know nothing about the matter."
"In March 2000, due to similar false reporting and misunderstanding, the concerned authority queried and investigated the same matter. However, upon my explanation and after their enquiry process, I was cleared of any benami involvement with the sponsor NRB shareholder directors of the Bank by the authority," he added.
Sayeed said, "Concerning media report of five companies, I hold majority shares in three of these companies and the other two companies belong to NRBs."
Explaining his position he said ONE Bank Limited was incorporated on 12th May, 1999 and started functioning as a full fledged commercial bank from 14 July, 1999 .
"I became a shareholder and director of the bank on 12th June, 2001 by way of transferring 25,000 shares from my wife at the request of the then finance minister late SM Kibria and with the subsequent permission of BB, as the late minister felt that the bank would benefit from my experience and active involvement in the new bank," he said.
He said sometime during mid 1998, Asoke Das Gupta through a common banker friend approached me to be a proposed sponsor of the Bank.
"As myself was sponsor shareholder / director in a general insurance company, I could not as per law simultaneously be a director of a banking institute. Hence, my wife was involved in the bank," Chairman of the ONE Bank said adding that subsequently, after several weeks, he again approached me to arrange additional sponsors as some of the earlier proposed sponsors have left him and moved to other banks who had by then received permission from central bank.
"As I had lived abroad since February 6, 1974 until 1987, I convinced them to invest in Bangladesh. Accordingly, after approaching at least a dozen of my old NRB friends / colleagues, I managed to convince five of them to invest as NRB in the initial capital of ONE Bank Limited, said Sayeed.