StanChart CEO gets bail
Tuesday, 30 September 2008
Standard Chartered Bank CEO Osman Tarik Murad was granted bail Monday after he appeared before the Dhaka Chief Metropolitan Magistrate's court in an alleged car seizure case involving the bank, reports bdnews24.com.
A warrant of arrest was issued against him on Sept 22 in connection with the case.
Afroza Jamil filed the case against Murad and the bank's senior manager Zia Hasan Chowdhury on March 30.
The case claimed that the plaintiff's husband bought a car with credit from Standard Chartered, but the bank 'forcibly' seized the car before repayment of the loan.
In the bail prayer, Murad's lawyers told the court that their client was a foreign national, involved in activities relating to Bangladesh's economic development and policy-making in line with global markets.
He is not involved with bank loan and loan recovery, the lawyers said.
They also claimed that the plaintiff's husband failed to make repayments as per the loan conditions despite repeated requests by letter.
The car was "seized" in accordance with the terms and conditions of the loan agreement, which the plaintiff agreed to, at the time of signing it, Murad's lawyers said.
Metropolitan magistrate Saifur Rahman Siddique granted the Chief Executive Officer (CEO) of the bank bail on furnishing a Tk 0.5 million (5.0 lakh) bond.
Earlier, Zia Hasan Chowdhury also secured bail in the case after surrendering to the same court on Sept 23.
A warrant of arrest was issued against him on Sept 22 in connection with the case.
Afroza Jamil filed the case against Murad and the bank's senior manager Zia Hasan Chowdhury on March 30.
The case claimed that the plaintiff's husband bought a car with credit from Standard Chartered, but the bank 'forcibly' seized the car before repayment of the loan.
In the bail prayer, Murad's lawyers told the court that their client was a foreign national, involved in activities relating to Bangladesh's economic development and policy-making in line with global markets.
He is not involved with bank loan and loan recovery, the lawyers said.
They also claimed that the plaintiff's husband failed to make repayments as per the loan conditions despite repeated requests by letter.
The car was "seized" in accordance with the terms and conditions of the loan agreement, which the plaintiff agreed to, at the time of signing it, Murad's lawyers said.
Metropolitan magistrate Saifur Rahman Siddique granted the Chief Executive Officer (CEO) of the bank bail on furnishing a Tk 0.5 million (5.0 lakh) bond.
Earlier, Zia Hasan Chowdhury also secured bail in the case after surrendering to the same court on Sept 23.