BB ousts Salman F Rahman from IFIC Bank

The new board was formed to protect the deposits of ordinary citizens.

Dhaka, Sept 04 - Bangladesh Bank has removed Salman F Rahman, former Prime Minister Sheikh Hasina’s adviser and Vice Chairman of Beximco Group, from his role as chairman of IFIC Bank. The central bank dissolved the entire board of directors on Wednesday as part of a broader effort to reform the banking sector and ensure good governance.

Salman F Rahman, who had been at the helm of IFIC Bank since 2015, was replaced along with the rest of the board. The Bangladesh Bank has now constituted a new board comprising four independent directors and two representative directors.

In a letter addressed to the Managing Director of IFIC Bank, the central bank emphasized that the new board was formed to safeguard public interest and protect the deposits of ordinary citizens.

This shakeup follows the removal of Salman’s son, Ahmed Shayan Fazlur Rahman, from his position as director and vice chairman of the bank shortly after the recent change in government. Shayan was dismissed due to allegations of loan defaults.

Serious allegations have surfaced against Salman F Rahman, accusing him of misappropriating over Tk 10,000 crore from IFIC Bank. It is alleged that he used his control over the bank to withdraw large sums of money, including from bonds and sukuk, funds that primarily belonged to everyday depositors.-UNB