BASIC Bank sacks four top officials

State-owned Basic Bank has removed its three deputy managing directors and a general manager for their alleged forgery, report agencies.
The action was taken at a meeting of the board of directors of the bank on Tuesday. The sacked DMDs - Fazlus Sobhan, Ruhul Alam and Mohammad Selim - and the GM - Mahbubul Alam - were served notices in this connection yesterday.
Several BASIC officials said that the four had been sacked following allegations that they were involved in irregularities over loan disbursements and misuse of company funds.
In September this year, the Anti Corruption Commission filed 18 cases with police over the bank’s loan fraud.
The anti-graft commission had investigated the BASIC Bank irregularities for four years before it filed the cases accusing 26 former and current officials of the bank’s several branches in Dhaka. ACC also named 76 other people in the cases.
In May 2014, Bangladesh Bank had removed nine top BASIC Bank officials, including Managing Director Kazi Fakhrul Islam, after audit detected irregularities in loan disbursement from three of the bank’s branches in Dhaka.
The misappropriation amounting to Tk 45 billion was done over a period of five years.

BASIC Bank sacks four top officials

State-owned Basic Bank has removed its three deputy managing directors and a general manager for their alleged forgery, report agencies. The action was taken at a meeting of the board of directors of the bank on Tuesday. The sacked DMDs - Fazlus Sobhan, Ruhul Alam and Mohammad Selim - and the GM - Mahbubul Alam - were served notices in this connection yesterday. Several BASIC officials said that the four had been sacked following allegations that they were involved in irregularities over loan disbursements and misuse of company funds. In September this year, the Anti Corruption Commission filed 18 cases with police over the banks loan fraud. The anti-graft commission had investigated the BASIC Bank irregularities for four years before it filed the cases accusing 26 former and current officials of the banks several branches in Dhaka. ACC also named 76 other people in the cases. In May 2014, Bangladesh Bank had removed nine top BASIC Bank officials, including Managing Director Kazi Fakhrul Islam, after audit detected irregularities in loan disbursement from three of the banks branches in Dhaka. The misappropriation amounting to Tk 45 billion was done over a period of five years.