Former ONE Bank chair says his directorship lawful

Sends letter to BB

Staff Correspondent | Published: 22:32, Jul 12,2020


Sayeed Hossain Chowdhury, who was relieved of chairmanship of ONE Bank, on Sunday said that he was a lawful director of the bank.

Sayeed made the claim in a letter he sent to the Bangladesh Bank governor and the banking regulation and policy department general manager, BB sources said.

On July 5, the BB issued a letter, relieving Sayeed of bank directorship effective from October 15, 2019 that consequently made him ineligible to hold the chairmanship post of the bank.

In Sunday’s letter, Sayeed also urged the BB to review the issue and withdraw its order that relieved him of the bank’s directorship.

He also requested the central bank to allow him to continue as director of the bank.

The BB in its letter mentioned that none could be posted or appointed as director of a bank without its approval.

Sayeed in his letter to the BB mentioned that when there would be requirement of taking approval from the central bank, he would do so.

Regarding the defaulted loan issue of companies where he was associated, Sayeed mentioned that the BB’s allegation was incorrect.

In the time of being elected as bank director on March 31, 2016, his credit information bureau report was clean, he said.

The letter also mentioned that the Bank Companies Act, 1991 did not state that once a director was validly appointed could be ceased to remain as director at any point of time after his election if the CIB report of his related enterprise became defaulter.

Even the liability of not taking approval of a director from the central bank does not fall on the director rather it falls on the company, the letter mentioned.

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