Farasath’s appeal against BB decision rejected

Staff Correspondent | Published: 22:56, Jan 26,2021


The Bangladesh Bank on Tuesday rejected an appeal made by former NRB Commercial Bank chairman Farasath Ali against the BB’s decision to ban him from being director of any bank for two years.

The central bank board led by its governor Fazle Kabir made the decision as it found the Farasath’s petition unjustified, said BB officials.

An official of the central banks said that any one or entity penalised by the central bank has the right to file a review application against any BB decision.

In July 2020, the central bank banned Farasath from being director of any bank for two years, starting from June 21, 2020, for two years for conducting gross irregularities in 2013-2016 and for providing fabricated information to the central bank.

The central bank after three years of investigation issued a directive in this regard to Farasath, also the founding chairman of the bank.

Farasath, a former Awami League US chapter president, was ousted from the bank’s board on December 10, 2017 as several central bank investigations found him forging signatures of the bank’s four directors.

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