SBAC Bank chooses new chairman as Amzad resigns due to transplant catheter
Abdul Kadir Molla
Abdul Kadir Molla
The Board of Directors of South Bangla Agriculture & Commerce (SBAC) Bank Ltd yesterday elected Abdul Kadir Molla as its new chairman.
It came nearly three weeks after SM Amzad Hossain intended to step down as chairman of the board, citing illness amid allegations of irregularities and a corruption investigation by the anti-corruption watchdog.
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Molla is the Chairman and CEO of Thermax Group, which operates in the export-oriented textiles and clothing sector. He is a sponsor administrator of the private commercial bank.
The board unanimously elected Molla president of the bank during its meeting at the headquarters in Dhaka, the bank said in a statement.
On September 7, Hossain wrote to the board expressing his intention to step down from the post he had held since the bank began his journey in 2013.
He had asked the board of directors to begin the process of selecting a new chairman by October, when the bank is due to hold its annual general meeting.
Hossain is being investigated for his alleged involvement in irregularities, including borrowing from the bank against a non-existent company by abusing his power, falsifying and evading tariffs.
He is also the Chairman and CEO of Lockpur Group, and customs authorities have previously detected tax evasion by Khulna Printing & Packaging Ltd due to the abuse of duty-free import benefits under bonded warehouse privilege, said a senior National Board of Revenue official. .
On March 11, the Bangladesh Financial Intelligence Unit (BFIU) asked banks to freeze the accounts of Hossain, his wife Begum Sufia Amjad and their daughter Miss Tajori for 30 days. The agency also requested details of the accounts.
According to an investigation, Hossain obtained loan facilities worth Tk 40 crore from the SBAC bank by abusing his power and falsifying. The bank gave a Tk 20 crore loan to a Khulna builder, but the BFIU could not find the existence of the company where it was supposed to be located.