Zafar Alam, Managing Director of Social Islami Bank Limited (SIBL) has resigned on Wednesday. Two deputy managing directors of the bank, Habibur Rahman and Khorshed Alam have also resigned at the same time.
All three were known as S Alam Group officials and left the bank in the wake of probe and restructuring of the bank as part of cleaning it from the illegal control of S Alam group which has captured the bank unlawfully.
Chittagong-based S Alam Group captured SIBL in 2017. Then these three senior officers were given the charge of the bank taking from Islami Bank; and two other banks.
MD Zafar Alam cited health ground in his resignation letter. His tenure was supposed to end in December this year. However, he did not say anything about the two other deputy managing directors.
While resigning Zafar Alam said he did not approve any loan by himself; the loans which are at the center of the scams were approved by the Board of Directors. This responsibility is not his own.
He claimed he was not involved in any loan case of S Alam Group. S Alam Group first brought him to Commerce Bank and from where he was later brought to SIBL. But he was not personally involved in any corruption.
During SIBL's change of ownership in 2017, several entrepreneurs and directors were dropped. After that, huge amount of money was withdrawn from the bank anonymously which had created financial crisis in the bank.
After the political change in the country on August 5, the Board of Directors of Social Islami Bank was reconstituted to free the bank from the control of S Alam Group.
Meanwhile the boards of all S Alam Group-owned bank have been dissolved. It includes First Security Bank, Social Islami Bank, Union Bank, Global Islami Bank, Islami Bank Bangladesh, Al-Arafah Islami Bank, National Bank and Bangladesh Commerce Bank.
Apart from this, the board of Aviva Finance, a financial institution owned by S Alam Group also has been dissolved. These restructuring aims at restoring discipline in those bank and recovering the stolen money by S Alam Group.
The newly appointed Bangladesh Bank Governor Ahsan H Mansoor said in a press conference that money launderers would not be exempted. All legal means to recover the money will be pursued. Their assets would be sold to recover the money.
