• Sunday, September 21, 2014

Govt plans to take action against BASIC Bank board

Star Business Report

The government considers taking action against the BASIC Bank board in accordance with the suggestions made in a central bank report, Finance Minister AMA Muhith said yesterday.
“Bangladesh Bank has not directly recommended disbanding the BASIC Bank board, but it pointed the finger at the board for various irregularities,” Muhith said at a press briefing at his secretariat.
The press briefing was called to share the outcomes of the finance minister's visits to Mexico and WB-IMF spring meetings in Washington. Muhith said the BB has sent him a report on various irregularities committed by the board of BASIC Bank. “You will see the action,” the minister said without elaborating.
Giving an example of Sonali Bank, Muhith said the central bank earlier recommended disbanding the board of the state-owned bank and the ministry took action accordingly.
The BB can take any action against the managing director of a bank as per the new banking companies act, he said.
Serious irregularities have allegedly been taking place in BASIC Bank for the last two and a half years. But neither the government nor the central bank has taken any tough action against the bank.
A central bank official said the BB on different occasions sent reports to the government about BASIC Bank.

Published: 12:01 am Sunday, April 27, 2014

Last modified: 11:02 pm Saturday, April 26, 2014

TAGS: government Finance Minister AMA Muhith BASIC Bank Mexico and WB-IMF

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