ACC summons ex-chair, MD of AB Bank
The Anti-Corruption Commission has summoned AB Bank's immediate past chairman M Wahidul Haque and a former managing director today for interrogation over allegations of laundering Tk 165 crore to the United Arab Emirates.
Wahidul Haque has been asked to appear before the commission at 9:00am, said Pranab Kumar Bhattacharya, ACC Public Relations Officer.
Former managing director M Fazlur Rahman has been given schedule at 9:10am, he added.
According to a Bangladesh Bank probe report, the AB Bank has allegedly laundered around Tk 165 crore to the UAE through two shady organisations in the name of investment.
Wahidul Haque, Fazlur Rahman, another ex-managing director Shamim Ahmed Chaudhury, and former head of financial institutions and treasury Abu Hena Mustafa Kamal were directly involved in the money laundering, alleges the report.
The board of directors of the bank in December 2013 approved investment of $20 million in Singapore-based fundraising and investment company Pinnacle Global Fund Pte Ltd (PGF) through the bank's Offshore Banking Unit (OBU).
In February 2014, the OBU laundered the money to an account of the UAE-based Abu Dhabi Commercial Bank (ADCB).
The account belonged to Cheng Bao General Trading LLC, which acted as a Special Purpose Vehicle (SPV) or a mediator for the PGF. Cheng Bao immediately withdrew the money and closed the account.
It could not be known where the money went after the withdrawal, as the AB Bank has failed to give the BB any substantial documents on Cheng Bao and the PGF.
The first generation private bank was also found to have signed the investment deal with the PGF on a white sheet of paper, raising questions about the deal's effectiveness.
A BB team unearthed all these in an investigation in late October this year.
The BB team has recommended removal of Wahidul from the AB Bank board in line with the Bank Company Act, 1991 and suspension of Abu Hena for their alleged involvement in the laundering.
The central bank also sent the report to the ACC on November 15.
Wahidul Haque resigned on December 21.