Ahmed Shayan Fazlur Rahman, the son of Salman F Rahman, lost his directorship at the IFIC Bank due to loan defaults.

The central bank sent a letter on August 11 to the managing director of the private commercial bank, saying that Rahman's company Esses Fashions defaulted on loan repayments.

Esses Fashions, one of the concerns of Beximco Group, started its commercial production in November 2004, as per its website.

Beximco Group is one of the top borrowers of the state-run Janata Bank.

Esses Fashions's loans at Janata Bank stood at Tk 278 crore at the end of last year.

"Thus, Shayan will not be able to hold his directorship," the letter added.

Earlier on June 27, the IFIC Bank's board requested Shayan's reappointment at the 47th annual general meeting. The central bank rejected the request as per Section 15 of the Bank Company Act 1991.

Rahman holds 3.86 percent stakes at IFIC while his father, who was the private industry and investment adviser to the former Prime Minister Sheikh Hasina with the status of a cabinet minister, held 3.66 percent stakes.

He was the vice-chairman of the bank while his father was the chairman.