BB won't shut down companies like S Alam Group, Beximco: Mansur
"Legal action would be taken against the S Alam Group chairman and other officials for their alleged crimes in the banking sector," says the governor
The Bangladesh Bank (BB) is taking action against individuals, not companies like S Alam Group and Beximco, as these companies are considered national assets, BB Governor Ahsan H Mansur said today (18 November).
"Legal action would be taken against the S Alam Group chairman and other officials for their alleged crimes in the banking sector," he said while speaking at a press conference at the central bank headquarters in Dhaka.
Newly-appointed Islami Bank Chairman Md Obayed Ullah Al Masud also spoke at the press conference.
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In his speech, Masud said Islami Bank has a gap of Tk20,000 crore between investments and deposits.
This gap will be mitigated by selling the shares held by the S Alam Group and issuing new shares, he added.
He said S Alam Group has shares worth Tk1,600 crore in face value, which have a market price of nearly Tk10,000 crore.
The remaining Tk10,000 crore will be raised through issuing new shares, he added.
He said the bank will approach former foreign shareholders like IFC and Saudi Investor Al Raji group and invite them to invest in it again by January.
Regarding Islami Bank, Ahsan H Mansur said the inclusion of previous foreign investors will increase the bank's credibility.
