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Financial Reporter //

The contract of appointment of managing director (MD) of state-owned banks Sonali, Agrani, Rupali, Janata, BASIC and BDBL is being cancelled. In this regard, the financial institutions department of the finance ministry has sent a letter to the board of directors of the banks. The Board of Directors will decide to cancel the appointment of these MDs. Additional Secretary Amal Krishna Mondal, who performs the routine duties of the Secretary of the Financial Institutions Department, confirmed this to the media.

In a letter from the Financial Institutions Department to the Board of Directors of six banks on Thursday (September 19), the MDs have been named, stating that the government’s recommendation/consent has been communicated to cancel the remaining term of the contractual appointments made by the Board of Directors.

He said that the Financial Institutions Department has sent a letter to the Board of Directors to cancel the appointment period of MD of six state-owned banks. The board of directors of the bank will decide to cancel the appointment of the MD.

The letter requested to take legal action regarding the cancellation of the remaining term of his (MD) contractual appointment as per the Bank Companies Act and the Board of Directors’ executed agreement. Separate letters have been given to six banks.

Afzal Karim in Sonali Bank, Mushedul Kabir in Agrani Bank, Rupali Bank. Jahangir, Abdul Jabbar at Janata Bank, Anisur Rahman at Basic Bank and Habibur Rahman Ghazi at Bangladesh Development Bank as Managing Director and CEO. The Board of Directors has been asked to cancel the remaining term of contractual appointment with them.

An official of the Financial Institutions Department said that instructions have been given by the Financial Institutions Department to cancel the contract period of MDs of six state-owned banks. Now the banks will take action according to their rules. For example, according to the rules of some banks, in case of cancellation of MD contract, 3 to 6 months notice or equivalent amount has to be collected. The Board of Directors will review the issues and take action regarding the cancellation of the contracts of the MDs.