BB will not close down companies like S Alam Group, Beximco and Mansur

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 (Nov 18).

“Legal action will be taken against the chairman of S Alam Group and other officials for their alleged misdeeds in the banking sector,” he said while speaking at a press conference at the central bank’s headquarters in Dhaka.

The newly appointed chairman of Islami Bank, Md Obayed Ullah Al Masud, also spoke at the press conference.

In his speech, Masud said that Islami Bank has a gap of Rs 20,000 crore between investments and deposits.

This gap will be closed by selling the shares of 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 Rs 10,000 crore will be raised through the issuance of new shares, he added.

He said the bank will approach former foreign shareholders such as IFC and Saudi investor Al Raji group and invite them to reinvest in the bank by January.

Regarding Islami Bank, Ahsan H Mansur said the inclusion of previous foreign investors will enhance the bank’s credibility.