The New Nation - Internet Edition

Staff Reporter

Bangladesh Bank has initiated a move to remove Dr HBM Iqbal from the post of chairman of the Premier Bank Ltd (PBL) confiscate his shares following his conviction by court and acquiring nearly 63 per cent shares of the bank violating banking rules.

Since 1/11 Dr Iqbal is absconding and recently the special tribunal court-1 has awarded 10 years of jail to the former member of parliament and 3 years for his daughter Nowrin Iqbal for earning wealth beyond legal source of income and concealing information. Informed sources said Dr Iqbal now residing in Dubai of United Arab Emirates (UAE) and giving directions to the PBL authority over telephone as chairman of the bank. Now only 8 sponsor directors, out of 13, remain present in the board meeting.

Recently Bangladesh Bank asked the PBL authority to send certified copy of verdict against Dr Iqbal for necessary steps to remove him from the post of chairman. According to the banking rules none can stay as chairman of any bank or financial institutions after being convicted by court.

Khondker Fazle Rashid, Managing Director of PBL, yesterday told The New Nation that the law adviser of the bank has applied to the special judge court-1 for the copy and will send accordingly upon receiving. "We already informed the Bangladesh Bank of the overall position," he said.

According to the section 14 (A) and 27 of banking company act of 1991 no individual, his family members or relatives jointly can be owner of more than 10 per cent share of any bank.

At present Dr Iqbal, his family members and relatives are now possessing 63 per cent of total bank shares. Of the shares, 9.6 per cent is on his family member's name and the rest is in his relatives including brother, nephew and in laws name.

A team of Bangladesh Bank last year carried out a thorough investigation in the head office, Banani, Gulshan and Dikhusha branches of PBL where they found that Dr Momtaz Begum, wife of Dr Iqbal, has transferred shares to his brother Sanwar Dito who is now possessing 2.60 per cent shares of the bank.

Similarly, Zamal Ahmed, son in law of Dr Iqbal, also transferred shares to one Alif Alam, a man learned to be in law of Dr Iqbal. They transferred the shares to bring down it below 10 per cent. Besides, many shares of Dr Iqbal and his family members transferred to the name of his relatives in the mean time. The investigation team found huge abnormalities in the transfer procedure, sources said.