The New Nation - Internet Edition

STAFF REPORTER

The effected companies and NRB sponsor shareholders of One Bank Limited have informed Bangladesh Bank in writing through their respective legal counsels that the titles of the shares held by them in One Bank Limited belongs to them both legally and beneficially. They are neither an agent, nor a proxy nor acting under any other authority to hold the shares for the benefit of any undisclosed person or entity.

The sponsor shareholders are surprised and extremely aggrieved that no notice whatsoever was received by them from Bangladesh Bank other than a copy of the letter dated June 3, 2008 addressed to Sayeed H Chowdhury, chairman of One Bank Limited, which in turn was forwarded to them. Their names are in the share register of One Bank Limited and yet Bangladesh Bank did not write to them.

As shareholders, they are legally entitled to enjoy all rights and benefits deriving from the ownership of the shares. They have proprietary interest vested and granted by law.

The shareholders further informed Bangladesh Bank that Sayeed H Chowdhury is neither the legal nor the beneficial owner of any of their shares. Hence, a notice to Chowdhury, as far as ownership of their shares are concerned, would not lawfully bind them and they would in due course seek an exemplary order from an appropriate court against a regulatory authority's blatant abuse of authority.

They termed Bangladesh Bank's action in this regard is fundamental misconceived and asked Bangladesh Bank to refrain from undertaking any action which is arbitrary, ultra vires of authority and/or abuse of its regulatory authority, repugnant to their proprietary interest.