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BB updating list of defaulting bank directors

By Inam Ahmed
Bangladesh Bank is updating the list of bank directors who have taken loans from their own banks or any other bank, according to highly-placed official sources.
The initiative has been taken in view of the amendment to the Bank Company Act. 1991, which stipulates that a person can no longer be a bank director if he is a defaulter with his own bank or any other bank. The amendment was gazetted recently.
Meanwhile, the central bank is seriously considering reinforcing rules to prevent the rescheduling of defaulted loans more than twice. A meeting between the central bank authorities and the chief executives of all banks held last week to discuss these measures, endorsed the central bank's initiatives.
According to the amended act. a director will lose his office if he fails to repay loans or interest on loans from any bank or financial institution within two months of being served with notice on their overdue status.
He would also lose his office if he failed to repay loans which
he had guaranteed, or failed to execute any duty relating to loans for which he had vouched.
A director can make a written representation to the Bangladesh Bank within 30 days of getting notice and the central'bank will reply to it within the following 15 days.
The amended act states that once a director’s post falls vacant. the bank’s dues will be recovered by selling off the defaulter's shares. It also says that any director who has lost his post cannot be re-instated within a year of repaying the loans.
Bangladesh Bank sources said 115 private bank directors, out of a total of 293. had taken Tk 1063.60 crore loans till December 31.1996. Of the amount, Tk 104.75 crore was defaulted loans while Tk 499.37 cr had been rescheduled.
The sources further said the central was examining the loan status of a number of bank directors. The directors who may be removed include Bexlmco Group s Sohel F Rahman and Salman F Rahman, who are chairman and vice-chairman of IFIC bank.
According to a Bangladesh Bank report. Bexlmco Group | had defaulted loans of Ik 57.30 crore on December 21", 1996.
Earlier, the Bank had issued notices on 26 bank directors for having defaulted loans. Of them, 10 directors had repaid their liabilities, two have rescheduled their loans and requests from four for rescheduling are pending with the Bank. BB ten directors are yet to adjust their loans.