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PREMIER BANK IPO SCAM

HC stays probe for 2 weeks

BB, SEC asked to explain their actions

Staff Correspondent
The High Court (HC) yesterday stayed for two weeks Bangladesh Bank's investigation into the fake bank accounts opened with Premier Bank Ltd and asked the central bank
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to submit its findings to the court.
The court issued a rule asking the respondents including the finance secretary and the Bangladesh Bank (BB) governor to explain in two weeks why the BB actions to probe the matter should not be declared illegal.
The HC also asked the capital market regulator SEC to explain in two weeks why its order for suspending a Tk 55 crore initial public offerings (IPO) of Premier Bank should not be declared to have done without lawful authority.
The Securities and Exchange Commission (SEC) on February 12 suspended the public floating of the Premier Bank after its 25,000 beneficiary owners' (BO) accounts were found to be 'fake' in an investigation.
On February 14 and 16, Bangladesh Bank ordered investigation into the opening of a huge number of bank accounts with 12 branches of Premier Bank.
Yesterday's orders were passed by an HC bench comprising Justice M Joynul Abedin and Justice M Miftah Uddin Chowdhury upon writ petitions filed by Premier Bank on Tuesday challenging the BB actions and the SEC order.
Dr M Zahir, Barrister Rokanuddin Mahmud and Barrister Mahbub-uddin Khokan moved for the petitioners.
During the hearing, Attorney General (AG) AF Hasan Ariff submitted that irregularities including opening of fake accounts with Premier Bank have been established prima facie through an investigation.
There is no scope to halt the investigation by BB into the alleged scams, he said.
The AG told the court that the SEC action was taken against the bank after an investigation found its activities to be suspicious, collusive, unethical and unfair affecting the public interest and the capital market at large.
The SEC probe found that 15,000 BO accounts were opened by the depository participant of Premier Bank using a single address. About 5,500 BO accounts did not have any
address while another 3,000 accounts were opened using only one address.
The BB also launched an investigation after being informed by the SEC. The probe detected irregularities in opening the bank accounts.
The anti-money laundering department of the central bank is also investigating possible link of four other banks with the 25,000 false BO accounts.
Meantime, the HC yesterday summarily rejected the writ petition of Nowrin Iqbal, upholding the BB order that had stripped her of the directorship of the Premier Bank.
The BB in compliance with the banking rules had removed Nowrin, daughter of Dr HBM Iqbal, chairman of the bank on February 16.