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BB show-causes Premier MD

Star Report
The Bangladesh Bank (BB) yesterday served a show cause notice to Premier Bank Managing Director (MD) Kazi Abdul Mazid asking him to explain in a week why he should not be removed from the job.
'The central bank served the notice under Clause 46 of the Bank Company Act (BCA). Titis clause gives BB tire power to remove an MD through aiporder if the central bank feels that the MD is involved in
activities which are harmful for depositors'interest.
The BCA dictates that Ilie central bank must give lire MD a reasonable time for self-defence.
"I shall reply to the show cause notice within seven days," Mazid told Tire Daily Star yesterday.
He, however, declined to comment further on the issue.
Earlier a BB investigation into lire recent Premier Bank public floating scam strongly recommended taking legal action against Mazid and the bank's branch managers concerned under the BCA and Anti Money Laundering Act.
The investigation found gross violation of banking rules in the opening of around 17,000 accounts with different branches of the bank
Those accounts were later found to be fake.
The branch managers concerned said they were forced to open these accounts after they got verbal instructions from Managing Director Mazid, and Syed Nowsher Ali, manager of the bank's Banani branch.
On February 12, the Securities and Exchange Commission (SEC) suspended a Tk 55 crore public floating of Premier Bank after around 25,000 fake beneficiary owners' (BO) accounts were found in its preliminary investigation.
The Bangladesh Bank on February 14 launched an investigation into the Premier Bank public floating scam after being officially informed by the SEC.
It is mandatory to mention a bank account number, the branch name and a BO account number in case of applying for shares in Initial Public Offering (IPO).
On the other hand, it is also mandatory to mention a bank account number and the branch of a bank while opening a BO account.
Besides Dhaka Stock Exchange, many small as well as big investors suspect that the Premier Bank might have tried to manipulate the IPO process.