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Oriental Bank

Depositors can draw money from June 1

Rejaul Karim Byron
Bangladesh Bank (BB) will lift the moratorium on transaction with Oriental Bank from April 1 and allow account holders to withdraw deposits from June 1 as per the reconstitution scheme for the bank drafted last year.
In January last year, the central bank imposed the moratorium on all activities of Oriental Bank except seven kinds of transactions including limited deposit withdrawal.
The suspension was imposed for the reconstitution of the bank following an acute financial crisis.
The decision to lift the moratorium came after Switzerland-based ICB Financial Group Holdings AG, which recently bought majority shares (50.10 percent) of Oriental
Bank at a cost ofTk 350 crore, submit -ted a proposal to the central bank on Mondayfor its reconstitution.
In the proposal, Oriental Bank was renamed ICB Islamic Bank Ltd.
The BB also approved a five-member board of directors of the
The first annual general meeting by the new owners will be held on May 1.
The total deposit of Oriental Bank was Tk 2,220 crore in December 2006, of which public deposit was Tk 1,300 crore, government deposit Tk 570 crore and deposit from other banks was Tk 350 crore.
In August 2006, a serious financial crisis and liquidity shortage in Oriental Bank forced the BB to intervene and dissolve the bank's
board of directors and sack the managing director.
The BB prepared a scheme in. August last year for reconstituting Oriental Bank, which also included the payment to the depositors.
THE PAYMENTSCHEME
The scheme outlined the ways of paying out liabilities of the bank. As per the scheme, if depositors wish, the bank will pay first Tk 1,00,000 within six months after two months of activation of the scheme. Further Tk 1,00,000 will be paid out within 12 months after six months of scheme activation, another Tk 1,00,000 within 18 months after 12 months of the scheme activation, another Tk 1,00,000 within 24 months after 18 months of the scheme activation,
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another Tk 1,00,000 within 30 months after 24 months of scheme activation, another Tk 1,00,000 after 36 months after 30 months of the scheme activation, another Tk 1,00.000 witliin 42 months after 36 months of the scheme's starting, another Tk 1,00,000 within 48 months after 42 months of scheme activation, another Ik 1,00,000 witliin 54 months after 48 months of scheme activation, anotlicrTk 1,00,000 within 60 months after 54 months of scheme activation and the balance after 60 months of the scheme's starting.
As per the scheme, account holders who have overTk 10 lakh deposit with Oriental Bank will be compelled to purchase 10-25 percent of the bank's general shares.
Those who have Tk 10 lakh or less deposited with the bank are free to purchase 10 percent shares while account holders with deposits between Tk 10 lakh and Tk 50 lakh must buy 10 percent shares, those with deposits betweenTk 50 lakh and Tk 1 crore must buy 20 percent shares, and those with deposits of Tk 1 crore and above must buy 25 percent of the bank's shares.
After these depositors are paid, the central bank will start repaying the rest of the depositors.
Under the scheme, only the principal amount (excluding profit) of the liabilities as recorded in the bank's books of accounts on January 25 last year will be payable. The amount of profit accrued on the deposit after that date is supposed to be fixed by the new board of directors of the bank