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Ex-minister, allies took out Tk 2,000cr
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charge of the bank’s executive committee. This allowed Saifuzzaman to act as the de facto chairman of UCB and direct its operations for personal gain, according to the letter.
One such instance of interference involved providing loans to Adnan Imam’s companies Genex Infosys, Genex Infrastructure, A&P Venture and AWR Developments without proper scrutiny or adherence to the bank’s lending policies.
Under the direction of individuals like Saifuzzaman and Alamgir Kabir (Apu), the bank’s management bypassed critical internal controls and approved the loans without adequate collateral or necessary assessments, it said.
The irregularities also extended to a controversial share purchase involving Genex Infosys in late 2021.
UCB approved the purchase of 6,083,626 locked-in shares of Genex Infosys at inflated prices from two shareholders closely related to Adnan Imam.
The transaction bypassed the normal due diligence procedures and was even discussed as a “miscellaneous agenda” in the board meetings without being formally listed.
The shares, which had been purchased at Tk 172.50 each, rapidly lost value, causing the bank to incur significant financial losses.
Within a year, the value of the shares plummeted to Tk 37.9 per share, resulting in a loss of Tk 78.25 crore.
Moreover, Imam’s influence extended beyond this single transaction. He is believed to have manipulated the loan approval process, exerting undue pressure on bank officials to expedite and approve loans that benefited him and his affiliates.
An investigation led by Zahir, who assumed the role of chairman on August 29, found evidence that indicated the actions were part of a broader pattern of fraudulent activities orchestrated by Saifuzzaman, Imam and other individuals in positions of power within the bank.
The letter also highlighted the role of Alamgir Kabir, a close relative of Saifuzzaman, who played a pivotal role in facilitating the approval of the loans.
Kabir’s rapid promotion within the bank despite a lack of merit is believed to have been part of a strategy to place him in a position where he could manipulate loan approvals and circumvent the bank’s internal controls.
His actions, according to the letter, contributed significantly to the bank’s exposure to risky loans, many of which have now defaulted.
Given the scale of the alleged financial mismanagement and the involvement of high-profile figures in the scandal, the new UCB management has called for a thorough investigation into the actions of the former board members, including Saifuzzaman, Imam, Kabir and others.
ACC Director General Md Akhtar Hossain and Zahir could not be reached for comment.
Ashikur Rahman Habibe Rabbi, head of corporate and regulatory affairs at Genex Infosys, said the allegations raised in the letter are baseless.
“Requesting a loan from a bank is a fundamental right of any organisation, and the onus for approving loans rests entirely with the bank. Genex cannot be held responsible for the management of that approval process. It seems that unwarranted accusations are being directed at Genex.”
The loans obtained by Genex were approved in full compliance with the bank’s regulatory framework.
The acquisition of Genex shares by UCB was conducted with all necessary approvals from the Bangladesh Securities and Exchange Commission and adhered to all regulatory and board protocols, Rabbi said.
“These transactions were conducted on an arm’s length basis, and Genex has honoured all dividend payments to its shareholders. The choice by UCB to purchase and later sell the shares during a market downturn was solely their decision, and Genex cannot be held liable for that.”

One out
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accounting, sociology, and finance and banking have lower unemployment rates.
Around 36 percent of NU graduates are employed as teachers, while 43.13 percent aspire for government jobs.
The study also pointed out several challenges, most prominently low student attendance, poor quality of education, lack of incentives and training for teachers, and education programmes in misalignment with job market demands.
SM Zulfiqar Ali recommended ensuring quality teaching and learning, introducing teachers’ feedback and market-based learning facilities, alongside the inclusion of co-curricular and soft-skill activities at NU-affiliated colleges to improve education quality.