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It expressed concern that the Bangladesh Bank has not taken sufficient steps to resolve the pending legal issues.

It also alleged that the central bank has failed to approve the appointment of a new managing director or CEO proposed by the bank’s board in February.

Instead, the BB dissolved the bank’s board and appointed one of its own officials to run the operations, the letter said.

“This insecure and tentative environment deters any investor from injecting fresh capital into the bank,” it added.

The ongoing court restriction on share transfers has further discouraged potential strategic partners from getting involved, the group said.

The letter concluded with a strong warning that unless Bangladesh Bank takes immediate steps to resolve the legal disputes and protect the group’s investment, the group would consider the 2008 agreement null and void.

In that case, the group would demand a full refund of its Tk 350 crore investment, along with damages. If that did not work, the group would have “no alternative but to go to the International Court to seek justice”.

Copies of the letter were also sent to Finance Adviser Dr Salehuddin Ahmed and Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority.