BB dismisses International Leasing MD Emdadul Islam

The Bangladesh Bank has terminated the Managing Director (MD) of International Leasing and Financial Services Limited Emdadul Islam and advised the chairman of the institution to take necessary measures.

During his tenure as Managing Director (MD) of GSP Finance, Emdadul Islam concealed some facts. He showed the defaulted loans of Keya Cosmetics as regular, and collected extra interest. He also hid that a penalty of Tk10 lakh was imposed on the subsidiary company. Bangladesh Bank has charged him for burying these information when he was appointed as the MD of International Leasing and Financial Services Limited.

The Department of Financial Institutions and Markets sent a letter to the chairman of Uttara Finance on 20 April, 2026 and suggested appointing an experienced officer as the acting MD.

A Bangladesh Bank inspection has found that during his tenure as MD of GSP Finance Company (Bangladesh) Limited, Emdadul Islam showed the loans of Keya Cosmetics as unclassified without the central bank's permission which reduced the institution's default loan rate from 16.04% to 8.86%. 

Moreover, the credit facilities of the subsidiary GSP Investment were restructured violating the central bank's directives. For this reason, the central bank imposed a fine of Tk10 lakh on GSP Finance Company (Bangladesh) Limited. Besides, additional penalties were imposed on the loan accounts of Dorin Hotels and Resorts Limited by repeatedly flouting the instructions of the central bank in the Covid-19 period.

Emdadul hid these facts in his application and the affidavit he submitted to apply for the position of managing director of International Leasing and Financial Services Limited. In its letter, the central bank has mentioned these reasons for dismissing Emdadul.