SBAC Bank Chairman SM Amjad resigns
A new chairman of the bank will be elected at a board meeting on 26 September
SM Amjad Hossain, who allegedly laundered a huge amount of money, resigned from the post of chairman of South Bangla Agriculture and Commerce (SBAC) Bank Limited.
He submitted his resignation letter to the bank's board of directors on 7 September citing physical illness. He has been the bank's chairman since 2013.
In his resignation letter, Amjad Hossain wrote, "During the last couple of months, I have been suffering from various ailments and had to be hospitalised for treatment. In these circumstances, I am writing to inform you of my intention to resign from the post of chairman of the board of SBAC Bank after the upcoming AGM of the bank, scheduled to be held in October 2021."
Keep updated, follow The Business Standard's Google news channel
"In the meantime, you are requested to complete necessary formalities so that I can hand over charge to the designated person. If the new chairman is elected before the upcoming AGM, I will hand over my responsibilities immediately," he said.
SBAC Bank Public Relations Officer Asadullah Galib said, "The bank's chairman wrote a letter to the board on 7 September expressing his intention to resign voluntarily citing illness."
"He also advised to start the process of electing a new chairman," Galib said, adding that Amjad Hossain still remains the chairman as per the bank's rules.
The new chairman for the bank will be elected at a board meeting on 26 September.
Earlier on 19 August, the Anti-Corruption Commission (ACC) decided to investigate allegations of money laundering and extortion against Amjad Hossain.
There are allegations against the SBAC Bank chairman of abusing his power and laundering money by opening various shell companies at home and abroad.
According to the ACC, Amjad allegedly embezzled a huge sum of depositors' money engaging in various irregularities involving supposed import-export transactions and loans, using the Khulna and Katakhali branches of the bank.
The Bangladesh Financial Intelligence Unit (BFIU) froze the bank accounts of Amjad, his wife Sufia Amjad, and daughter Tazri Amjad, on money laundering charges in March this year.
