High Court reconstructs International Leasing board
According to a disclosure made to the stock exchange yesterday, Md Mahbubul Hoque has been appointed by the Court as the independent chairman of the Board. He is a former deputy auditor general of Bangladesh and holds the rank of Secretary Grade 1.
The Board of Directors of International Leasing and Financial Services Limited (ILFSL) was reconstituted by the High Court on 25 March this year.
According to a disclosure made to the stock exchange yesterday, Md Mahbubul Hoque has been appointed by the Court as the independent chairman of the Board. He is a former deputy auditor general of Bangladesh and holds the rank of Secretary Grade 1.
The new directors of the board include Md Abdul Mannan, a former executive director of Bangladesh Bank; Md Ashrafuzzaman, ACA, former senior assistant vice president at Shahjalal Islami Bank; Abu Habib Khairul Kabir, former deputy managing director of Pubali Bank; Barrister Mohammad Ashraf Ali, a lawyer practicing at the Supreme Court of Bangladesh; Md Mustafizur Rahman Sardar, a retired executive director of Bangladesh Bank and Ahmad Mushfeq Anam, an electrical and electronic engineer who currently serves as the managing director of X-ter Limited.
Keep updated, follow The Business Standard's Google news channel
This reconstitution has been carried out under the direct supervision and order of the High Court to ensure sound governance and restore confidence in the affairs of ILFSL.
Meanwhile, the new Board of Directors has conducted the 281st meeting of the company. The meeting took place at the company's head office and was presided over by the newly appointed Chairman, Md Mahbubul Hoque.
Yesterday, the share price of the company closed at Tk3.80 on the Dhaka stock exchange.
International Leasing, allegedly looted and devastated by PK Halder and his associates, owes around Tk4,300 crore to its depositors and lenders and is struggling to pay them back.
To rescue the struggling financial institution, the court had appointed Khandaker Ibrahim Khalid, a former Bangladesh Bank governor, as its chairman. However, he subsequently resigned from the position.
After that, the central bank appointed former secretary Md Nazrul Islam Khan as the company's chairman in 2020 to recover as many company assets as possible from defaulting clients.
