First Security Islami Bank removes MD over irregularities, mismanagement
The decision was made by the bank's board of directors after receiving formal approval from the Bangladesh Bank today (15 July)
First Security Islami Bank has officially removed its Managing Director (MD) Syed Waseque Md Ali following allegations of financial irregularities and internal mismanagement.
The decision was made by the bank's board of directors after receiving formal approval from the Bangladesh Bank today (15 July).
In a letter addressed to the bank's chairman, the Bangladesh Bank instructed the immediate implementation of the decision.
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The move comes in accordance with a resolution adopted during a board meeting held on 3 June.
The central bank also directed the bank to take appropriate legal measures regarding the financial irregularities and internal mismanagement identified during internal audits involving Syed Waseque Md Ali, the letter noted.
Additionally, the bank has been advised to inform the Bangladesh Bank of all legal steps taken in this regard.
Furthermore, the central bank recommended the bank take prompt action to appoint a new managing director to fill the now-vacant position, the letter added.
Earlier in January this year, Ali was placed on forced leave due to his alleged involvement in loan irregularities linked to the S Alam Group.
