Shareholders and entrepreneurs of Social Islami Bank have petitioned the central bank to dissolve the current board of directors, alleging serious misconduct and corruption. According to a letter sent to the Governor of Bangladesh Bank, the board’s legitimacy is questioned due to a controversial takeover in 2017, which was reportedly executed under duress by an intelligence agency. The current board, they claim, is involved in money laundering and has prioritized personal agendas over the bank’s financial health.
The letter highlights that the bank, now controlled by S Alam Group, has issued loans amounting to Tk 15,000 crore, predominantly to S Alam Group and its associates, leading to severe financial instability. This mismanagement has resulted in significant withdrawals by dissatisfied customers and a defaulted loan portfolio exceeding Tk 10,000 crore. The petitioners urge immediate action to prevent further damage and protect depositors’ interests.
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