Islami Bank’s former managing director Abdul Mannan, who had been silent since S Alam Group’s takeover in March 2017, recently spoke about his forced resignation under duress. Mannan, reportedly held at gunpoint by security personnel and coerced into resigning on a non-standard resignation pad, shared his experience at a virtual event on August 25, 2024. After the takeover, S Alam Group and its associates accrued Tk 74,900 crore in loans from Islami Bank, representing 47% of the bank’s total outstanding loans as of March. The event also highlighted the need for banking reforms to protect depositors’ interests and emphasized the necessity for a forensic audit to uncover the true extent of bad loans, which are estimated at Tk 1.82 lakh crore by the Bangladesh Bank but reported as Tk 3.77 lakh crore to the IMF.
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