BB is taking action against individuals, not companies: Governor

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur said on Monday that they are taking action against individuals, not companies like S Alam Group and Beximco, as these companies are considered national assets.

“Legal action would be taken against the S Alam Group chairman and other officials for their alleged crimes in the banking sector,” he said while speaking at a press conference at the central bank headquarters in the city.

Mansur said that BB will not shut down companies such as S Alam Group and Beximco.

Newly-appointed Islami Bank Chairman Md Obayed Ullah Al Masud also spoke at the press conference.

In his speech, Masud said Islami Bank has a gap of Tk 200 billion (Tk 20,000 crore) between investments and deposits.

This gap will be mitigated by selling the shares held by the S Alam Group and issuing new shares, he added.

He said S Alam Group has shares worth Tk 16 billion (Tk 1,600 crore) in face value, which have a market price of nearly Tk 100 billion (Tk 10,000 crore).

The remaining Tk 100 billion (Tk 10,000 cr) will be raised through issuing new shares, he added.

He said the bank would approach former foreign shareholders like IFC and Saudi Investor Al Raji group and invite them to invest in it again by January.

Regarding the Islami Bank, Ahsan H Mansur said the inclusion of previous foreign investors will increase the bank’s credibility.