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Bangladesh Bank has instructed the removal of SM Intekhab Alam as the chief executive officer of non-bank financial institution Phoenix Finance and Investment over alleged ‘involvement’ in loan disbursement irregularities.
Following the instructions from the central bank’s Financial Institution and Markets department, Intekhab was ‘temporarily suspended’ on Thursday. Another CEO is to be appointed to take his place, reports bdnews24.com.
The letter stated that, due to Intekhab's "involvement" in activities against the interests of institutions and depositors, including loan irregularities, he is suspended and attached to the Human Resources Department.
Intekhab's three-year contract for his fourth term as CEO of Phoenix Finance was to expire on Dec 31.
As the letter was issued on Thursday, the officials of the financial institution will receive that letter next Sunday. It will bring an end to Intekhab's 16-year career as CEO of Phoenix Finance.