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The central bank of Bangladesh on Tuesday removed the Farmers Bank’s Managing Director (MD) and Chief Executive Officer (CEO) AKM Shameem on charge of his alleged liquidity crunch and loan disbursement bypassing its embargo.
“We’ve removed the Farmers Bank’s MD with imposing a bar from taking employment, directly or indirectly, at any banks for a period of three years,” Subhankar Saha, spokesperson of the Bangladesh Bank (BB), told the FE.
The MD has failed to protect the interest of the depositors, the spokesperson explained.
Mr Saha, also executive director of the Bangladesh Bank, said the central bank has already sent the order to the authorities concerned of the bank for taking necessary action in this connection.
BB Governor Fazle Kabir has issued the order as per recommendations of the central bank standing committee.
The central bank earlier had formed a four-member standing committee, headed by its Deputy Governor Abu Hena Mohd Razee Hassan, to hear the MD's representations regarding his alleged loan disbursement bypassing its embargo and liquidity problem of the fourth-generation private commercial bank.