The first joint-venture bank in Bangladesh – AB Bank – is now going through a series of crisis after a corruption case was filed by the Anti-Corruption Commission (ACC) over embezzlement of Tk383cr from the bank between 2011 and 2015. In the absence of the managing director, Deputy Managing Director (DMD) Sajjad Hussain is currently carrying out work as the bank MD. According to the First Investigation Report (FIR) of the case, PTBL was given bank guarantee by the AB Bank, though the telecom company did not put up enough deposit as collateral. Meanwhile, the central bank in its investigation found that the credit disbursement process of AB bank is broken. BB on May 3 appointed Sheikh Mozaffar Hossain, a general manager of the central bank, as an observer to AB Bank to closely monitor the bank’s financial activities.

Source: Dhaka Tribune July 13, 2017 14:15 UTC