The episode of delinquency stems from his loans from Standard Bank. The loans borrowed from Standard Bank on behalf of HRC Shipping Lines, a unit of HRC Group, have amounted to about Tk 1.21 billion, including interests, as of Jan 6. Chowdhury is the chairman and chief executive officer of HRC Group, a sprawling conglomerate. “The letter instructing the removal of Sayeed Hossain Chowdhury was handed to the managing director and the board of directors of the bank on Sunday,” the Bangladesh Bank spokesman said on Monday. “Loan defaults led to the cancellation of directorship at the bank, so being the chairman is out of the question,” Islam added.

Source: bd News24 July 06, 2020 11:15 UTC