NRBC Bank sacks chairman, sends MD on forced leave

The NRB Commercial Bank has fired Farasath Ali as its chairman in a major shake-up of the board of directors after Bangladesh Bank flagged it for gross irregularities in releasing loans.
Tamal SM Parvez, the new chairman of the bank, told bdnews24.com on Sunday that the board of directors also forced Managing Director and CEO Dewan Mujibur Rahman to go on leave for three months.
Deputy MD Kazi Md Talha has been tasked with accomplishing the job of Mujibur.
Tamal said the changes were brought to 'save the bank's image'.
"We want the bank to do well. But it's impossible to do so without the central bank's help," he added.
Tamal SM Parvez and Kazi Md Talha
Tamal SM Parvez and Kazi Md Talha
He also said MD Mujibur was sent on leave instead of being removed due to legal complexities.
The High Court on Thursday stayed a Bangladesh Bank order firing Mujibur.
As part of the drastic reforms, the board on Sunday also removed Vice Chairman Toufique Rahman Chowdhury, Executive Committee Chairman Mohammed Manzurul Islam, Audit Committee Chairman Nurun Nabi, and Risk Management Committee Chairman Syed Munsif Ali.
New Chairman Parvez said the decisions were taken at a meeting attended by most members of the old and new boards at the bank's Dhaka headquarters.     -bdnews24.com