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Bangladesh Bank removes Farmers Bank managing director over irregularities

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Bangladesh Bank removes Farmers Bank managing director over irregularities

Bangladesh's central bank removed A. K. M. Shameem as managing director of Farmers Bank Ltd., The Daily Star reported Dec. 19, citing executive director Subhankar Saha.

A letter sent to the lender from Bangladesh Bank said the decision to fire Shameem was because it determined that he failed to maintain the rules of the central bank and manage the liquidity of Farmers Bank.

The letter added that Shameem cannot serve as managing director of any bank over the next three years, Saha added.

In November, the central bank ordered the lender to remove Shameem from his post after the company was found to have irregularities, including the disbursement of loans to nonexistent companies.

The move comes after Muhiuddin Khan Alamgir stepped down as Farmers Bank chairman owing to his alleged involvement in fraudulent financial schemes. Earlier this month, the central bank also banned certain former Farmers bank directors from raising their stakes in the lender.