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AB Bank chairman resigns; replacement named

AB Bank Ltd. appointed M.A. Awal as chairman to replace M. Wahidul Haque who resigned, bdnews24.com reported Dec. 21.

The move came after the Bangladesh central bank reportedly recommended removal of Haque for his alleged involvement in of money laundering. In addition, Salim Ahmed and Faheemul Huq resigned as vice chairman and director, The Daily Star reported.

Meanwhile, the bank appointed Mostaque Ahmad Chowdhury, Sajir Ahmed and Shirin Sheikh Moinuddin as directors.

The board restructuring came after an investigation by the central bank found that AB Bank allegedly laundered around 1.65 billion Bangladeshi taka to the United Arab Emirates through two questionable organizations.

As of Dec. 21, US$1 was equivalent to 82.71 Bangladeshi taka.