Appointment of MDs of three state-owned banks canceled
Graphics: Agamir Somoy
The government has given its consent to cancel the remaining term of the contractual appointments of the Managing Directors (MDs) and Chief Executive Officers (CEOs) of state-owned Sonali Bank, Janata Bank, and Rupali Bank PLC. The officials are Sonali Bank MD Shawkat Ali Khan, Janata Bank MD Md. Mujibur Rahman, and Rupali Bank MD Kazi Md. Wahidul Islam.
Separate letters in this regard were issued on Monday by the Financial Institutions Division of the Ministry of Finance.
A memo issued by the Financial Institutions Division of the Ministry of Finance on October 19 said that the government has conveyed its consent to cancel the remaining duration of the contractual appointment executed between Sonali Bank PLC's Managing Director and Chief Executive Officer Md. Shawkat Ali Khan and the bank's Board of Directors.
The letter further requested that necessary statutory actions be taken to cancel the remaining period of his contractual appointment in accordance with the Bank Company Act and the agreement executed with the Board of Directors. Signed by Deputy Secretary of the Financial Institutions Division Afroza Jinat Jiba, the letter was sent to the Chairman of the Board of Directors of Sonali Bank PLC.
A letter from the State-Owned Commercial Bank-1 branch of the Financial Institutions Division said that the government's recommendation and consent have been provided regarding the cancellation of the remaining period of the contractual appointment executed between Janata Bank PLC's Managing Director and Chief Executive Officer Md. Mujibur Rahman and its Board of Directors.
Similarly, the government's consent has also been conveyed regarding the cancellation of the remaining term of the contractual appointment of Rupali Bank PLC's Managing Director and Chief Executive Officer Kazi Md. Wahidul Islam.
The letters further said that subsequent statutory steps must be taken to cancel the remaining tenure of their appointments as per the Bank Company Act and the agreement executed with the respective Board of Directors.
In both letters, the Chairmen of the respective banks' Boards of Directors were requested to take necessary measures. However, the letters did not mention any reasons behind the decision to cancel the remaining terms of the two banks' MDs or any information regarding the subsequent appointment of new managing directors.
