Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has appointed two senior lawyers to move for vacating the High Court’s order which had stayed the central bank’s directive to realise fine from the Farmers Bank Limited (FBL).
The lawyers are Ajmalul Hossain QC and Mahbubey Alam, Attorney-General, according to the officials said.
The Bangladesh Bank (BB) has appointed the senior lawyers to deal with the writ petition, filed by the fourth generation private commercial bank (PCB), challenging the central bank order for paying BDT 1.0 million for its alleged irregularities, a BB official told BBN in Dhaka.
The central banker also said that the BB has imposed the fine on the PCB as per provision of the existing Banking Companies Act.
On January 11, the FBL management filed the writ petition seeking stay order from the High Court on the central bank instruction slapping such fines.
The HC has stayed the BB order for four months in response to the petition filed by the Farmers Bank.
The central bank also appointed an observer on January 13 to the FBL for improving the bank’s financial health through strengthening monitoring and supervision of its operations.
The BB’s latest measure came on detection of irregularities in sanctioning and disbursing loans and hiding information on non-performing loans amounting to around Tk 4.0 billion in the FBL.
Three central bank investigation teams had found the irregularities in inspections of the bank’s Gulshan, Motijheel and Shyampur branches in Dhaka between September and November 2015.