Dhaka, Bangladesh (BBN)- Social Islami Bank Limited (SIBL), a local Islamic Bank, has filed suit in the court of the 5th joint District Judge, Dhaka seeking the court’s intervention to de-list 3 Jeddah-based entities, International Islamic Relief Organization, Islamic Charitable Society and Mr Shahir A. R. Battarjee from the shareholder register of the Bank.
US Senate in a recent inquiry exposed British bank HSBC’s failure to control flows of suspected funds into USA through HSBC’s network.
The report also mentioned 2 Jeddah-based organizations, International Islamic Relief Organization, Islamic Charitable Society who incidentally held some shares of Social Islami Bank Limited which they subscribed at the time of setting up the Bank in 1995 are under UN and OFAC sanction as now revealed.
Lately, another name of such a shareholder Mr. Shahir A.R.Batterjee of Jeddah who also held some shares of the Bank purchased at the time of setting up the Bank in 1995 came to the notice of the management of the Bank.
Although the Bank had no connection, whatsoever, with these entities from the very beginning, the bank in its efforts to clean its share holding register from such conspicuous share holders under UN and OFAC sanction has already filed suit in the court of the 5th joint District Judge, Dhaka seeking the honorable court’s intervention to de-list these three entities from the share holding register of the Bank.
Upon selling of the shares of these three entities the proceeds of the sale shall be deposited to any escrow account or as would be decided by the honorable court.
The SIBL reiterates that the bank shall, in no way, entertain any kind of business or any relations with any entities, organizations whatsoever having sanctioned under UN or OFAC of USA.
“Moreover, SIBL is always committed to comply with all international and local regulations, policies and standard practices specially anti money laundering rules globally in force,” the bank said in a statement.
BBN/SSR/SI-01Aug12-6:30 am (BST)
