Government banks and institutions own 51 percent shares of the bank. However, the entire control of this bank is in the hands of the controversial industrial group S Alam Group. This group has also appointed chairman and managing director in the bank showing its power. 1 thousand 300 crores of the bank is stuck with the banks and financial institutions owned by them. This is the situation of Bangladesh Commerce Bank.
It is known that S Alam Group did not take direct loan from Commerce Bank. Commerce Bank has deposited money in other banks owned by them. S Alam Group took money anonymously from those banks. 610 crores of Commerce Bank has been trapped in this. Apart from this, 700 crore rupees are stuck in the financial institutions of S Alam and Prashant Kumar (PK) Halder. Commerce Bank is not getting these money back even after the specified time. Most investments do not even earn interest.
Meanwhile, S Alam Group did not stop with taking money from Commerce Bank to other banks, they also employed around 600 manpower in the bank. Most of them belong to group chairman Saiful Alam’s Patia area of Chittagong. Overall, the activities of this semi-government bank have stopped.
How to own S Alam
Public sector banks and the government own 51 percent of the shares of Bangladesh Commerce Bank. Most of the rest of the shares were before 2016 with Abdul Mannan, MD of MGH Group and Anwar Group. In 2016, S Alam Group of Chittagong bought these shares anonymously. After that, they took full control of the bank by appointing the chairman and managing director (MD) of their choice. Currently Rashid Ahmed Chowdhury is the chairman of the bank on behalf of S Alam Group, he is associated with a private university in Chittagong. And MD Tajul Islam was previously Deputy Managing Director of Janata Bank. S Alam Group has a loan of about 11 thousand crore rupees in Janata Bank, it is said that S Alam Group’s relationship with Tajul Islam is based on that.
In 2016, Commerce Bank had about 400 employees, which has increased to 1,000. New branches, sub-branches and bill collection booths have been introduced for the appointment of these officers.
The defunct Bangladesh Commerce and Investment Limited (BCIL) was established on January 27, 1986 as a non-banking financial institution. Later, as a Scheduled Bank, it started operations in 1999 under the name of Bangladesh Commerce Bank.
S Alam Group has withdrawn money through other means instead of taking money directly from Commerce Bank.
Commerce Bank keeps deposits of about Tk 615 crore in various banks controlled by S Alam Group. They take that money anonymously. As a result, 230 crore rupees in Islami Bank, 140 crore rupees in Union Bank, and about 100 crore rupees in Social Islami Bank have been blocked by Commerce Bank. The rest of the money is stuck in First Security Islami Bank and Global Islami Bank.
In this way, 700 crore rupees are stuck in financial institutions. Out of this, 290 crore rupees are stuck in Aviva Finance. Saiful Islam himself is the Chairman of Aviva Finance. Apart from this, 154 crores in People’s Leasing owned by PK Haldar, 147 crores in International Leasing, 71 crores in Bangladesh Industries and Finance Company, 20 crores in FAS Finance, 8 crores in Premier Leasing and 9 crores in First Lease Finance.
When money was deposited in these banks and financial institutions, the MD of Commerce Bank was Tajul Islam, and the chairman was Rashid Ahmed Chowdhury. They called both of them on Saturday but they did not respond. MD is not going to the bank after the fall of Sheikh Hasina government. The angry officials of the bank have already forced the resignation of DMD Abdul Quader on various demands including the remedy of irregularities.
When asked, Bangladesh Bank’s former Chief Economist Mustafa K Mujeri told Prothom Alo that it is clearly understood here that their own banks and financial institutions have been used instead of taking money through direct irregularities. This money is not coming back for this. The chairman and MD of the bank cannot avoid this responsibility. Bangladesh Bank should look into the bank quickly. It is also necessary to investigate why the government and the government institutions that own this bank were inactive. Had they had control, the bank would not have suffered this fate. Those involved in corruption should be punished, so that no one can do such misdeeds in the future.