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16 December, 2019 00:00 00 AM

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AB Bank sues former officials for fraudulent transfer of funds

STAFF REPORTER, Dhaka

AB Bank filed a case in the court of the 1st Joint District Judge, Dhaka on November 20 against a number of former officials and other parties involved in illegal transfers totaling 20 million US dollars to a commercial bank in Dubai, the bank said yesterday in a press statement.

It is alleged that in 2013 the then Board of Directors of AB Bank approved a Wakala agreement, whereby AB would provide 20 million US dollars to a Singapore financial intermediary as security and in return the AB Bank was to receive 80 million US dollars as a loan.

In breach of the terms of the agreement, the 20 million US dollars was not transferred to the Singapore entity but was transferred into the account of an unconnected offshore company in Dubai with the UAE Bank.

One senior official was supposed to be nominated by AB Bank as the authorised joint signatory on the beneficiary account before the transfer of USD 20 million. This was not done and as a result the USD 20 million was withdrawn without the knowledge of AB Bank.

It has been alleged that the defendants of this case were parties to a conspiracy to defraud AB Bank of USD 20 million and for which the bank officials did not comply with proper internal procedures and failed to keep proper records, the statement added.

AB Bank is represented by team of lawyers from A Hossain and associates, Dhaka, led by Barrister Ajmalul Hossain QC, senior advocate, assisted by Barrister Abul Qashem.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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