Farmers Bank can seek Bangladesh Bank review over fine, says Supreme Court

Farmers Bank can move the Bangladesh Bank for a review of the decision to slap a Tk 1 million fine for concealing loan disbursement information, says the Supreme Court.

According to the laws, the bank now has 14 days to file a review plea with the central bank.

Thursday’s order by the top court means it is the central bank, which will now decide whether the Farmer's bank has to pay the fine.

Farmers Bank was launched just two and a half years ago with former home minister and Awami League MP Mahiuddin Khan Alamgir as the main sponsor.

Alamgir is the chairman of the bank's 21-member board of directors, having replaced his wife.

The central bank has brought it under strict surveillance and appointed an observer following irregularities relating to Tk 4 billion.

On Jan 3, the Bangladesh Bank fined Farmers Bank for concealing information on loans given to six organisations and instructed to pay it within ten days.

Following a petition by the bank, the High Court on Jan 11 stayed the order for four months.

It also issued a rule asking why the decision to impose fine will not be declared illegal.

The State then moved the Supreme Court’s chamber judge on Jan 25, who forwarded the matter to regular appeals bench.

The four-member appeals bench led by the chief justice heard the matter on Thursday and resolved the State’s plea as well as the High Court’s rule.

A counsel for Farmers Bank told bdnews24.com that they will file a review petition with the Bangladesh Bank by the next 14 days.