High Court stays Bangladesh Bank order removing NRB Commercial Bank MD

The High Court has stayed the Bangladesh Bank order that sacked Managing Director and CEO Dewan Mujibur Rahman of the NRB Commercial Bank.

Staff Correspondentbdnews24.com
Published : 7 Dec 2017, 06:21 PM
Updated : 7 Dec 2017, 06:21 PM

In a rule on Thursday, the court also asked why the order would not declared illegal.

The bench of Justice Syed Muhammad Dastagir Husain and Justice Md Ataur Rahman Khan issued the stay order and the rule after hearing a writ petition. Mujibur challenged the legitimacy of the order on his removal in the petition.

The central bank issued the order removing him on Wednesday citing the powers it has under Section 46 (1) of the Banking Companies Act.

At the hearing, Barrister Rokanuddin Mahmud stood for the petitioner while Hamida Chowdhury assisted him. Deputy Attorney General Amit Talukder represented the State.

Amit told bdnews24.com the Bangladesh Bank is one of the respondents of the rule.

Hamida said Mujibur would be able to continue as the MD and CEO of the bank following the High Court order.

After gross irregularities over disbursing Tk 7 billion in loans by the NRB Commercial Bank surfaced last year, the central bank appointed an observer for the lender.

In March this year, the central bank served a notice on the bank’s chairman and managing director.

It said the board led by Farasath Ali has failed to protect the interest of the depositors.

Managing Director Mujibur has also failed to perform his duties, the central bank said then. It concluded the severe forgery and frauds that had occurred were criminal offences.