The central bank on Dec 6 last year removed him following gross irregularities over loan disbursement.
Rahman then secured a stay order from the High Court on the central bank notice.
On Sunday, the Supreme Court’s chamber judge froze the HC order and forwarded the matter to the Appellate Division for hearing.
After gross irregularities in disbursing Tk 7 billion in loans by the NRB Commercial Bank surfaced in 2016, the central bank appointed an observer to the lender.
In March 2017, the central bank served notice on the bank’s chairman and the managing director.
It said the board led by Farasath Ali has failed to protect the interest of the depositors.
Rahman has also failed to perform his duties, the central bank said then. It concluded that the severe forgery and frauds that occurred were criminal offences.
Rahman was then also served with a separate notice, referring to the banking law’s Section 42, which says the central bank can remove top officials, if deemed necessary for the wellbeing of the lender.
NRB Commercial Bank was granted the licence to operate in 2013. Its Chairman Farasath Ali has served as the president of the ruling Awami League’s US chapter.
Rahman joined the bank as its first managing director and CEO and his term was extended last year.
Early in 2017, the Anti-Corruption Commission interrogated the bank’s chairman Ali on allegations of corruption.
The charge against Ali is that he collected premiums on shares sold to investors and showed the funds as investments by him and his family members, which is in effect an embezzlement.
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