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Published : 29 Oct 2015, 04:31 PM
A Bangladesh Bank order to this effect was sent to the IFIC Bank’s chairman and company secretary on Thursday.
The stockbroker was the chairman of the bank’s Executive Committee and Risk Management Committee. Beximco Group’s Vice Chairman Salman F Rahman is the bank’s chairman.
Bangladesh Bank said Governor Atiur Rahman ordered the dismissal of Badal going by the report of a permanent committee formed as per Section 48 (1) of Bank Company Act 1991.
Badal was a co-owner of NTV and RTV established by BNP leader Mosaddek Ali Falu. RTV's ownership later changed during the 2007-8 military-controlled emergency government.
He is alleged to have backed acts of sabotage during the agitation against the Awami League government.
The central bank cited his continual absence from board meetings and his name coming up during police probe as the reason for the dismissal.
The financial market regulator said initial police investigation had found charges of providing funds to create political instability and unleash sabotage.
Badal could not be arrested as he was a fugitive abroad, it said.
The government holds 32.75 percent stake in the bank, the directors and sponsors have 11.31 percent and the rest of the share is public.
A graduate from Dhaka City College, Badal did his Master’s in Accounting from the Dhaka University in 1993. He is believed to have made huge fortunes by breaking into the stock trading under the tutelage of Falu.
Mohammad Lutfar Rahman. Photo taken from IFIC Bank's website
He owns brokerage house Latif Securities and institutional investor New England Equity.
His name surfaced on many occasions for suspected ties to stock market manipulation. The committee led by Khondaker Ibrahim Khaled that investigated the capital market meltdown two years ago had recommended further inquiry against several people, including Badal.
Badal first sat on the board on Apr 29, 2006 and rose to the post of chairman during the rule of the 2007-8 military-backed government. He was reappointed to the board on Jul 11, 2012.
He had 2,57,83,416 shares in the IFIC Bank, according to Jun 30, 2015 information – the latest being available.
Each share of the bank was traded at Tk 21.30 on Dhaka Stock Exchange on Thursday, and it means Badal has nearly Tk 550 million worth of shares in the bank.
He is involved with Mohammedan Sporting Club and several other sport organisations.
Badal is no stranger to the twists of fate.
As the owner of ‘Legends of Rupganj’ club in the Dhaka Premier League, he had touched off controversy by remarking about the Bangladesh Cricket Board president last year. It led him to be banned for life from cricket by the BCB.
