Protest at IFIC Bank calls for Salman F Rahman’s resignation

Beximco Group Vice Chairman Salman F Rahman took control of IFIC Bank after the political changeover in 2009

Former officials of IFIC Bank are holding a protest to demand the removal of Salman F Rahman, IFIC Bank chairman and advisor to Sheikh Hasina, his son Ahmed Shayan Fazlur Rahman, and all directors of the Beximco Group.

Nearly 200 former employees and officials took part in the protest outside the IFIC Bank’s main office in Dhaka.

They demand that those who were appointed ‘illegally’ should be removed from the bank and all those forced to resign since 2013 should be reinstated immediately.

The protesters are also calling for the resignations of Managing Director Syed Mansur Mustafa and bank advisor and former managing director Shah Alam Sarwar. They also called for Sarwar to be brought to ‘justice’.

The protesters say the officials and employees forced to resign through ‘mental pressure’ should be reinstated from the date of their dismissal. Those who are past their retirement age should get their full dues, including promotions and increments.

They also pressed for a number of other demands such as promotions for long-serving officials, abolishing performance bonuses, cancelling rescheduling of loans and waivers for ‘wilful’ defaulters, the removal of the ‘culture of fear’ at the bank and an employee-friendly workplace.

International Finance Investment and Commerce Bank Limited launched in 1976 with the Bangladesh government and private entrepreneurs. In 1983, when the government began to leave banking to the private sector, IFIC Bank went private. Currently, 32.75 percent of the bank’s assets are owned by the government, while the rest are held by directors, entrepreneurs and general investors.

After the political reshuffle in 2009, Beximco Group Vice Chairman Salman F Rahman took control of the bank and became its chairman in 2010. At the time he controlled 30 percent of the bank’s shares.

Salman’s son Shayan is on the bank’s board as a representative of New Dhaka Industries. In May this year, he announced he would buy Tk 38.53 million in shares in the bank.

Sheikh Hasina resigned her premiership and fled to India on Aug 5 in the face of a mass movement. There has been speculation that Salman, her private industry and investment advisor, left the country on the same aircraft.