Seven directors quit after SIBL boardroom coup

Weeks after a hostile takeover of Social Islami Bank Ltd or SIBL, seven board members of the lender have resigned.

On Oct 30, The bank's chairman, executive chairman and managing director were replaced following a boardroom coup.

Four independent directors and three sponsor directors resigned on Monday during a board meeting, SIBL Chairman Anwarul Azim Arif said on Tuesday.

"They have resigned citing personal reasons," Arif, who was appointed after last month's takeover, told bdnews24.com.

A senior SIBL official said the four independent directors who resigned, are Abdur Rahman, Abdul Mohit, AFM Asaduzzaman and Muinul Hasan.

The three sponsor directors are Hakim Md Yousuf Harun Bhuiyan, Lily Amin and Afia Begum.

On Monday, SIBL appointed nine members to the board: seven independent directors and two sponsor directors, said the SIBL official asking not to be named.

The names of the new board members are yet to be available.

The takeover followed a tug-of-war over the ownership of SIBL that started in the beginning of this year.

United Group bought around 31 percent shares of the bank at the time and tried to take control by nominating directors for the board.

Failing in its move, the Group stopped buying shares of the bank.

Later, 20 organisations affiliated with S Alam Group bought the shares through block trading. They also bought shares from other sources.

The organisations used in buying SIBL shares are Global Trading Corporation, Leon Securities and Investment, Portman Cement, Modern Properties, Prasad Paradise Resort, Unique Investment and Securities, Hasan Abason, Platinum Endeavours, Dynamic Venture, Reliable Enterprise, Paradise International, Leader Business Enterprise, Pushti Vegetable Ghee, Unitex Steel Mills, and Unitex Cement Limited.    

The firms used Al Amin Centre at Dilkusha in Dhaka and S Alam Bhaban in Chittagong as their addresses.