Social Islami Bank employees demand dissolution of existing board

A group of employees of Social Islami Bank PLC today demanded the dissolution of the bank’s board, which was reportedly controlled by the Chattogram-based S Alam Group.
The officials, who were appointed before S Alam Group took over Social Islami in 2017, placed their demands from a human chain in front of the National Press Club in Dhaka.
At the programme, they alleged that S Alam Group seized control of the bank in 2017 by taking hostage of the then board of directors at gunpoint.
Since then, the group along with its associates and with the direct support of the Awami League government has embezzled thousands of crores from the bank’s stakeholders and laundered the money abroad, the demonstrators alleged.
The employees urged the current interim government to dissolve the existing board and establish a new one, comprised of the bank’s original owners and founding entrepreneurs, in order to free the institution from the grip of the money launderers.