NRB Commercial Bank fires chairman

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NRB Commercial Bank

MNA Business Desk: The NRB Commercial Bank has fired Farasath Ali as its chairman in a major shake-up of the board of directors after Bangladesh Bank flagged it for gross irregularities in releasing loans.

NRBC Bank Director Tamal SM Parvez has been elected as the replacement of Farasath Ali, following an emergency Board meeting of the bank held in Dhaka’s Gulshan area.

The board also issued a three-month leave for the bank’s managing director Dewan Mujibur Rahman, who was removed by Bangladesh Bank under Section 46 of Bank Company Act.

The High Court on Thursday stayed a Bangladesh Bank order firing Mujibur.

As part of the drastic reforms, the board on Sunday also removed Vice Chairman Toufique Rahman Chowdhury, Executive Committee Chairman Mohammed Manzurul Islam, Audit Committee Chairman Nurun Nabi, and Risk Management Committee Chairman Syed Munsif Ali.