Farmers Bank Chairman MK Alamgir resigns

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Muhiuddin Khan Alamgir has resigned as chairman of troubled Farmers Bank Limited.

Alamgir, chairman and Md Mahabubul Haque Chisty, chairman of the audit committee, were forced to resign from the bank’s board of directors.

Bangladesh Bank confirmed the resignation of Alamgir in a media statement on Monday.

The BB also took actions against the bank’s Managing Director AKM Shameem for his ‘failure to perform duty and violating the central bank’s orders’.

The Executive Committee, Audit Committee and Risk Management Committee of the bank have been reformed.

Last week, the central bank asked Muhiuddin and Mahabubul to resign from their post due to their alleged involvement in financial scams.

The BB would have removed them from the board in line with Banking Company Act 1991 if they did not resign willingly.

In a statement released on Monday night, the BB said that, restructuring of the board of directors would help the bank restore confidence of the depositors who have been withdrawing their funds seeing the deteriorating conditions of the bank.

After the resignation of Muhiuddin and Mahabubul the board of the bank made Mohammad Masud and Maruf Alam chairman and vice chairman respectively.

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