The central bank has removed from IFIC Bank’s board Mohammad Lutfar Rahman Badal who has had a phenomenal rise in personal wealth. A Bangladesh Bank order to this effect was sent to the IFIC Bank’s chairman and company secretary on Thursday. The stockbroker was the chairman of the private bank’s Executive Committee and Risk Management Committee. Beximco Group’s Vice Chairman Salman F Rahman is the bank’s chairman. Bangladesh Bank said Governor Atiur Rahman ordered the dismissal of Badal going by the report of a permanent committee formed as per Section 48 (1) of Bank Company Act 1991. Badal is an influential partner of NTV and RTV established under the ownership of BNP leader Mosaddek Ali Falu. He is alleged to have backed acts of sabotage during the agitation against the Awami League government. The central bank said initial police investigation had found charges of providing funds to create political instability and sabotage. Badal could not be arrested as he was abroad. Mohammad Lutfar Rahman. Photo taken from IFIC Bank’s website The government holds 32.75 percent stake in the bank, the directors and sponsors have 11.31 percent and the rest of the share is public. A graduate from Dhaka City College, Badal did his Master’s in Accounting from the Dhaka University. He owns brokerage house Latif Securities and institutional investor New England Equity. He has been tied to stock market manipulation on many occasions. The committee led by Khondaker Ibrahim Khaled that investigated the capital market meltdown two years ago had recommended further inquiry against several people, including Badal. He is involved with Mohammedan Sporting Club and several other sport organisations. As the owner of ‘Legends of Rupganj’ club in the Dhaka Premier League, he had touched off controversy with remarks about the Bangladesh Cricket Board president last year, leading to him being banned for life from cricket by the BCB. Badal first sat on the board on Apr 29, 2006 and rose to the post of chairman during the rule of the 2007-8 military-backed government. He was reappointed to the board on Jul 11, 2012. –bdnews24.com
