Staff Reporter :
For filing a fraudulent writ petition with the intention of obstructing the ongoing reform process of United Commercial Bank PLC (UCB), a petitioner group led by Bashir Ahmed, M.A. Sabur, and Russell Aziz has been fined Tk 15 lakh by the court.
Bangladesh Bank dissolved UCB’s Board of Directors in September 2024, which was led by former Land Minister Saifuzzaman Chowdhury and his associates.
Recently, in a case filed by the Anti-Corruption Commission (ACC), the court also ordered the seizure of shares belonging to 23 individuals of this group. Later, in July, a faction of this same group, claiming to hold more than 10 percent shares of the bank and invoking Section 233 of the Companies Act, 1994, filed a petition challenging the reconstitution of the board, the Annual General Meeting (AGM), and related agendas.
The petition was signed by Bashir Ahmed, M.A. Sabur, Shawkat Aziz Russell, Ahmed Arif Billah, Sujan Chandra Nath, and Bazlul Ahmed Babul.
Initially, based on the petitioners’ appeal, the High Court’s company bench issued an order suspending the AGM. However, the Chamber Judge of the Appellate Division later allowed the AGM to take place, and it was duly held.
Recently, UCB’s lawyer Advocate Saifuzzaman (Supreme Court) revealed that some of the petitioners were not even in the country at the time, yet they submitted affidavits as though they had been present in person.
This was deemed an attempt to deceive the Commissioner of Oaths and the court. The bank alleged that false information had been provided to show minimum shareholding eligibility, with the deliberate aim of obstructing UCB’s reform process.
UCB’s senior lawyers argued that such conduct by the petitioners amounted to fraud and was a clear attempt to disrupt the bank’s restructuring efforts. At present, UCB is undergoing reforms to restore depositors’ confidence and strengthen financial stability. As a result, in just the first eight months of this year, the bank achieved a net deposit growth of over Tk 9,500 crore and opened more than 450,000 new accounts – a record.
In its ruling, the court not only imposed a Tk 15 lakh fine but also prohibited the petitioners from filing new cases on the same matter. Out of the fine, Tk 12 lakh must be paid to UCB, while Tk 3 lakh must be deposited with the Supreme Court’s Registrar General and the Marshal’s Office.
As a consequence of the ruling, Bashir Ahmed and his associates will not only bear a hefty financial penalty but also suffer severe damage to their reputations. Analysts say this verdict sends a strong message across the banking sector – any attempt to obstruct reform processes will now face strict scrutiny from the courts, and those responsible will be punished.
