Mohammad Mosharraf Hossain Khan: Sheikh Fazle Noor Taposh was the closest person to the autocratic Hasina among the Sheikh family. Sheikh Hasina gifted a bank to Sheikh Fazle Noor Taposh. In 2013, Taposh established Madhumati Bank with his close associates. Since its establishment, Taposh has controlled the bank. Sheikh Salah Uddin Jewel, the son of Sheikh Mujib’s brother Sheikh Nasser, was also made the director of the bank. The most influential member of the Sheikh family, Taposh, fled to Singapore via Dhaka Airport on August 3 before Hasina’s fall. According to various sources, Sheikh Salah Uddin Jewel also fled to India after Sheikh Hasina’s fall. Sheikh Fazle Noor Taposh and Salah Uddin Jewel are still on the board of directors of Madhumati Bank despite being on the run for a long year. This information was found by searching the bank’s website on August 23.
Sheikh Fazle Noor Taposh and Sheikh Salahuddin Jewel Madhumoti are still directors of the bank despite being absconding for a long year. Many concerned have questioned the central bank’s monitoring system in the banking sector. Many have also said that it is quite mysterious that two influential members of the Sheikh family are still in the bank even after being absconding for a long year after Hasina’s fall.
On September 18, 2024, the Banking Regulations and Policies Department of the central bank issued a circular to all managing directors/chief executive officers of scheduled banks regarding the attendance of board of directors’ meetings. BRPD Circular No. 43 states, “Attention is drawn to BRPD Circular Letters No. 09, 26, 34 and 12 issued on March 23, 2020, May 17, 2020, June 30, 2020 and April 26, 2023 respectively. Through the aforementioned circular letters, necessary instructions were given to hold various meetings of the Board of Directors, Executive Committee, Audit Committee and Risk Management Committee of the bank through video conference and hybrid method (some members participating in the meeting directly and the remaining members through video conference) to prevent the outbreak of the coronavirus and subsequently to ensure black money at the bank’s expense and economical use of electricity and energy. At present, as the outbreak of the coronavirus in the country has significantly reduced and the electricity and energy situation in the country has improved, the above circular letters are hereby cancelled in order to keep the regular activities of the bank running properly. This instruction is issued under the power conferred by Section 45 of the Banking Companies Act 21, 1991, which will come into effect immediately.” The circular states. However, the third part of the circular states, “Foreign directors of banks and companies that are not 100% domestically owned will be able to participate in the meetings of the bank’s board of directors and the supporting committees of the board by connecting online.”
Modhumoti Bank is a private scheduled bank established by 100% domestic entrepreneurs. After the issuance of this circular by Bangladesh Bank, some concerned persons of Bangladesh Bank have said that none of the directors of Modhumoti Bank have the opportunity to attend the board meetings “through video conference and hybrid method”. The source further said, “According to the Bank Company Act and Bangladesh Bank policies, if a director does not attend three consecutive meetings or three months, his position becomes vacant. Whichever is longer, it will be effective. This provision, which was suspended during the Corona period, was re-enforced from September 18 after the interim government took office. Accordingly, their positions are supposed to be suspended from January. When we called spokesperson Arif Hossain Khan on his mobile and WhatsApp number to find out what steps the bank has taken in Bangladesh, he did not receive the call.
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