40 UCB officials forced to resign

United Commercial Bank (UCB) has forced 40 officials, including an additional managing director (AMD), a deputy managing director (DMD) and five general managers, to resign.

The bank's management body asked them to resign last Thursday.

Another 150 or so officials have been listed, who are likely to resign or be terminated, officials of the bank informed to The Daily Star on seeking anonymity.

After the fall of the Sheikh Hasina-led government last August, Bangladesh Bank dissolved the bank's board of directors, which was allegedly dominated by former land minister Saifuzzaman, and formed a new one.

Over the years, Saifuzzaman has allegedly influenced various activities at the bank, including approval of loans, according to the insiders.

One of the officials who had resigned told this newspaper that the management body had sought the resignation on Thursday, warning that the bank would otherwise go for job terminations.

The list of officials who will end up being forced to resign will get longer, the official said, adding that many of these officials were not involved in any irregularities.

"Some of them were sent on compulsory leave, but others were not sacked despite being involved in irregularities," said the official.

The bank's communication department, on behalf of Mohammad Mamdudur Rashid, managing director and CEO, told The Daily Star that the new board and management body found proof of the 40 being involved in various irregularities and anomalies.

Once audits are complete, more officials will be sacked or forced to resign, added the department.

Contacted, the bank's new chairman, Sharif Zahir, did not agree to comment on the matter.

The Daily Star could not immediately reach Saifuzzaman for comment.