I was forced to sign resignation letter: Ex-Islami Bank MD Abdul Mannan

Chattogram-based controversial conglomerate S Alam Group took over the private sector Islami Bank on 5 January 2017. Several officials of the Directorate General of Forces Intelligence (DGFI) picked up the then-managing director of Islami Bank Limited Bangladesh Abdul Mannan from his residence and took him to the DGFI office in the capital’s Kachukhet in the early hours of that day. The bank’s chairman and vice chairman were also picked up from their houses in a similar fashion. After that, Mohammad Saiful Alam of S Alam Group took their signature forcefully and took over the bank.

MD Abdul Mannan claimed he was forced to sign the resignation letter on an unused pad of the Islami Bank on that day. He said the paper I was forced to sign was a pad of the Islami Bank, but Islami Bank never used this pad till 2024 since its inception in 1984, but my resignation was taken on such a pad.

Abdul Mannan made these remarks at a webinar on ‘Addressing takeover in banking sector: Will the adversity go away?’ organised by the Forum for Bangladesh Studies on Friday. Journalist Monir Haidar moderated the event.

The former managing director of Islami Bank said officials at Bangladesh Bank were at the office till late night on 5 January 2017 and they worked to complete the change in the bank ownership within that day. How this could happen in the country’s banking sector, which is the heart of the country’s economy? Bangladesh Bank changed many decisions upon receiving the phone calls of S Alam Group for the next couple of years. Actions should be taken against these so that none dare do so in future.

Saying that he returned home after seven years, Abdul Mannan added, “While I had been abroad, several journalists from Bangladesh contacted me, but I did not speak because I did not feel safe. I was in fear. I did not think I would breathe in Bangladesh again. I think I have the freedom to speak now, but perhaps I will take time to overcome that fear. I might need more time to breathe in open air.”

Addressing the event, Shushasoner Jonno Nagorik's (SHUJAN) secretary Badiul Alam Majumder said ruined and rotten politics are responsible is the major reasons for fraudulence and criminalisation in the banking and finance sector. “Politics works for group interests instead of people’s welfare Political reasons and politicians’ orders were behind the takeover of Islami Bank. The former president directed S Alam to take over the Islami Bank as their representative. So, nothing will be fixed unless politics becomes for the welfare of the people.”

The past government orchestrated an election in 2014 to stay in power, and they followed a practice of takeover later as no fair election was held, Badiul Alam Majumder said adding that the past government created crony groups, who have taken over various financial institutions.

If politics is not fixed, right leadership cannot be brought forward through fair elections, situations will not improve. Otherwise, problems might be solved, but they would not be sustained, he added.

Mamun Rashid, chairman of Financial Excellence, Rashed Al Mahmud Titumir, professor of Development Studies at Dhaka University, and Md Mizanur Rahman, adjunct professor of Manarat International University, also spoke at the webinar.