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Century old Jubilee Bank in Kushtia disarray

Sttaf Correspondent - March 13th, 2012

Police arrested a manager of a bank for his alleged helpi to misappropriate Tk. 60 lakh to the chairman of the bank.
Police said they arrested manager of Jubilee Bank Nazrul Islam on Sunday noon after an investigation directed by a judicial magistrate court in Kushtia.
Jubilee Bank with only unit of banking has been carrying out operation in the country in last 99 years since 1913. The bank was established in Khoksa upazila in Kushtia.
Police said Managing Director (MD) of the bank Jahangir Alam filed a case with the court on March 7 accusing four persons including the bank chairman one director, manager and a staff alleging that they in collaboration embezzled Tk. 60 lakh during June 2010 to December 2011 from the bank.
The other accused are the Bank chairman Barrister Md. Biplob Islam Munshi and director Md. Moniruzzaman and a staff Tipu Sultan.
Over the case, the court on same day ordered Khoksa police station to take step after investigation. Earlier on February 28, MD of the bank Jahanir filed General Dairy (GD) with Khoksa police station against the four persons.
On Monday a bail prayer was filed to the court in favour of the accused. But the court denied the bail prayer and fixed March 18 for next hearing.
According to sources, Jubilee Bank started its operation in 1913 in a remote Khoksa upazila in Kushtia district as a Cooperative Bank.  A few local businessmen were the investors. The bank took license from Bangladesh Bank in 1984 and started its business as a commercial bank.
One Mia Abdur Rashid was elected chairman of the bank. Holding 51% of the total share of the bank, Rashid was chairman in the bank till 1998. After his death, his grand son Barrister MBI Munshi was elected chairman in 2002. Munshi again was elected chairman in 2008.
Meanwhile, 11 directors of the bank in a meeting held on January 18 formed a new bank broad of directors by passing the present chairman MBI Munshi. One Khairul Hasan was made chairman, Rafiqul Islam as 1st Vice-chairman and Md. Hasan as 2nd vice-chairman.
Jahangr Alam alleged that as per the rules of Bangladesh Bank the present chairman has to resign from his post through Annual General meeting. But Munshi did not resign when the AGM was held in December 24, 2009 and he left the meeting.
“So he was not legal chairman of the bank since December 24, 2009 and the directors made new chairman on the meeting held on January 18,” he said.
When contacted Munshi alleged that the 11 persons claimed as directors were ‘fake’. Even they have not enough shares to be as directors.
Over the issue, MBI Munshi filed e several general dairies (GD) with Paltan police station and filed three separate cases with a Dhaka court. The cases are under trail.
After occupying the bank, the new ‘board of directors’ sent several letters to Bangladesh Bank and other two banks——Marcentile Bank and Sonali Bank asking to freeze all transactions of Jubilee Bank.
Over the issue, Munshi suspended the MD Jahangir Alam and wrote the matter to Bangladesh Bank (BB). In response, the BB in a letter issued by Deputy Director Mofizur Rahman Khan Choudhury declared all activities of MD Jahangir Alam illegal and ordered Jubilee Bank authority to take legal action against the MD.
“But I did not take any action against him. I just asked to him leave the bank,” said Munshi.
Now the bank has about 2.30 lakh shares. The subscribers of the bank are now in frustration as all transactions of the bank are stopped.
Munshi asked the higher authority to take immediate step to save the bank.