Ex-Sonali Director puts scam onus on management

Dhaka, Sep 26 (A former member of the Sonali Bank's Board of Directors on Wednesday alleged that the bank's management was responsible for the Hallmark scam.
"The Board of Directors on Jan 2, 2011 had issued an order banning issue of Inland Bill Purchase (IBP)," Shubhash Shingha Rai told journalists after facing Anti Corruption Commission grilling from 10am. "Hallmark group was given the loan violating that order".
The Board of Directors decided on its course of action based on information given by the management, he said.
"We have no control over this matter. Our policies are formulated on their information."
The former Sonali Bank Director also alleged that the bank's management had 'misguided' the Board.
According to him, the bank classifies loans into three categories – low-risk, medium-risk and high-risk. "I have no idea how the management classified Hallmark Group into the low-risk category."
"It is being claimed that they were given the loan legally. Then where is the loan's letter of approval," the former Director questioned.
Terming the management authorities as 'enemies' of the government, Rai said, "They should be identified."
ACC's Public Relations Officer Pranab Kumar Bhattachrya said the watchdog also called five other members of the Sonali Bank Board of Directors.
They are Jannat Ara Henry, SM Naim, KM Zaman Romel, Shatyendra Chandra Bhakta and Mohammad Anwar Shahid.
A six-strong probe led by ACC Deputy Director Mir Joynul Abedin Shibli questioned the bank directors.
The state-owned commercial bank's branch at the Ruposhi Bangla Hotel had given out about Tk 36 billion – just below 2 percent of the national budget – to textile firm Hallmark Group and other dubious organisations with no notable collaterals. Hallmark Group alone took Tk 27 billion out of the total loan.
Bank authorities on Aug 30 suspended two general managers and 18 other officials for granting loan to the Group in breach of rules.
The bank has also asked the Group to return the credit money.