Home ›› 27 Aug 2022 ›› Front
Moazzam Hossain and his son Mabroor Hossain are being removed from the board of directors of National bank after failing to be re-elected at the bank’s 39th AGM.
The AGM was held virtually on Thursday afternoon. Re-election was held on the same day after directors Ron Haque Sikder, Moazzam Hossain and Mabroor Hossain’s terms expired.
The election was held virtually. Shareholders of the bank were given the opportunity to vote online 24 hours before the start of the meeting. 754 shareholders participated in it.
Ron Haque Sikder was re-elected, while the other two were not. As a result, they are to be removed from the board.
Both Moazzam Hossain and Mabroor Hossain are directors of the Hosaf group. Moazzam is the founder of the Hosaf group and also the former chairman of the National Bank.
The non-election of Moazzam Hossain and Mabroor Hossain reduced the dominance of directors from outside the Sikder family in the bank.
After the death of National Bank Chairman Zainul Haque Sikder, his wife Monowara Sikder became the next chairman. Their daughter Parveen Haque Sikder and two sons Rick Haque Sikder and Ron Haque Sikder are also on the board of directors. The bank is now facing several crises due to credit card irregularities and high non-performing loans. Bangladesh Bank has recently signed an agreement to improve the financial health of the bank. At the end of June, the amount of defaulted loans of National Bank stood at Tk 9,394.29 crores, which is 23.24 per cent of the disbursed loans.
