Ahmed Shayan Fazlur Rahman, son of Salman F Rahman, lost directorship at IFIC Bank due to loan defaulting.
The Bangladesh Bank on August 11 sent a letter to the managing director of IFIC Bank, giving the instruction.
The BB refused to reappoint Shayan as a director to the bank as he was defaulted on a loan taken in the name of Esses Fashions Limited from IFIC Bank, said the letter.
Esses Fashions Limited is the related company of Shayan, it said.
According to BB findings, the company failed to pay about $24.4 million of EDF loans.
Therefore, it rejected application of re-appointing Shayan as director to the bank, citing Section 15 of Bank Company Act 1991.
Earlier on June 27, the board of directors of IFIC Bank requested Shayan鈥檚 re-appointment during the bank鈥檚 47th annual general meeting.
Shayan鈥檚 father Salman F Rahman is the chairman of IFIC Bank.
Salman was the private industry and investment adviser to former prime minister Sheikh Hasina.
Awami League president Sheikh Hasina resigned as prime minister and fled to India on August 5 amid a mass uprising spearheaded by students.
