Officials and employees of the privately-owned First Security Islami Bank staged a protest in front of the residence of S Alam Group鈥檚 owner in Chattogram, demanding repayment of Tk 35,000 crore.
On Tuesday morning, the demonstration took place in the Sugandha residential area under the Panchlaish police station in the city.
Over 100 employees from 12 branches of the bank in the Chattogram region participated in the protest.
Md Mustafa Kamal, senior vice-president and manager of the bank鈥檚 Khatunganj branch, who joined the demonstration, said that the bank鈥檚 total investment in various business sectors amounted to Tk 65,000 crore. Of this, Tk 45,000 crore is tied to S Alam Group, with the Chattogram-based branches owed Tk 35,000 crore, he said.
Explaining the decision to invest such a significant amount in a single corporate group, Md Mustafa said, 鈥榃e were compelled by the circumstances at the time. The context then was very different from the current scenario.鈥�
He further said, 鈥極ur bank is facing a liquidity crisis because S Alam Group has failed to repay its dues. These funds are public deposits, and despite repeated demands, we have been unable to recover the money. This protest is part of an effort to create social pressure for repayment.鈥�
First Security Islami Bank was previously majority-owned by S Alam Group. However, following the fall of the Awami League government amid a student-led uprising on August 5, the interim administration freed the bank from S Alam Group鈥檚 control.
