Premier Bank PLC has formally addressed recent media reports concerning Letter of Credit (LC) transactions at its Narayanganj branch. The bank clarified that the allegations in question primarily relate to financial transactions carried out between 2017 and 2023, a period during which the institution operated under its previous chairman and Board of Directors.
Investigation and Corporate Accountability
In an official statement released on Sunday, the financial institution emphasised that it is treating the allegations with the utmost seriousness. The bank is currently cooperating fully with Bangladesh Bank, the nation’s central monetary authority, alongside other relevant regulatory bodies, to facilitate an impartial and comprehensive investigation into the matter.
Management clarified that any past irregularities, should they be verified, do not reflect the current policies or the ethical standards of the bank’s present executive management team. In response to the situation, Premier Bank PLC has strengthened its internal control mechanisms and continues to execute all LC-related operations in strict compliance with international banking standards.
Executive Leadership Statements
The senior leadership of Premier Bank PLC has provided updates on the internal and external measures being taken to resolve the dispute and protect the institution’s integrity.
Dr Arifur Rahman, Chairman of Premier Bank PLC, stated: > “During our audit, the liabilities were identified in the names of the factory owners of the concerned 26 entities, and appropriate legal action has been taken against them. At the same time, an independent forensic audit is being conducted so that we can have a complete understanding of the situation and determine the necessary course of action after the investigation is concluded.”
Mr Md. Monzur Mofiz, Managing Director of Premier Bank PLC, stated: > “We would like to assure our customers and partners that Premier Bank remains financially sound and operationally stable. The allegations currently under investigation should not be used to question the reputation and operations of Premier Bank. We have already strengthened our internal monitoring and have taken the necessary and appropriate measures to prevent such unwanted situations in the future.”
Summary of Disputed Transactions and Actions
The following table outlines the timeline, entities involved, and the specific institutional actions taken by Premier Bank PLC during this investigation:
| Feature | Details and Parameters |
| Location of Disputed Activity | Narayanganj Branch, Premier Bank PLC |
| Timeline of Alleged Transactions | 2017 – 2023 |
| Accused Parties | Factory owners of 26 Ready-Made Garment (RMG) entities |
| Institutional Status | Occurred under the previous Chairman and Board of Directors |
| Regulatory Collaborators | Bangladesh Bank and relevant local authorities |
| Primary Internal Action | Inception of an independent forensic audit |
| Legal Status | Appropriate legal action initiated against the 26 entity owners |
| Operational Adjustments | Enhanced internal control mechanisms and monitoring systems |
Through these combined regulatory and legal measures, the current administration of Premier Bank PLC aims to ensure a definitive resolution while safeguarding its ongoing commercial and retail banking operations.