Mostakur, Cleared of Default With 2% Down Payment, Secures Governor Post With Amir Khasru Mahmud’s Backing

Staff Correspondent

Several allegations have surfaced surrounding Bangladesh Bank’s newly appointed Governor Mostaqur Rahman regarding loan rescheduling, professional relationships and potential conflicts of interest. Multiple top government sources said that before taking office, he was exempted from the defaulter list by rescheduling a loan of Tk 89 crore taken from a private bank with just a 2 percent down payment.

Sources said the loan was taken from Mutual Trust Bank. The request for rescheduling was approved eight months ago under the Special Policy Assistance. According to the documents, as part of the rescheduling process, a one-time payment of 2 percent was met. Through this, the loan was classified as regular, the sources said.

According to the prevailing banking sector policies, there is scope for rescheduling in special circumstances. However, if questions arise about past financial liabilities and the rescheduling process for a person in the highest position of the central bank, it could create debates on ethics and potential conflicts of interest, analysts in the sector believe.

Long-standing professional relationship with the Finance Minister

Another issue surrounding the appointment of the governor has also come under discussion. Several business and political sources claim that the new governor has been conducting audits of the business organizations of current Finance Minister Amir Khasru Mahmud Chowdhury for a long time. The sources claim that the closeness between them is based on this professional relationship.

According to sources, their regular engagement in audit and financial advisory work led to mutual trust and personal contact. Later, after the political context changed, his name came up in discussions for appointments to high-level financial positions.

However, no official statement has been received from the Finance Ministry on this matter. Concerned sources claim that the appointment of the governor was completed through a legal process.

Allegations of closeness with S Alam Group

A section of the political and business community claims that the new governor has close ties with the controversial Chittagong industrial conglomerate S Alam Group. In the context of the group’s extensive involvement in the banking sector, questions are being raised in various quarters.

While these relationships do not directly prove any irregularities, analysts say the potential conflict of interest in carrying out the duties of the head of a regulatory agency needs to be seriously considered. According to them, allegations of closeness to politically and commercially influential groups could raise questions about the impartiality of policymaking and oversight activities.

Waiting for official statement

No written response has been received from the central bank or the finance ministry on this issue so far. A government official, who did not wish to be named, said that if the public perception is that the appointment was made for political reasons, it could send a negative message to the financial sector. He also commented that it is important to ensure professional transparency and impartiality in appointments to important regulatory positions.

Attempts to contact Mostaqur Rahman were unsuccessful, and no official statement was received from the bank concerned.

As governor, he will be responsible for formulating the country’s monetary policy, supervising banks and maintaining financial stability. In such a context, his personal loan-related decisions, his long-standing professional relationship with the finance minister and allegations of closeness to influential business groups have all triggered a new discussion about transparency and accountability in the banking sector.

According to analysts, the disclosure of full information about the allegations and related documents, and the initiation of an independent review if necessary, are steps that can clarify the situation and help rebuild trust in the financial sector.