Premier Bank Addresses Historical Narayanganj LC Discrepancies

Premier Bank PLC has released an official statement responding to recent media reports regarding Letter of Credit (LC) transactions at its Narayanganj branch. The bank clarified that the disputed activities occurred predominantly between 2017 and 2023, a timeframe falling under the administration of the institution’s former chairman and Board of Directors.

Investigation and Regulatory Compliance

According to the statement published on Sunday, Premier Bank PLC is treating the allegations with the highest degree of priority and seriousness. The institution is engaged in full cooperation with Bangladesh Bank, the nation’s central regulator, and other relevant statutory authorities to ensure a completely impartial and thorough investigation into the historical transactions.

The current administration emphasised that any anomalies from the past that are currently being reviewed do not mirror the present policies, operational ethos, or management of the bank. To mitigate future risks, Premier Bank PLC has systematically reinforced its internal control frameworks and continues to manage its trade finance and LC operations in absolute conformity with international financial standards.

Statements from Institutional Leadership

The executive leadership of Premier Bank PLC detailed the specific accountability measures and legal steps currently being pursued.

• 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.”

Core Case Parameters

The essential components of the ongoing investigation and the structural responses instituted by the current board are catalogued below:

Through the implementation of an independent forensic audit and parallel legal proceedings, the present management of Premier Bank PLC aims to ensure a definitive resolution while preserving its commercial operations and market reputation.