Repeated violations of procedural rules allowed Singapore Agrani Exchange House CEO Mir Md Bayazid Husain to receive unauthorised financial benefits for 10 months, causing an estimated Tk75 lakh loss for Agrani Bank, according to documents from the Finance Ministry and Agrani Bank.
The records show that Husain joined the Singapore office on 18 March 2023, five months before his official appointment was approved by the Monetary Authority of Singapore on 17 August 2023. He then drew an increased salary for another five months without approval, meaning he enjoyed unauthorised benefits for a total of 10 months. The information is based on the documents reviewed by Agrani Bank and the Finance Ministry.
Husain sought approval only after taking the higher salary for five months. In a letter sent on 17 November to Agrani Bank’s head office, he wrote that he had been receiving 15,700 Singapore dollars per month since 1 July on verbal instructions from Agrani Bank Chairman Syed Abu Nasser Bakhtiar Ahmed, even though his approved salary is 10,100 Singapore dollars.
A proposal for a retrospective salary increase was placed before Agrani Bank’s board on 2 December.
Board meeting sources said Managing Director Anwarul Islam tabled the proposal, but several directors opposed it and the board did not approve the request. The board instead asked Husain to explain why he drew the additional salary without approval and instructed him to return the unauthorised amount.
Earlier on 13 November, the board of Singapore Agrani Exchange House had also rejected the proposal and forwarded the matter to the Agrani Bank board for a final decision.
Husain’s irregularities began at the very start of his posting. Although the Monetary Authority of Singapore approved his appointment only in August, he joined the office in March while another CEO was still serving.
Standard practice requires a CEO to join only after receiving approval from Singapore’s central bank, but the process was bypassed in this case.
When contacted, Singapore Agrani Exchange House CEO Mir Md Bayazid Husain said he joined five months early based on instructions from the bank authorities.
He also said he took the increased salary as per directives from Singapore’s Ministry of Manpower.
