The Premier Bank PLC on Sunday said allegations raised by 26 ready-made garment (RMG) factory owners regarding Letter of Credit (LC) transactions at its Narayanganj branch related primarily to activities carried out between 2017 and 2023 under its previous chairman and board.
In a statement, the bank said it is treating the matter with “utmost seriousness” and is cooperating with Bangladesh Bank and other relevant authorities to ensure an impartial and comprehensive investigation.
It said any potential irregularities from the period, if identified, are under review and do not reflect the policies or operations of the current management.
“The Premier Bank PLC has further strengthened its internal control mechanisms and continues to conduct LC-related activities in line with international standards,” the statement said.
The bank said the ongoing review process aims to ensure a complete assessment of historical transactions linked to the allegations.
Chairman Arifur Rahman said liabilities identified during internal audit were found in the names of the concerned 26 entities and legal action has been initiated.
“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,” he said.
Managing Director Monzur Mofiz said the institution remains financially sound and operationally stable.
“We would like to assure our customers and partners that Premier Bank remains financially sound and operationally stable,” he said.
He added that the allegations under investigation should not be used to question the bank’s reputation or operations, noting that internal monitoring systems have been strengthened and appropriate measures taken to prevent recurrence.
