The boardroom battle over the reappointment of Md Habibur Rahman as managing director of Standard Bank PLC has spilled into violence and open intimidation.
Amid the dispute, shots were fired outside the residence of director Ashok Kumar Saha, a handwritten threat was delivered warning him against attending a board meeting, and a general diary was filed with police over fears for family safety.
Ashok Kumar Saha had taken a position against the reappointment of Habibur Rahman as managing director.
In another controversial move, the bank’s chairman, Mohammad Abdul Aziz, removed independent director Golam Hafiz Ahmed on 18 January without obtaining approval from Bangladesh Bank, despite the independent director also opposing the reappointment.
On the eve of the board meeting, another director who opposed the MD’s reappointment was arrested by the Detective Branch (DB) of police in connection with an old case.
Under Bangladesh Bank regulations, a bank board is not authorised to remove an independent director without prior approval from the central bank.
Internal sources at Standard Bank said the January 22 board meeting was scheduled to discuss the reappointment of Habibur Rahman as managing director.
On January 15, Bangladesh Bank had formally informed the bank that Habibur Rahman could not be reappointed without a super majority of the board, noting that several serious allegations against Rahman are under post-investigation review by both Bangladesh Bank and the Anti-Corruption Commission (ACC).
According to the sources, forces backing Habibur Rahman have resorted to violent and irregular methods to keep opposing directors away from the meeting in an attempt to secure a super majority in favour of his reappointment.
A general diary filed with Dhanmondi Police Station states that on January 21, 2026, at around 4:55 pm, four unidentified men arrived on two motorcycles outside a building in the Dhanmondi 9/A area.
The men allegedly held a pistol to the head of the building’s caretaker, handed him an envelope and instructed him to deliver it to the residence of Standard Bank director Ashok Kumar Saha.
As they left the scene, the assailants reportedly fired one blank round. They also vandalised the building’s intercom system, cut its wiring, smashed CCTV monitors and took away the CCTV hard disk, according to the diary.
When the envelope was opened, a handwritten note containing a death threat was found. The note warned Ashok Kumar Saha not to attend the Standard Bank board meeting, threatening that if he did, “there will be no way back,” and that even if he returned, he would live under permanent insecurity.
The note further warned of dire consequences if the instruction was ignored and referred to his family as a pressure point.
The diary states that Ashok Kumar Saha currently lives in Chattogram with his family and was scheduled to attend the Standard Bank board meeting on Thursday, January 22. Following the incident, both his family and the family of his brother-in-law, Nandan Kumar Saha, are living under severe insecurity.
Nandan Kumar Saha said in the general diary filed at Dhanmondi Police Station that the incident was recorded to ensure future safety and legal protection. Police officials said the diary has been received and that necessary legal steps will be taken based on its contents.
The incident has taken the conflict over the Standard Bank managing director’s appointment to a new level. Earlier, allegations had surfaced over forged board minutes, the removal of an independent director in violation of regulations and the submission of disputed proposals to Bangladesh Bank.
Banking sector insiders warned that a boardroom dispute over an MD appointment descending into violence poses a serious threat to governance across the banking sector.
Standard Bank did not provide an immediate response to the incident. Police said the matter is being examined based on the general diary.
