BB asks troubled PLFL not to accept MD’s resignation

The central bank has barred Premier Leasing and Finance Limited (PLFL) from accepting the resignation letter submitted by its Managing Director Abdul Hamid Mia.

The PLFL’s financial health deteriorated due to the significant rise of bad loans mainly caused by PK Halder scam during the tenure of the managing director.

The PLFL’s board was ordered not to receive the letter of resignation of its MD as he failed to return money to depositors, according to a letter from Bangladesh Bank.

The letter was given to the chairman of the board of directors of the non-banking financial institution on Sunday.

The board has also been directed not to present any memo regarding the resignation of Abdul Hamid Mia from the post of MD without the prior approval of the administrator appointed by the BB in December last year following a High Court’s order.

The PLFL’s MD has recently submitted his resignation letter to the PLFL board, prompting the BB to write to the non-banking financial institution, sources said.

Earlier, the administrator filed a writ petition to the court against the PLFL for delaying in giving money back to the depositors. After the hearing, the court directed the BB to appoint an administrator in the company.

Abdul Hamid Mia has been holding the post of MD of the organization since February 2016. Currently, the BB is investigating the reasons for its deteriorating financial condition.

Fugitive Prashanta Kumar Halder, known as PK Halder, allegedly swindled Tk 3,500 crore out of four non-bank financial institutions, the PLFL.

PK Halder came to the spotlight during anti-casino raids in 2019. Later, the Anti-Corruption Commission launched an investigation into the involvement of several people, including him, in the illegal casino trade.