In response to recent media reports concerning Letter of Credit (LC) transactions at Premier Bank PLC’s Narayanganj branch, the Bank would like to state clearly that the allegations in question relate primarily to transactions carried out during 2017–2023, under previous Chairman and Board of Directors, a press release said.
The Premier Bank PLC is treating these allegations with the utmost seriousness and is fully cooperating with Bangladesh Bank and the relevant authorities to ensure an impartial and comprehensive investigation.
Any irregularities from the past (if any) is currently under review, do not reflect the policy or present management of the Bank. The Premier Bank PLC has further strengthened its internal control mechanisms and continues to conduct LC-related activities in line with international standards.
Dr. Arifur Rahman, Chairman of The Premier Bank PLC, stated that “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.” Md. Monzur Mofiz, Managing Director of The Premier Bank PLC, said “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.”
