Directive on Suspension of Transfer of Shares of Oriental Bank Ltd

SEC/SRMID/94-157/591
Date: 21 June 2006
Directive
Whereas, due to huge capital and provision shortfall and classified loan, poor income, ineffective management, huge liquidity crisis in The Oriental Bank Limited, the Bangladesh Bank has removed its Chief Executive Officer, suspended board and appointed an administration in order to protect the interest of the depositors and to keep faith in the banking system of the country exercising power conferred by section 46 and 47 of the Bank Company Act, 1991; Whereas, it is necessary to suspend all transfer of shares of the Oriental Bank Ltd. in order to ascertain actual liability and asset of The Oriental Bank Ltd. by Bangladesh Bank; Now, therefore, in the interest of the securities market, The Oriental Bank Ltd. is hereby directed under section 20A of the Securities and Exchange Ordinance, 1969 to suspend transfer of all shares of The Oriental Bank Ltd. till further order. This directive will have immediate effect. On behalf of the Securities and Exchange Commission Farhad Ahmed Executive Director Distribution:
The Administrator
The Oriental Bank Ltd.
Copy for information:
Governor, Bangladesh Bank
All departmental heads, SEC
Chief Executive Officer, DSE & CSE
Chairman`s Office, SEC