Mostafa Group chairman to reduce stake in One Bank
Currently, Hefazatur Rahman is in trouble with his debt-ridden Mostafa Group.
Hefazatur Rahman, chairman of Mostafa Group, has declared to sell 14.11 lakh shares from his holdings in One Bank within the next 30 days, according to a disclosure at the Dhaka Stock Exchange (DSE).
He, also the sponsor and former vice chairman of the bank, holds 15.34 lakh shares in the bank.
According to his announcement, he will sell the shares at the prevailing market price in the public market of the Dhaka bourse.
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One Bank shares closed at Tk9 on Thursday, 1.10% lowered from the previous session.
Currently, Hefazatur Rahman is in trouble with his debt-ridden Mostafa Group.
According to media reports, the Chattogram-based Mostafa Group has liabilities of approximately Tk2,000 crore, with a significant portion of the debt in default. Multiple cases have been filed against the group and its owner with the money loan court.
Earlier, on 2 August, A Chattogram court ordered the removal of HRC Group Chairman Sayeed Hossain Chowdhury from the position of One Bank's director over a loan default case.
Judge Mujahid Ur Rahman of Chattoram Money Loan Court gave the order on that day, the court's bench assistant Rezaul Karim told The Business Standard earlier.
He said there are two loan default cases against Sayeed, including one filed by Southeast Bank Limited, making him ineligible for the post.
As per banking policies, no loan defaulter can be on the board of directors of the bank, stated Rezaul.
Earlier in 2020, the Bangladesh Bank removed Sayeed from the post of One Bank chairman for the same reasons.
Later, he approached the High Court, which then issued a ruling suspending the central bank's directive, and he returned to his position.
Rising interest rates in government securities and the lifting of the bar on the lending rate helped ONE Bank boost its net profit by 242% in the April-June quarter of this year.
According to the bank's unaudited financial statement for January-June of 2024, it posted a consolidated net profit of Tk78.51 crore in the April-June quarter, up from Tk22.96 crore during the same period a year ago.
During the first half of this year, its consolidated net profit stood at Tk119.64 crore, which was 136% higher than the previous year at the same time.
The consolidated earnings per share of the bank stood at Tk1.16 at the end of June this year.
ONE Bank said in its financial statement that profit increased during the period mainly due to an increase in investment income and interest income.
