Bangladesh Bank has removed Emdadul Islam from his position as Managing Director of International Leasing and Financial Services Limited. The central bank also advised the company’s chairman to take necessary measures and appoint an experienced official as acting MD. The decision followed findings that Emdadul Islam concealed key information during his appointment process.

According to Bangladesh Bank’s inspection, while serving as MD of GSP Finance Company (Bangladesh) Limited, Emdadul Islam classified a defaulted loan of Keya Cosmetics as regular without central bank approval, reducing the company’s non-performing loan ratio from 16.04 percent to 8.86 percent. He also restructured loans of subsidiary GSP Investment in violation of central bank directives, leading to a fine of 1 million taka. Additionally, he imposed extra interest on Doreen Hotels and Resorts Limited during the COVID-19 period, ignoring regulatory instructions.

Bangladesh Bank stated that Emdadul Islam failed to disclose these issues in his application and affidavit for the International Leasing MD post, prompting his removal.