The Ministry of Commerce has announced the vacancy of the position of President of the Real Estate and Housing Association of Bangladesh (REHAB) held by Ali Afzal following a report from Bangladesh Bank that identified him as a loan defaulter due to his directorship in a defaulting company.
As per the recent directive, the Credit Information Bureau (CIB) report from Bangladesh Bank revealed Ali’s association as a director of a company in default of loans, leading to his classification as a defaulter.
In accordance with Section 23(1)(b) of the pertinent law, an elected office-bearer’s role is deemed vacant if they remain a loan defaulter for 180 days without settling the outstanding loan, as stated in the provision referenced in the case.
The order, undersigned by Deputy Secretary Chowdhury Samia Yasmin of the commerce ministry, was dispatched to the senior vice-president of REHAB, the Registrar of Joint Stock Companies and Firms, the FBCCI administrator, and other relevant officials.
Ali, who also serves as the group managing director of Krishibid Group Bangladesh, was elected president from the Progressive Panel during the REHAB election on April 18, 2024, and assumed office on April 22 of the same year. His removal comes amidst internal turmoil within the real estate sector’s governing body.
On July 26 this year, ten members of REHAB’s board of directors lodged a written complaint with the commerce ministry against Ali, alleging financial irregularities and other concerns.
The complaint is presently being investigated by officials familiar with the matter. However, the recent decision is specifically based on his default status on loans as indicated in Bangladesh Bank’s CIB report, rather than the accusations outlined in the complaint.
The ministry’s communication refrains from disclosing the outstanding loan amount or the timeline of the default. Additionally, it does not elaborate on Ali’s ownership stake or directorial role in the company.
Efforts by The Daily Star to contact Ali via text messages and phone calls proved unsuccessful as of the time of reporting.
