Dhaka, Nov. 30 -- Social Islami Bank Limited has protested against news reports on irregularities involving nearly $1.6 billion back-to-back letters of credit issued to two companies.

In a rejoinder on Tuesday, the bank termed the reports "misleading, untrue and deliberate".

"The reports can spread confusion among people, which is unacceptable."bdnews24.com published a report - $1.6bn vanishes from Social Islami Bank through rogue LCs - on Monday.

The report referenced Bangladesh Bank's findings to say that the SIBL allowed Sharp Knitting and Dyeing of Gazipur to import goods worth over $1.58 billion by using 889 back-to-back LCs, even though the company did not renew the licence for its bonded warehouse, which is a must to avail such ...