Dhaka, July 13 -- Switzerland-based ICB Financial Group has threatened to pursue international legal action against Bangladesh Bank if the long-standing dispute over control of ICB Islamic Bank is not resolved promptly.
In a letter dated 7 July to Bangladesh Bank Governor Ahsan H. Mansur, the Group's Chairperson, Josephine Sivarajah (also known as Sivaretnam), expressed deep frustration over continued legal and regulatory obstacles that, according to the Group, have effectively denied it operational control of the bank-despite holding a 53% majority share acquired through a Bangladesh Bank-conducted public auction in 2008.
Copies of the letter were also sent to Economic Adviser Salehuddin Ahmed and Bangladesh Investment Development Author...