GLOBAL: Switzerland-based ICB Financial Group has warned of potential international legal action against Bangladesh Bank (BB) over a long dispute regarding its investment in ICB Islamic Bank, formerly Oriental Bank, reported The Daily Star. The group lost control of the bank despite purchasing a 53% stake in 2008 through a BB-led open auction, investing BDT3.5 billion (US$28.88 million) at the time.
In a letter to Ahsan H Mansur, the governor of BB, Josephine Sivaretnam, the chairman of ICB Financial Group Holdings has claimed that BB breached its obligations under the original agreement and demanded either regain of control or return of the investment, failing which, ICB Financial Group said it would pursue legal action through international courts.
