StanChart CEO gives in, gets bail
Tuesday, 30 September 2008

Desk Report

Standard Chartered Bank CEO Osman Tarik Murad was granted bail Monday after surrendering to court in a car seizure case for which an arrest warrant had been issued against the foreign national.

Murad appeared before the Dhaka Chief Metropolitan Magistrate's Court seeking bail after an arrested warrant was issued against him on Sept 22.
 
Afroza Jamil filed the case against Murad and the bank's senior manager Zia Hasan Chowdhury on March 30.
 
The case claimed that the plaintiff's husband bought a car with credit from Standard Chartered, but the bank forcibly seized the car before repayment of the loan.
 
In the bail prayer Murad's lawyers told the court that their client was a Pakistani national, involved in activities relating to Bangladesh's economic development and policy-making in line with global markets.
 
He is not involved with bank loan and loan recovery, the lawyers said.
 
They also claimed that the plaintiff's husband failed to make repayments as per the loan conditions despite repeated requests by letter.
 
The car was seized according to the loan conditions, which the plaintiff agreed to at the time of signing the loan agreement, Murad's lawyers said.
 
Metropolotan magistrate Saifur Rahman Siddique granted the CEO bail on payment of a Tk 5 lakh bond.
 
Zia Hasan Chowdhury also secured bail in the case after surrendering to the same court on Sept 23.

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