Sources said CM Alam met Finance Secretary Zakir Ahmed Khan yesterday morning and formally refused to accept the appointment order as the SEC chief, disagreeing with the compensation package offered to him.

Although the prime minister had approved his appointment last Tuesday and it was being processed at the ministries concerned, CM Alam claimed that his appointment was made without his consent, a source close to him said.

However, CM Alam was not available for his comments despite repeated attempts.

Presently, CM Alam is serving as the managing director of Industrial Promotion and Development Company (IPDC) of Bangladesh Ltd, one of the leading non-banking financial institutions in Bangladesh.

The position of SEC chairman has been lying vacant for the last six weeks as immediate past chairman Manir Uddin Ahmed's tenure expired on July 12.