The central bank on April 28 removed Mazid as its probe into the private bank's IPO (initial public offering) scam detected his involvement with opening of scores of fake bank accounts.

Mazid was removed for one year in accordance with Clause 46 of the Bank Companies Act 1991. The clause empowers the central bank to remove a MD if it finds him involved in activities harmful to depositors' interests.

However, Article 2 of Clause 48 of the Bank Companies Act 1991 provides that sacked chief executive of a bank can appeal to the BB board but its decision will be final. Article 3 of Clause 48 of the Act says no party can challenge the final BB action in any court, tribunal or other authorities.

The BB launched the probe on February14 after the Securities and Exchange Commission (SEC) on February 12 suspended Premier Bank's Tk 55 crore IPO. The capital market watchdog froze the IPO following the unearthing of 25,000 fake beneficiary owners' (BOs) accounts in its preliminary investigation.