The Bangladesh Bank (BB) will dissolve the board of directors of Islami Bank in a few days, and gradually enforce the move against all the other banks owned by S Alam family, said BB Governor Ahsan H Mansur at a press conference on Wednesday.

The moves aim to address the national financial crisis S Alam and his 25 family members created by taking huge amounts of loans from the six banks S Alam owns: Islami Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank.

From Islami Bank alone S Alam took Tk75,000 crore loan, thanks to policy tweaks allowed by the autocratic Awami League regime. The loans are yet to be repaid.

The central bank would appoint independent directors to the Islami Bank board for the time being, and the relieved directors can return to the board in the future by purchasing 2% bank shares, Governor Ahsan H Mansur noted in his Wednesday announcement.

“We will also take over all the shares of S Alam Group against its liabilities as per law. The group may be able to get back the shares if it repays the money,” Ahsan said.

In 2017, with Awami League government’s support S Alam Group wrested control of Islami Bank from its past owners belonging to Jamaat-e-Islami party. The group now owns 82% shares of the bank, but on Tuesday the securities regulator blocked the stakes.

The decisions come in the wake of a protest waged by a section of Islami Bank officials demanding restructuring of the bank board and overhauling of top management.

The fall of Awami League government on 5 August encouraged many within the bank to openly protest against S Alam Group’s controversial policies.