Business · Bangladesh Bureau
Sonali Bank ordered to recover Tk 1.16 billion in excess bonuses
Officials and employees at Bangladesh's Sonali Bank have been directed to return over Tk 1.16 billion in bonuses paid beyond permissible limits. The directive comes as authorities move to address irregular disbursements within the state-owned financial institution.
LSN Bangladesh ·
A recent audit and review of Sonali Bank's bonus distribution practices has revealed that officials and staff members received payments exceeding approved thresholds, totalling approximately Tk 1.16 billion. Banking authorities have issued orders requiring the recovery of these excess amounts from the recipients.
The excess bonuses appear to stem from disbursements that violated established remuneration guidelines for the state-owned commercial bank. The review process identified irregularities in how bonus allocations were calculated and distributed across various levels of the institution's workforce.
Sonali Bank, one of Bangladesh's major state-owned banks, has been instructed to execute the recovery of funds through appropriate administrative procedures. Officials have not disclosed specific timelines for completion of the recovery process or details regarding individual bonus amounts involved.
The development reflects ongoing efforts by banking regulators to ensure fiscal discipline and compliance with compensation policies across financial institutions in Bangladesh. Sonali Bank management is expected to implement corrective measures to prevent similar irregularities in future bonus distributions.