Bangladesh, Sept. 15 -- Dr Md Ali Afzal has lost his position as President of the Real Estate and Housing Association of Bangladesh (REHAB) due to loan default.

In a directive issued on Monday, the Ministry of Commerce declared the post of the REHAB president vacant.

According to the ministry's directive, based on the Credit Information Bureau (CIB) report of Bangladesh Bank, Dr Afzal is a director of a defaulting institution and is thus classified as a loan defaulter.

Consequently, under Section 23(1)(b) of the Trade Organisations Act 2022, his presidency has been declared vacant.

Ministry of Commerce sources said authorities found of Dr Afzal's status as a loan defaulter on Sunday, after which action was taken in accordance with th...