Shakib had signed as the brand ambassador of country's telecom major 'Grameenphone', which is a direct competitor of the team's sponsor 'Robi'.
According to the central contract clause, this is a violation and an angry BCB president Nazmul Hasan Papon had threatened legal action against country's best player.
However, according to Bangladesh's CEO Chowdhury has said that no legal action will be taken against Shakib.
Earlier BCB president had lashed out the senior cricketer accusing him of causing financial loss to the cricket board by breaching the central contract clause.
"We are going into legal action. We cannot spare anyone in this regard. We will ask for compensation. We will seek compensation from the company as well as from the player," Hasan had said after Grameenphone issued a press release naming the player as their 'Brand Ambassador'.
"Robi [Telecom] was our title sponsor and Grameenphone did not bid and instead they grabbed few cricketers by paying them TK One or Two Crores. What happened in the end? The board lost TK 90 Crores in three years," he had also said.