After the fall of the Hasina-led government, contributors connected to Beximco Neighborhood resigned from the board of Fareast Islami Existence Insurance. As well, the self ample administrators appointed by the securities regulator also stepped down.
Following the resignation of the BSEC-appointed board, sponsor shareholders Fakrul Islam, Mokaddes Hossain, Nazneen Hossain, Shamsul Haque, Helal Miah, Ayesha Husne Jahan, and Muslima Shireen assumed reduction watch over of the corporate.
The stock exchanges, on the other hand, did now not originate any disclosure relating to the swap.
In February 2022, the Bangladesh Securities and Trade Commission (BSEC) restructured the board of the scandal-hit Fareast Islami Existence Insurance by appointing self ample and shareholder administrators, aiming to restore transparency and integrity to the life insurer.
In 2022, the Shibli Rubayat Ul Islam-led BSEC allowed Beximco Neighborhood Govt Director Mostafa Zamanul Bahar and Shanta Asset Administration Vice Chairman Arif Khan as administrators of the life insurer nominated by Tradenext International Runt.
The regulator also allowed Beximco Pharma Chief Financial Officer Ali Nawaz, Beximco Textiles Fundamental Manager Masum Mia and businessman Jahurul Islam Chowdhury to change into administrators as nominated by Jupiter Trade Runt.
The regulator also appointed seven self ample administrators to the life insurer.
Sooner than receiving approval from the BSEC, Tradenext International bought a 9.91% stake, and Jupitar Trade bought 9.9% of the shares in Fareast Islami Existence Insurance. Each corporations then utilized to the commission for directorship positions within the life insurer.
A Fareast Existence Insurance director, who most standard to now not be named, informed The Trade Common that even though Beximco executives had beforehand served on the board of the corporate as friends of Beximco, they now not care for those positions.
He added that the administrators resigned in August and a new board has since been fashioned. On 14 March this twelve months, the BSEC issued a warning letter to Tradenext International for violating securities laws. The letter mentioned the corporate’s address as Paramount Heights, Seventh Floor, Box Culvert Highway in Dhaka’s Purana Paltan. On the other hand, at some stage in a consult with this week on Wednesday, it would perchance also now not be found on the address.
Ali Nawaz said, “I’m now not mindful about whether or now not Jupiter Trade is an affiliate company of Beximco.”
When asked why he changed into as soon as nominated by Beximco, he defined, “Salman F Rahman [Beximco Group vice chairman] informed me that the federal government desires to present a boost to the repute of the insurance company. As fragment of this, he offered me the role of representative for Jupiter Trade. Accordingly, I changed into as soon as nominated as a director.”
He added, “The sponsors of the life insurer came to the suppose of business and informed us that they shall be taking reduction watch over of the corporate, so I resigned.”
Jahurul Islam Chowdhury said, “I’m also a sponsor shareholder of the corporate. I served the corporate as chairman unless 2003.”
He additional acknowledged, “I even maintain never heard of Jupiter Trade and am unaware of its operations. At some point, Salman F Rahman known as me and asked to develop precise into a nominated director of Fareast Existence.
“These that were compelled out of the corporate returned after the fall of the federal government. And I resigned as they wished to raise responsibility. But I even haven’t any business relationship with Salman.
“I changed into as soon as also asked to be on the brand new board, however I originate now not maintain ample shares to develop precise into a director.”
Arif Khan acknowledged, “I even were elected as a director at Shanta Existence Insurance. In accordance to the legislation, no one can reduction as a director in two life insurance corporations simultaneously. Therefore, I even maintain resigned from the board of Fareast Existence Insurance.”
He additional said that he has no relation with Tradenext International.
In April 2021, insurance regulatory authorities appointed the chartered accountancy firm Shiraz Khan Basak & Co to audit Fareast Islami Existence. The audit firm published that Tk2,367 crore had been embezzled from the corporate.
Ragged chairman Nazrul Islam, extinct director MA Khalek, extinct CEO Hemayet Ullah and a couple of extinct administrators and senior officials of Fareast Islami Existence were found to be infected in regards to the corruption, per the audit.
