The Bangladesh Securities and Exchange Commission (BSEC) dissolved the current board of directors of the Fareast Islami Life Insurance Company Limited. Dr Mohammad Rahmatullah, the dean of Dhaka University’s Faculty of Life Sciences, has been appointed as the new chair of the board.
The other nine independent directors are Mohammad Sanaullah, Dr Md Rafiqul Islam, Md Mofazzal Hossain, Col Gazi Md Khalid Hossain, Snehasish Barua, Mozammel Haque, Suzadur Rahman, Md Zakirul Hoque and Jaharul Islam Chowdhury.
Due to financial irregularities and scam, the regulator demolished the previous board. It alleged that the company officials had been involved in the embezzlement of a substantial amount worth Tk 1.91 billion that belonged to Fareast Islami Life Employees Cooperatives and Prime Islami Life Insurance Employees Cooperatives.
The new board will comply with the corporate governance code, insurance act and other securities rules, BSEC stated.
Other removed members of the board were — Prof Dr Iffat Jahan, Md Helal Miah, Dr Md Mokaddes Hossain, Ayesha Husne Jahan, Nazneen Hossain, Dr Md Monowar Hossain, Mohammed Shamsul Hoque, Muslima Shireen, Mohammad Sohel Arif, Abdul Awal, ABM Hussain Ahmed, Md Nurul Islam Mollah and Md Akter Hossain Sannamat.
Source: Business Post, The Financial Express
