BIU Trustees Accused of Misappropriating Tk 6.13 Crore

Islami Bank Bangladesh is facing uncertainty over recovering Tk 8,279 crore provided as liquidity support to  four banks—First Security Islami Bank, Union Bank, Social Islami Bank, and Global Islami Bank—and one non-bank financial institution, Aviva Finance. 

The Dhaka Stock Exchange (DSE) benchmark index, DSEX, surged by 500 points in the past month, reaching 5,728.64 on September 4, 2024, up from 5,229.26 on August 4. Turnover increased from Tk 207 crore to Tk 674 crore, peaking at Tk 2,010 crore on August 11. The rise follows political changes and reforms by the interim government, including new leadership at the Bangladesh Securities and Exchange Commission (BSEC) and Dhaka Stock Exchange (DSE).

Walton Hi-Tech Industries PLC declared a 350% cash dividend for general shareholders and a 200% cash dividend for sponsors and directors for the financial year 2023-24. General shareholders will receive Tk 35 per share, while sponsors and directors will get Tk 20 per share.

The new board of United Commercial Bank (UCB) has cancelled a Tk 500 million investment plan in a close-ended mutual fund, initially approved by the previous board. The previous board, dominated by the family of former land minister Saifuzzaman Chowdhury, was dissolved by the Bangladesh Bank on August 27. The change followed political shifts after the fall of the Hasina-led government. Following the cancellation, UCB's stock rose 1% to Tk 12.30 per share. UCB reported a profit of Tk 1.27 billion for the first six months of 2024.

The Registrar of Joint Stock Companies & Firms (RJSC) and the Insurance Development & Regulatory Authority (IDRA) have approved the name change of Eastland Insurance Company from "Eastland Insurance Company Limited" to "Eastland Insurance PLC," effective immediately, according to a press release.

Officials from state-owned banks Agrani, Janata, and Sonali are calling for changes to the promotion and placement policy for general managers (GMs) and deputy managing directors (DMDs). In a letter to Finance Adviser Salehuddin Ahmed, signed by nearly 100 officials, they expressed concerns over being sidelined in favor of junior officials from Rupali Bank, who are advancing to higher positions.