On Tuesday, December 27, Bangladesh Bank decided to dismiss the board of directors of the Uttara Finance and Investments over major financial irregularities involving Tk 5,100 crore it had unearthed two years ago.
The Bangladesh Bank officials who are working on the issue commented the central bank has already completed all official procedures to dissolve the board in order to protect the interests of depositors.
Within a day or two, Bangladesh Bank will send a letter to implement the decision, they said.
Last month the central bank sent a letter to the Bangladesh Securities and Exchange Commission (BSEC) requesting it to provide a list of independent directors such that it could appoint them to replace directors in the non-bank financial institution (NBFI).
An official related to Bangladesh Bank said the Bangladesh Securities and Exchange Commission has a panel of independent directors and it had earlier designated some of them in boards of directors of NBFIs which it had dissolved.
In addition, the Uttara Finance and Investments is a listed company, which is why the central bank sought suggestions and a list of independent directors for the NBFI.
The official said the BSEC has already provided the names to the central bank.
On June 23, Central bank removed SM Shamsul Arefin, the managing director of the Uttara Finance and Investments, for his alleged involvement in the financial irregularities.
What Happened in Uttara Finance and Investments?
The BB…
