Bangladesh Bank yesterday decided to dissolve 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 BB officials who are working on the issue said the central bank has already completed all official procedures to dissolve the board in order to protect the interests of depositors.
The BB will send a letter within a day or two 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).
A BB official said the BSEC has a panel of independent directors and it had earlier appointed 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.
The central bank on June 23 removed the managing director of the Uttara Finance and Investments, SM Shamsul Arefin, for his alleged involvement in the financial irregularities.
What Happened in Uttara Finance and Investments?
The BB carried out a probe in 2020 where it found that…
