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Corporate - December 29, 2022

Uttara Finance board to reform

Al Ehsan: Bangladesh Bank is going to reorganize the board of Uttara Finance and Investment by disbanding the current board of directors excluding those involved in loan irregularities.
Central Bank Spokesperson and Executive Director Mezbaul Haque told Daily Industry that a letter has been sent to Uttara Finance informing about this yesterday.
Central Bank Spokesperson and Executive Director Mezbaul Haque said, “The decision to restructure Uttara Finance was taken based on the inspection and report of the special inspector appointed by Bangladesh Bank.”
The central bank has prepared a list of 12 people to reconstitute the board. Being a listed financial institution, it has been approved by the capital market regulatory body by Bangladesh Security Exchange Commission (BSEC).
Bangladesh Bank sent a letter on Wednesday to appoint a new director.
A couple of years ago, a loan scam occurred in Uttara Finance without following any rules and regulations. The central bank removed SM Shamsul Arefin from the post of management director last June in light of this irregularity.
Now, Bangladesh Bank has taken steps to fill the board. The listed financial institution is owned by Uttara Group.
The deposit money is kept in the manager’s personal account instead of the institution’s account. About Tk 3500 crores go out in the name of anonymous loans.
Bangladesh Bank became alert after the matter came to the media.
A senior official of the central bank said that three of the senior members will be kept in the senior council. All others will get new appointment.
The new board will restore order to the financial institution and identify those involved in frau and calculate the debt picture of the entire institution. At present, Uttara Finance’s eight-member board of directors is Rashedul Hasan, chairman and Vice Chairman Matiur Rahman.
Zakia Rahman, Tahmina Rahman, Naimur Rahman and Kazi Imdad Hasan are the directors on behalf of the shares.
Independent directors are AS Zaheer Muhammad and Maya Rani Roy.

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